In a widely overlooked shift, Beijing has started overhauling its approach to RMB internationalization.
The launch ceremony of Renminbi Sovereign Bonds in Hong Kong, September 28, 2009. Credit: Kin Cheung via AP
It’s been 13 years since China first started promoting the international use of its currency, but the effort has fallen wildly short of expectations. The yuan is still used far less in global transactions than the dollar and euro, and even lags the British pound and Japanese yen.
However, the need to foster global acceptance of the yuan – and decouple the Chinese economy from the dollar-dominated global financial system – has assumed unprecedented urgency in Beijing. Chinese leaders vie
Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else.
A weekly curated reading list on China from Andrew Peaple.
A daily roundup of China finance, business and economics headlines.
We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.
A self-driving trucking start-up unraveled amid boardroom battles and escalating U.S.-China tensions. Now, its founder is staking his future on an American revival.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OKPrivacy policy