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
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