A decade of RMB internationalisation

Abstract

Abstract This article recounts China’s renminbi (RMB) internationalisation experiences since the 2009 RMB cross-border trade settlement initiative. In the first few years, the RMB made inroads into global financial markets and had a few remarkable accomplishments, including the Special Drawing Right currency status. Since the 2015 market turmoil, RMB internationalisation has levelled off – possibly due to changes in both domestic and geopolitical conditions. The RMB is currently under-represented in the global market. China’s deliberate and schematic policies will elevate the RMB’s global stature in a gradual manner but there will not be a leapfrogging in the near term.