Rinminbi Internationalization

The RMB has been on the road to internationalization since the launch of the pilot program of RMB settlement in cross-border transactions in July 2009. China has established the basis legal framework to facilitate the international use of RMB and RMB internationalization has made significant progress. However, the degree of internationalization of the RMB is still low. In order to promote further internationalization of the RMB, China's economic system must be more open and free. And China must make RMB convertible under capital accounts, build a legal architecture that can protect the interests of the parties to RMB-denominated transactions while also strengthening financial supervision, and expand the international framework for the international use of RMB.