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Internationalising the Renminbi

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Author Info

  • Lynne Cockerell

    (Reserve Bank of Australia)

  • Michael Shoory

    (Reserve Bank of Australia)

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    Abstract

    The Chinese authorities have introduced reforms over the past few years aimed at increasing the use of the renminbi (RMB) in international trade and investment. This article outlines the recent developments, focusing in particular on the offshore market for RMB and the RMB trade settlement scheme. These initiatives have been supported by the signing of bilateral local currency swap agreements between the People’s Bank of China (PBC) and other central banks, including the Reserve Bank of Australia.

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    File URL: http://www.rba.gov.au/publications/bulletin/2012/jun/pdf/bu-0612-9.pdf
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    Bibliographic Info

    Article provided by Reserve Bank of Australia in its journal RBA Bulletin.

    Volume (Year): (2012)
    Issue (Month): (June)
    Pages: 77-90

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    Handle: RePEc:rba:rbabul:jun2012-09

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    Related research

    Keywords: China; renminbi; RMB; exchange rate reform; currency internationalisation; trade settlement; offshore market;

    References

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    1. Robert McCauley, 2011. "Renminbi internationalisation and China's financial development," BIS Quarterly Review, Bank for International Settlements, December.
    2. Franklin Allen & Jun “QJ” Qian & Chenying Zhang & Mengxin Zhao, 2012. "China’s Financial System: Opportunities and Challenges," NBER Working Papers 17828, National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:
    1. Lien, Donald & Yang, Li & Zhou, Chunyang & Lee, Geul, 2014. "Co-movement between RMB and New Taiwan Dollars: Evidences from NDF markets," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 265-272.
    2. Alexander Ballantyne & Megan Garner & Michelle Wright, 2013. "Developments in Renminbi Internationalisation," RBA Bulletin, Reserve Bank of Australia, pages 65-74, June.

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