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Renminbi Shakes Up Global Currencies

In: The Renminbi Rises

Author

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  • Chi Lo

Abstract

For more than a decade, when the foreign exchange market has talked about the three major global currencies, or the “G3,” it has been referring to the US dollar (USD), the Euro (euro) and the Japanese yen 0PY). These three currencies account for over 70% of all foreign exchange (FX) transactions in recent years. However, there are seismic structural shifts unfolding behind the G3 and the emerging markets, giving rise to some distinctive trends that are conducive to the rise of the Chinese renminbi (RMB),1 or the “redback,” as market players sometimes call it, to challenge the global dominance of the G3 currencies.

Suggested Citation

  • Chi Lo, 2013. "Renminbi Shakes Up Global Currencies," Palgrave Macmillan Books, in: The Renminbi Rises, chapter 1, pages 1-16, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34625-4_1
    DOI: 10.1057/9781137346254_1
    as

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