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The Gap between the Degree of Internationalization of RMB and Other International Currencies

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Jiedong Zhang

    (The University of Sydney)

Abstract

From 2009, Chinese authorities have pledged to promote the globalization of the Renminbi (RMB). As such the nation has taken a number of concrete efforts to encourage RMB globalization, including the opening of the capital market in Hugangtong, the expansion of the international RMB, and the creation of a Cross-Border Interbank Payment System (CIPS). Thus, the Renmibi's e xchange rate mechanism is being reformed, and crude oil futures are being developed. The inclusion of the Renminbi in the SDR, BRI, as well as the formation of the AIIB all add to the currency's greater globalization. On one end, the BRI allows for the expansion of the Renminbi into a currency for foreign dealings and improves the Renminbi's status as a global currency.

Suggested Citation

  • Jiedong Zhang, 2022. "The Gap between the Degree of Internationalization of RMB and Other International Currencies," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 1414-1418, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_209
    DOI: 10.2991/978-94-6463-036-7_209
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