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A Decade of RMB Internationalization

Author

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  • Yin-Wong Cheung

    (City University of Hong Kong)

Abstract

This article recounts China’s renminbi (RMB) internationalization 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 internationalization 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

Suggested Citation

  • Yin-Wong Cheung, 2020. "A Decade of RMB Internationalization," GRU Working Paper Series GRU_2020_024, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    • Handle: RePEc:cth:wpaper:gru_2020_024
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    File URL: https://www.cb.cityu.edu.hk/ef/doc/GRU/WPS/GRU%232020-024%20Cheung.pdf
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    Cited by:

    1. is not listed on IDEAS
    2. Zhu, Huiming & Zeng, Tian & Wang, Xinghui & Xia, Xiling, 2025. "Frequency domain cross-quantile coherency and connectedness network of exchange rates: Evidence from ASEAN+3 countries," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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