Parts of this article (those related to ECB's acceptance of renminbi in August 2017) need to be updated. Please help update this article to reflect recent events or newly available information.(August 2017)
Internationalization of the renminbi
Traditional Chinese
人民幣國際化
Simplified Chinese
人民币国际化
Transcriptions
Standard Mandarin
Hanyu Pinyin
rénmínbì guójìhuà
Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity.[1][2] The RMB was the 8th-most-traded currency in the world in 2013[3] and the 7th-most-traded in early 2014. By the end of 2014, RMB ranked 5th as the most traded currency, according to SWIFT's report, at 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). In February 2015, RMB became the second most used currency for trade and services, and reached the ninth position in forex trading. The RMB Qualified Foreign Institutional Investor (RQFII) quotas were also extended to five other countries — the UK (extended 15 October 2013), Singapore (22 October 2013), France (20 June 2014), Korea (18 July 2014), Germany (18 July 2014), and Canada (8 November 2014), each with the quotas of ¥80 billion except Canada and Singapore (¥50bn). Previously, only Hong Kong was allowed, with a ¥270 billion quota.
The launch of Shanghai–Hong Kong Stock Connect (SSE and HKEx) in November 2014 embarked China upon the next stage of internationalization. In January 2015, Chinese Premier Li Keqiang announced a planned second Stock Connect linking Shenzhen and Hong Kong exchanges. China's RMB internationalization and foreign exchange (FX) reforms are evolving rapidly[when?] and full convertibility is expected over the next couple of years.[4] In 2014, Hong Kong removed the conversion limit of 20,000 RMB per day for its residents.[5]
^Cite error: The named reference :2 was invoked but never defined (see the help page).
^Cite error: The named reference :3 was invoked but never defined (see the help page).
^"RMB now 8th most widely traded currency in the world". Society for Worldwide Interbank Financial Telecommunication. Archived from the original on 5 November 2015. Retrieved 10 October 2013.
^"Asian FX Focus, RMB Q&A: The top 10 questions" (PDF). HSBC Global Research. 29 July 2014. Retrieved 8 August 2014.
^Authority, Hong Kong Monetary. "Hong Kong Monetary Authority - Removal of RMB conversion limit for Hong Kong residents". Hong Kong Monetary Authority.
and 24 Related for: Internationalization of the renminbi information
Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, theRenminbi (RMB). RMB internationalization...
policy ofinternationalizationoftherenminbi. It is supervised by the PBoC. CFETS was created by the PBoC on 18 April 1994, initially as the Forex Trading...
China Internationalizationoftherenminbi List of countries by leading trade partners List ofthe largest trading partners ofthe United States List of the...
Outcome-Driven Innovation Outward direct investment; see Internationalizationoftherenminbi Overseas Development Institute, a UK think tank on international...
The World Economic Forum (WEF) is an international advocacy non-governmental organization and think tank, based in Cologny, Canton of Geneva, Switzerland...
digital infrastructure and the Maritime Silk Road linked by the development of ports. Xi originally announced the strategy as the "Silk Road Economic Belt"...
48% of Hong Kong dollar M3 at the end of April 2016. Following theInternationalizationoftherenminbi in the late 2000s and the inclusion ofthe Renminbi...
and to improve the global economic governance. The starting capital ofthe bank was US$100 billion, equivalent to 2⁄3 ofthe capital ofthe Asian Development...
participants ofthe Shanghai Cooperation Organisation. The SCO Interbank Consortium was created in October 2005 during the 2005 SCO Summit. The consortium...
International use ofthe U.S. dollar Internationalizationoftherenminbi Central banks and currencies of Africa Central banks and currencies ofthe Caribbean...
The Port of Piraeus (Greek: Λιμάνι του Πειραιά) is the chief sea port of Athens, located on the Saronic Gulf on the western coasts ofthe Aegean Sea,...
A Panda bond is a Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People's Republic of China. The first two Panda bonds were issued...
2023 in Beijing, China. It marked the 10th anniversary ofthe Belt and Road Initiative (BRI). The BRI is a global infrastructure and investment project...
China's signature international program is the Belt and Road Initiative (BRI). As of August 2023,[update] 215 cooperation documents have been signed with...
The African Monetary Union (AMU) is the proposed creation of an economic and monetary union for the countries ofthe African Union, administered by the...
under the administrative control ofthe Maritime Secretary of Pakistan and operational control ofthe China Overseas Port Holding Company. The port features...
China in the east. Around half ofthe length ofthe railway would pass through northern Afghanistan. A preliminary agreement for developing the FNRC project...
enterprise (SOE) under the administration of Ministry of Finance ofthe People's Republic of China serving as the provider of export credit insurance...
(N-35), which forms the Pakistani portion ofthe Karakoram Highway (KKH). The KKH spans the 806-kilometre-long (501 mi) distance between the China–Pakistan...
complexity of China's exports 17th in the world, up from 24th in 2010. The Chinese government has promoted theinternationalizationoftherenminbi in order...
Global Information