New EFSAS Article: China’s push for Renminbi internationalization
May 23, 2023
China has been actively promoting the international usage, or internationalization, of its currency, the Renminbi (RMB). Pursuing currency internationalization has been a long-standing ambition, with a 2009 pilot program being the first initiative allowing Chinese and foreign companies to settle their transactions in RMB. The push for currency internationalization is part of a broader attempt to enhance the de-dollarization of the global economy. As part of this, China seeks to elevate its global economic status and reduce the dependence on the US$ as the predominant transaction currency.
