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

DOI

10.2991/978-94-6463-036-7_209How to use a DOI?

Keywords

Renminbi; RMB; Internationalization; Globalization; RMB global index

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.

Copyright

© 2022 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jiedong Zhang
PY  - 2022
DA  - 2022/12/31
TI  - The Gap between the Degree of Internationalization of RMB and Other International Currencies
BT  - Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
PB  - Atlantis Press
SP  - 1414
EP  - 1418
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-036-7_209
DO  - 10.2991/978-94-6463-036-7_209
ID  - Zhang2022
ER  -