Internationalisation of the Chinese currency

Over the past four years, China has strongly intensified its efforts to promote the internationalisation of the RMB (CNY), which has become one of the main aspects of the country’s economic policy as expressed in the 12th Five-Year Plan (2011–15). The plan specifically supports the expansion of the cross-border use of RMB and the gradual realisation of RMB capital account convertibility.

Furthermore, the plan supports the development of Hong Kong as a major offshore RMB market.

The internationalisation process of the country was put into effect through three different instruments: bilateral currency swap agreements with other countries; a pilot programme for the regulation of trade with foreign countries, started in 2009 and gradually expanded, according to the usual approach of Chinese government; and the introduction of measures to increase operations in RMB in Hong Kong, which currently is the main centre for offshore operations using the Chinese currency…

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