Open AccessInternationalization of Renminbi as a Function of China’s Foreign Exchange Policy
Author(s) -
Klavdiya E. Chernilevskaya
Publication year - 2021
Publication title -
vestnik rossijskogo universiteta družby narodov. seriâ politologiâ
Language(s) - English
Resource type - Journals
eISSN - 2313-1446
pISSN - 2313-1438
DOI - 10.22363/2313-1438-2021-23-2-233-242
Subject(s) - renminbi , currency , reserve currency , internationalization , foreign exchange reserves , china , international economics , economics , government (linguistics) , exchange rate , business , devaluation , international trade , monetary economics , political science , linguistics , philosophy , law
This article discusses the prospects of the Chinese renminbi (RMB) to expand its sphere of influence and become a full-scale reserve world currency. The methods used in the article are retrospective analysis and graphic analysis. The work is divided into three sections. The first section provides a broad overview of modern reserve currencies. The second part characterizes RMBs shaping as a reserve currency, as well as inner and outer factors that influence its status. The third section includes information about RMBs current status and its perspectives for being a reserve currency in the future. The article argues that currently RMB has already become a regional reserve currency in Asia-Pacific. Chinese government continues to make steps towards international expansion of RMB, yet these steps cannot make RMB one of the leading world currencies together with USD and EUR in the nearest decade.