 | Parts of this article (those related to ECB's acceptance of renminbi in August 2017) need to be updated. (August 2017) |
| Internationalization of the renminbi | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 人民幣國際化 | ||||||
| Simplified Chinese | 人民币国际化 | ||||||
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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.[needs update]
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
:2was invoked but never defined (see the help page). - ^ Cite error: The named reference
:3was 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.