Fresh thinking on growth and development in Asia and the Pacific

Currency Internationalization: Lessons and Prospects for the Renminbi - Interim Workshop

Event | 8 August 2013 ADBI, Tokyo, Japan


This research project examines the extent and pace of renminbi internationalization and how the experiences of other important international currencies can provide guidance and lessons on the likely path and prospects of renminbi internationalization. It studies the implications of a greater role of the renminbi for international trade, investment and financial transactions for the People's Republic of China's (PRC) economy, its neighboring and distant economies, and the global configuration of major reserve currencies, most especially the renminbi's potential challenge to the supremacy of the United States dollar in the international monetary system.


The PRC's high economic growth in the past several decades and its increasing economic integration with other countries have led to a significant increase in its importance to the global economy. This naturally begs the question on the role that its currency, the renminbi, will play in international trade and finance. Indeed, over the last decade, the PRC has embarked on a number of initiatives to raise the status of the renminbi in the international monetary system. For instance, the PRC began issuing renminbi-denominated notes, bonds and funds in Hong Kong, China. In addition, many cities in the PRC have engaged in renminbi settlement for cross-border trade and the PRC government has signed various currency exchange arrangements with a number of countries. These measures will greatly accelerate the internationalization of the renminbi.


Presentations and preliminary drafts of papers.

How to register

By invitation only.