China Facts: The internationalization of the Renminbi is slowly down



In the past, officials from the PBOC liked to map out a future in which the renminbi would play an ever greater role in international transactions. Today, the renminbi is less international by three key measures. At the peak more than four years ago, the Chinese currency had become the fourth most widely used currency for cross-border payments, according to SWIFT. But in February this year the renminbi was frozen in fifth, which is where it has been for most of the past few years. Similarly, yuan-denominated trade accounted for 30% of total Chinese trade in 2014, but has since slipped to about half that level. *) 


*) the F.T. 4rd April 2019
















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Hans Henrik Pontoppidan
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