The emergence of RMB

Over the past several decades, we have seen how the People’s Republic of China’s (PRC) high economic growth and increasing economic integration with other countries have led to a dramatic increase in the PRC’s clout in global output and trade.

 

The PRC may be a globally significant economic and trading power, but the market share of its currency, the Renminbi (RMB), lags well behind the US dollar and the euro. To align the RMB with its growing global stature, the PRC has embarked on a strategy to internationalize the RMB.

Typically, it is taking a gradual approach. In this, it has embarked on a number of initiatives designed to encourage the wider use of the RMB and raise its status in the international monetary system.

 

Thierry de Longuemar, Vice President for Finance and Risk Management for the Asian Development Bank will present different initiatives taken by PRC to internationalize their currency and assess whether RMB is far from being considered a full-fledged international currency.

He will also discuss on the impact of the emergence of RMB in Europe.

 

Moderation by Paul Edouard Clos, Senior Advisor to the Vice President (Finance and Risk Management), Asian Development Bank; teacher at Sciences Po