Prospects for Internationalization of the Renminbi in 2016

来源: CHINA FOREX 2016 Issue 1 作者:Cheng Jun

In 2015,there were significant strides in increasing the cross-border use of the renminbi,and this reflected advances in opening the nation's capital account,measures to increase convenience in using the currency and an expansion of the offshore renminbi market. The renminbi also gained admission to the International Monetary Fund's basket of global currencies known as Special Drawing Rights (SDR),demonstrating that there is an increasingly important role for the currency in the arena of global payments. This important decision will mean that more countries will hold some of their foreign exchange reserves in renminbi. Despite fluctuations on domestic and foreign financial markets,the renminbi can make further gains in its effort to play a bigger role on the world stage in 2016.

Progress in 2015

Cross-border use of the renminbi has been increasing in recent years. The Bank of China Cross-border Index,which reflects renminbi use in cross-border transactions by measuring "cross-border outflows,foreign circulation and cross-border returns" of the currency,had reached 266 points as of October 2015,a gain of 16 points from the level at the end of last year and 2.6 times the base value (100 points) of 2011.

The progress seen in 2015 was generally made in the following areas:

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