The renminbi was rejected as a new member in 2011 because it was not considered "freely usable".

What price will China have to pay to make renminbi an international reserve currency?

Andrew Sheng considers what China will have to do for the yuan to be part of the IMF's currency basket

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The renminbi was rejected as a new member in 2011 because it was not considered "freely usable".
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Andrew Sheng

Andrew Sheng

Andrew Sheng is a former central banker and financial regulator, currently distinguished fellow at the Asia Global Institute, University of Hong Kong. He writes widely on Asian perspectives on global issues, with columns in Project Syndicate, Asia News Network and Caijing/Caixin magazines. His latest book is “Shadow Banking in China”, co-authored with Ng Chow Soon, published by Wiley.