It has been 10 years since China embarked on the internationalisation of the renminbi, which was seen as an attempt to challenge the US dollar’s supremacy. Photo: Bloomberg
Kean Fan Lim
Opinion

Opinion

Macroscope by Kean Fan Lim

Ten years after China’s renminbi went global, what keeps it from really challenging the US dollar as a reserve currency?

  • China retains tight control over its financial system – in sharp contrast to the US’ open market – to limit exposure to foreign crises, but this keeps its currency from replacing the dollar as the preferred medium for market exchange

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It has been 10 years since China embarked on the internationalisation of the renminbi, which was seen as an attempt to challenge the US dollar’s supremacy. Photo: Bloomberg
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