Between Globalization and Internal Stability, the Resistible Internationalization of the Renminbi

Xavier Richet


China's RMB is becoming a major international currency.  It has joined major international currencies and intends to continue its growth although it has not yet become a fully convertible currency.  Its share in world trade, reserves remains limited.  On the one hand, the increase in its international use is increasing, on the other hand the decline in trade, the accumulation of internal problems - decline in GDP growth, growing domestic debt - are leading the Chinese authorities to push back the opening of the capital account, to control interest rates.  Social stability has become a priority.


RMB; China; convertibility; capital account.

JEL Codes

E; F; G.

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