INTERNATIONALIZATION OF RENMINBI

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INTERNATIONALIZATION OF RENMINBI

Jancikova, Eva; Pasztorova, Janka

Aktualʹni problemy ekonomiky, 07/2015 169

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The paper describes the process of internationalization of the Renminbi (RMB) and its position in international trade and financial markets. The aim of the article is to assess the prospects of turning Chinese currency (CNY -- Yuan, measured by the value of RMB) into one of the reserve currencies. The growth of the multipolar world has led to an international re-evaluation of the USD's role as the world's dominant reserve currency -- paving the way for the possible adoption of alternatives. In particular, banks all over the world are ready to realize transactions in Renminbi for their corporate clients.

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