Renminbi rising – slowly but steadily
By Herbert Poenisch
June 2015 UTTER ECONOMICS
The US dollar faces a new – and really big – kid on the block.Most indicators and financial analysts observe the recent rapid expansion of Renminbi (RMB)-denominated trade to be a reflection of the growing clout of China’s economy in the world1. While the “internationalisation of RMB” features in most analyses2, the official voices of China have been rather reticent in using this term. Even the need for internationalising the RMB has not been adopted as official policy3.On the one...
Herbert Poenisch
is a retired senior economist at the Bank for International Settlements.
