Renminbi internationalisation to get boost from 60m overseas Chinese
The dynamic of the diaspora
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There is no precedent in economic history for the current discrepancy between China’s role as a leading actor in the international trading system and the very small international role of the country’s currency, the renminbi. The importance of the Chinese currency in the international trading system – and as a reserve currency – must grow.
The renminbi’s presence in foreign exchange reserve portfolios amounts to little more than zero; quite a contrast compared
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