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Internationalization of the Renminbi in the Decoupling Era
- Author Hyo Sang Kim
- Series267
- Date2023-07-05
The current level of RMB internationalization has primarily remained in bilateral trade. It is far from replacing the US dollar globally, even if it is starting to replace the US dollar in some of China's trade relationships. China needs to overcome many internal and external challenges to fully internationalize its currency and potentially compete with the US dollar. It is not a silver bullet but a long-term process that requires careful and sustained management.
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