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Generation ¥

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Generation ¥

RMB: The New Global Currency

EIU,

5 min read
5 take-aways
Audio & text

What's inside?

You can’t yet buy swaps denominated in renminbi, but the Chinese currency is taking off.

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Editorial Rating

8

Qualities

  • Innovative
  • Eye Opening
  • Overview

Recommendation

China’s fast-rising currency is elbowing its way onto the world stage, and it’s poised to stay there, according to this sanguine look at the renminbi (RMB) from the Economist Intelligence Unit. The report doesn’t shy away from addressing the problems and complexities associated with the RMB, but its authors reach the inexorable conclusion that China’s currency has cemented its place in global commerce and foreign exchange. getAbstract suggests this eye-opening report to treasury officers and risk managers seeking insight into a currency that’s gaining ground.

Summary

China’s renminbi (RMB), a fast-internationalizing currency, could attain even more prominence in October 2015, when the International Monetary Fund will decide whether to designate it as a reserve currency. If so, central banks worldwide will stock up on RMB, but even without reserve currency designation, the RMB will continue to raise its global standing. According to a 2015 survey of 150 European, American and Asian executives, more than half of their non-Chinese companies make payments in RMB outside of China. As a result, “RMB competence” has become crucial for multinationals. Companies use...

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

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