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Generation ¥

RMB: The New Global Currency

The Economist Intelligence Unit
EIU, 2015
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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.

Take-Aways

  • According to a 2015 survey of 150 European, American and Asian executives, more than half of their non-Chinese companies make payments in renminbi (RMB) outside of China. As a result, “RMB competence” has become crucial for multinationals.
  • Massive global trade with China drives the RMB’s ascent; in 2015, the RMB trailed only the US dollar, the euro, the pound sterling and the yen in global payment use.
  • Mergers and acquisitions in China are also fueling the rise of the RMB, and paying local employees or other operating expenses in RMB is also more efficient.

About the Author

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

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