China's Global Rise: the Renminbi and the making of an international currency

Contributor(s): Dr Gregory T Chin | This lecture will present why it has become imperative for China to increase the international use of its currency, the Renminbi (RMB), considering the growing reliance of the United States on economic warfare, including financial warfare, and the fracturing of the liberal global monetary order. The focus is on mapping the internationalization of the RMB, particularly key recent breakthroughs in the preconditions for the RMB to function as an international currency. The primary agents in the making of the RMB into an international currency are China's Party-state, counterpart state agencies, and especially the participating market actors, Chinese corporate actors, the leading commercial banks and manufacturing-and-trading companies -- and their overseas partners -- who are increasingly using the RMB, internationally, for their economic transactions. RMB internationalization has entered a key phase, where pre-existing obstacles still have to be overcome, but where the gradual increases in the RMB's international use are also being met by profound changes in the global monetary order, namely the ongoing shifts to a more multipolar global monetary system and to digital currencies.