Book contents
- Reviews
- The Arc of the Chinese Economy
- The Arc of the Chinese Economy
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Contributors
- Foreword
- Acknowledgments
- Abbreviations
- 1 The Arc of the Chinese Economy
- 2 China’s Productivity Challenge
- 3 Innovation in China
- 4 When the Abundance Ends
- 5 Derisking Real Estate in China’s Hybrid Economy
- 6 State Ownership in China
- 7 China’s Journey in Embracing Economic Openness
- 8 RMB Internalization and Digitization
- 9 The Political Economy of Common Prosperity
- 10 The “Summer of 2021” and the Trajectory of China’s Economic System
- 11 China’s Coming Era of Slow Growth
- Index
- References
8 - RMB Internalization and Digitization
Published online by Cambridge University Press: 30 October 2025
Book contents
- Reviews
- The Arc of the Chinese Economy
- The Arc of the Chinese Economy
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Contributors
- Foreword
- Acknowledgments
- Abbreviations
- 1 The Arc of the Chinese Economy
- 2 China’s Productivity Challenge
- 3 Innovation in China
- 4 When the Abundance Ends
- 5 Derisking Real Estate in China’s Hybrid Economy
- 6 State Ownership in China
- 7 China’s Journey in Embracing Economic Openness
- 8 RMB Internalization and Digitization
- 9 The Political Economy of Common Prosperity
- 10 The “Summer of 2021” and the Trajectory of China’s Economic System
- 11 China’s Coming Era of Slow Growth
- Index
- References
Summary
This chapter examines China’s efforts to elevate the international status of the Renminbi (RMB) through policy initiatives and digital transformation. It traces the evolution of RMB internationalization since the mid-2000s, highlighting milestones such as its inclusion in the IMF’s SDR basket, the expansion of RMB-denominated trade settlements, and the establishment of bilateral currency swap agreements. The chapter also discusses the challenges that remain, including limited convertibility, capital account restrictions, and the need for broader financial reforms to enhance the RMB’s safe-haven status. In parallel, it explores the progress and prospects of RMB digitalization via the Digital Currency Electronic Payment (DCEP) system, which aims to streamline cross-border transactions and modernize China’s payment infrastructure. Together, these developments suggest that while significant strides have been made, the RMB still faces obstacles in fully competing with dominant currencies like the US dollar in the global financial system.
Keywords
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- Chapter
- Information
- The Arc of the Chinese Economy , pp. 214 - 238Publisher: Cambridge University PressPrint publication year: 2025
References
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