how to promote renminbi internationalization in a steady...
title: how to promote renminbi internationalization in a steady and prudent manner in the new era
the imf added the chinese renminbi to the basket of currencies that make up the special drawing right with a weight of 10.92 percent on october 1，2016，ranking right after the u.s. dollar and the euro. ms. christine lagarde，the then president of the international monetary fund (imf)，stated that "incorporating the renminbi into the sdr basket is an important milestone of the integration of chinese economy into the global financial system and is also a recognition of the progress that the chinese authorities have made in the past years in reforming china's monetary and financial systems." as the inclusion of the renminbi into the sdr basket marks its fifth anniversary，it is of great significance to review the development course of renminbi internationalization and study the strategies and policy measures for steady and prudent promotion of the course.
review of the renminbi internationalization
if we leaving aside the sporadic use of the renminbi in border trades around 2000，the pilot reform of renminbi settlement in cross-border trade initiated in july 2009 shall then be considered the start of renminbi internationalization. we’ve encountered twists and turns during the past twelve years，yet the development course was rapid on the whole，which has drawn a wider attention across the globe.
