Renminbi internationalisation: China's central bank digital currency

• Main Author: Chan, Elgin
• Other Authors: S. Rajaratnam School of International Studies
• Format: Commentary
• Language: English
• Published: 2023
• Subjects: Social sciences::Political science; Country and Region Studies; International Political Economy
• Online Access: https://hdl.handle.net/10356/165508
• Institution: Nanyang Technological University

China’s ambition to internationalise the renminbi (RMB), to reduce its reliance on the US dollar (USD), and to wean itself off the US-led international monetary system, can be bolstered by the deployment of its digital currency. While its Central Bank Digital Currency (CBDC) initiative is still in its early phases, China has emerged as a forerunner, giving it considerable influence over the standardisation of digital payment infrastructure. However, Beijing needs to tackle a number of challenges with appropriate confidence building and policy measures.