Q: The internationalisation of the renminbi is gathering pace. How do you see the development of the renminbi as an international currency and the role of the currency on the global stage in the future? With China’s foreign exchange reserves now nearing $4000bn, do you see the country’s reserves stabilising and what is China’s reserve strategy?
A: The People’s Bank of China [PBoC] prefers to use the more modest term ‘cross-border use’ of the renminbi rather than ‘internationalisation’.
