Internationalization Index of Renminbi
In 2015, with global economic recovery tortuous and financial market dynamic, Chinese economy moved into a new normal. In spite of current domestic and international economic stress from an increasingly stronger dollar, renminbi (RMB) depreciation, and capital outflow, the internationalization of renminbi is still gaining momentum. Great achievements were made. Cross-border RMB policies under capital account were enforced, the first phase of Cross-border Interbank Payment System (CIPS) launched, and “the Belt and Road” initiative carried out. Especially in November RMB was approved to be included into the special drawing rights (SDR) basket, a milestone of the internationalization of RMB. In the past five years, due to the wider use of RMB in international trade, financial transaction, and international reserves, RMB’s internationalization has been moving on smoothly, with RII growing by more than ten times.