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RMB — The Third Major Reserve Currency

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The Renminbi Rises
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Abstract

Conventional wisdom has it that a currency will achieve a global reserve currency status after it is fully internationalised. That is, a global reserve currency status only comes after the currency can be freely used for all international transactions. China has proven this wrong. The yuan is not yet fully convertible. But by definition, it has become a reserve currency, as it is already held by some central banks as a reserve asset.

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© 2013 Chi Lo

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Lo, C. (2013). RMB — The Third Major Reserve Currency. In: The Renminbi Rises. Palgrave Macmillan, London. https://doi.org/10.1057/9781137346254_9

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