HSBC Reserve Management Trends 2024
First published:
ISBN: 978 1 78272 993 8
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RMB – internationalisation is not over
Paul Mackel, Joey Chew and Jingyang Chen
Executive summary
Trends in reserve management: 2024 survey results
RMB – internationalisation is not over
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Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics
- Foreign holdings of RMB assets have moderated since 2022, but this alone does not mean RMB internationalisation is stalling.
- The use of RMB in global payments and public financing is rising on the back of China’s trade and financial linkages.
- RMB swap lines, trade agreements and the Belt and Road Initiative should support a higher level of internationalisation.
The mainland Chinese economy has faced major challenges in the last few years, including geopolitical tensions, strict Covid-19 pandemic controls, as well as an ongoing property sector slump and local government debt restructuring. In
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