Chinese renminbi (RMB)
The renminbi in focus: reserve managers see promise
Reserve managers see potential in the renminbi and expect the International Monetary Fund to increase its weighting at the next special drawing rights reassessment
The renminbi’s inclusion in the SDR adds impetus to its internationalisation
Bank of China (Hong Kong) highlights the importance of opening up the onshore renminbi (RMB) foreign exchange market and improving the development of offshore RMB FX markets
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments and the creation of a ‘digital SDR’, to support a large allocation of ‘official’ IMF SDRs, writes Warren Coats
The evolution of the renminbi
Central Banking speaks to five policy-makers about their thoughts on the prominence of the renminbi within central bank reserves following its inclusion in the International Monetary Fund’s special drawing rights.
PBoC to study cross-border payments in digital yuan
Central bank confirms digital yuan will be direct central bank liability
Hong Kong to study ‘e-HKD’ at retail level
Hong Kong will begin study on retail CBDCs and work with PBoC on e-CNY in the next year
Chinese CBDC could bolster renminbi internationalisation – Hui Feng
Academic believes digital currency efforts could facilitate renminbi’s international acceptance and ‘popularity’
Reserve management in China: foreign reserves, renminbi internationalisation and beyond
Hui Feng explores how China has managed its reserves over the past decade, detailing the dynamics of the PBoC's investment strategy and how reserve management has impacted monetary policy
Book notes: The handbook of China’s financial system, edited by Marlene Amstad, Sun Guofeng and Xiong Wei
An important, comprehensive and informed overview of the current state of the Chinese financial system
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks - IMF report
IMF delays SDR valuation review
Delay reflects priority placed on Covid-19 response and possible clash with other workstream
PBoC eases cross-border yuan settlement policy
Central bank promotes use of yuan in cross-border settlement and financing
MAS unveils yuan funding for banks in Singapore
New funding scheme of up to 25 billion yuan replaces overnight funding facility
Bank Indonesia and PBoC sign currency agreement
Move follows Indonesian central bank accords with Japan, Malaysia and Thailand
An end to the loveless marriage with the US dollar?
Covid-19 represents an unexpected shock that could cause further US dollar decoupling, which could show up in next week’s Cofer data release, writes Gary Smith
China’s CBDC could change global reserves, panellist argues
A digital yuan, if accessed widely, could change the reserve currency landscape, policy-makers say
Chinese state-run bank launches, then disables, digital yuan wallet
PBoC’s digital yuan wallet was briefly available via China Construction Bank’s mobile app
Chile and China expand bilateral swap line
Central banks more than double size of swap line and expand scope of use
PBoC opens local currency payments market to first foreign company
Central bank issues clearing licence to Amex in step towards opening up one of world’s biggest bank card markets
Chilean central bank requests access to NY Fed’s repo facility
Central Bank of Chile also seeks to expand renminbi swap line with PBoC
PBoC signs currency settlement agreement with Laos
Agreement comes as Chinese authorities push for increased international use of renminbi
What is behind China’s digital currency aspirations?
The PBoC sees CBDC as a means of riding the wave of digitisation, and potentially challenging the US dollar’s dominance, writes Hui Feng
ECB and PBoC renew bilateral currency swap
Euro-renminbi currency swap agreement will stay in place until October 2022
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says