Renminbi: China's Currency
The History of Renminbi
Renminbi, also known as RMB or yuan, is China's official currency. The history of RMB can be traced back to the Zhou dynasty around 700 BC where cowrie shells were used as currency. During the Ming dynasty, silver coins were introduced and were circulated until the late Qing dynasty where paper money was first issued. In 1948, the People's Bank of China was established, and the RMB was officially put into circulation in 1949. The RMB has undergone many changes since then, including different exchange rate systems, devaluations, and internationalization measures.The Rise of Renminbi's Internationalization
Internationalization refers to the increased use of RMB by foreign individuals, companies, and governments. In 2009, China launched a pilot program that allowed companies in select cities to settle their trade transactions in RMB. The purpose of this program was to promote RMB's global status and reduce China's dependence on the US dollar. In 2013, the RMB became the world's second-largest trade finance currency after the US dollar, according to SWIFT, a global financial messaging network. The Chinese government has since then taken various measures to further promote RMB's internationalization, including the establishment of offshore RMB centers in different regions of the world and enlisting the RMB into the International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket.RMB's Future in the Global Market
As the Chinese economy continues to grow, the RMB is expected to play an increasingly significant role in the global market. The IMF estimates that RMB will account for about 5% of the world's foreign exchange reserves by 2020. Furthermore, China's Belt and Road Initiative, which is a strategy to promote infrastructure development and investment in over 60 countries, is likely to further increase the use of RMB in international trade and finance. However, the internationalization process of RMB still faces several challenges, such as the lack of convertibility and the need for further financial reforms. In conclusion, Renminbi's history, internationalization, and future in the global market are closely tied to China's economy and its role in the world. As the RMB continues to evolve and gain more influence in the international financial system, it is essential that the Chinese government takes steps to ensure its stability and convertibility to support investment and trade.
本文标题：renminbi（Renminbi China's Currency） 本文链接：http://www.cswwyl.com/chunji/22195.html
注：本文部分文字与图片资源来自于网络，转载此文是出于传递更多信息之目的,若有来源标注错误或侵犯了您的合法权益，请立即后台留言通知我们，情况属实，我们会第一时间予以删除，并同时向您表示歉意
