Why Beijing should open its government bond market

China's renminbi isn't truly a global currency, despite the IMF's recent announcement. However, it could be were Beijing to liberalise access to its government bond market.

Why Beijing should open its government bond market

The International Monetary Fund’s decision to include the Chinese renminbi as a reserve currency marked a political triumph for Beijing. It gives the currency the same gravitas as the US dollar, yen, euro, and British pound.

Was it truly deserved Not so much.

The IMF trumpeted that the renminbi is freely usable, meaning that it is widely used both for foreign exchange trading and global trade payments. Yet while Swift, ...

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