China is taking the appropriate steps to promote the renminbi as a reserve currency. But don’t expect it to happen overnight.
That’s the conclusion we reached after polling our readers about their thoughts on the internationalisation of the Chinese currency.
But there’s no question that what China has already achieved is nothing short of remarkable.
“As a leading economy, which accounts for 10% of global trade, China needs a currency benefitting that position,” said Tim Condon, chief Asia economist of ING Bank. “It is remarkable that the authorities promoted an offshore market in their own currency, an experiment with no historical precedent, in a...