Don't believe the hype about the renminbi

The renminbi may be a rising force in global transactions, but without profound economic reform in China the talk of its rapid internationalisation has no currency.

A report by the Institute of International Finance last week showing that the use of the Chinese renminbi has become the sixth most used currency in global transactions is being used to support arguments that the genuine internationalisation of the RMB is close, rapid and all but inevitable. I have consistently argued that this is far from the case.

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