IMF Chief Representative Is Optimistic Over RMB Internationalization, Despite Ups And Downs Ahead

Published: Apr 27, 2023 11:35

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Steven Barnett, Chief Representative of the International Monetary Fund (IMF) in China said that China has made substantial progress in promoting the internationalization of the RMB.

Steven Barnett, Chief Representative of the International Monetary Fund (IMF) in China said that China has made substantial progress in promoting the internationalization of the RMB. We've seen the yuan being used for trade settlements, or as a means of cross-border financial transactions. The use of all of these is increasing, and we're seeing its share grow, both in the renminbi and in international reserve assets. As China continues to open up to the outside world, we expect RMB internationalization to continue to move forward. It may not be a linear process, and there will be ups and downs ahead, but the direction is clear, and China's role and the global economy will continue to grow. I think at the same time, traders and investors around the world want to use the renminbi.

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