In contrast to popular perception, evidence from China suggests that the internationalization of the renminbi is stalling — and in many respects it has barely got off the ground.
In its latest monetary policy report, the People’s Bank of China revealed that the amount of cross-border trade settled in the renminbi fell in the third quarter, the first decline since China started using its own currency for imports and exports in June 2009.
Renminbi Threat to Dollar Could Be Stalling
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