Limit to renminbi’s rising popularity

The renminbi is now the world’s fifth most traded currency in terms of global forex turnover. PHOTO: REUTERS
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BEIJING - The renminbi has been having a good run recently, but bigger reforms will be needed for the Chinese currency, which Beijing has been promoting eagerly, to be more popular globally.

Beijing’s drive to internationalise the renminbi has been gaining traction, with it being used more frequently on China’s Belt and Road Initiative (BRI) projects, and the setting up of more clearing arrangements around the world.

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