Rethinking China’s renminbi strategy in a fragmenting global economy (Monique Taylor – East Asia Forum)

China’s renminbi (RMB) internationalisation strategy seeks to reduce reliance on the US dollar by fostering a multipolar currency system tailored to a fragmented and uncertain global economy. Emphasising strategic autonomy, China avoids full currency liberalisation and instead promotes selective RMB use through bilateral trade settlements, digital payment platforms and the Belt and Road Initiative. Rather than aiming for global dominance, the strategy focuses on pragmatic expansion within key economic and geopolitical domains.

Rethinking China’s renminbi strategy in a fragmenting global economy | East Asia Forum