China's Currency

REUTERS/Petar Kujundzic - Different values of China's yuan banknotes are seen in this photo illustration taken in Shanghai April 15, 2012.

Opinion | Brookings East Asia Commentary

Five political challenges in China’s monetary ambition

March 2015, Injoo Sohn

China’s leaders have proclaimed the internationalization of China’s currency to be a key component of the nation’s financial statecraft, but many factors will hinder the renminbi (RMB) from becoming the globally dominant convertible currency in the foreseeable future. Injoo Sohn examines the political factors that will conspire to constrain the greater international use of the RMB, despite China’s increasing influence.

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