Monetary Policy

It is possible for the [Chinese] yuan to become one of the dominant currencies in East Asia, but not a globally convertible dominant currency because of its hybrid model of renminbi internationalization and limited use in the global market.

While the growth of RMB [renminbi] in international trade and investment is nothing short of remarkable, there is still a huge gap compared with the U.S. dollar, which accounts for 87 percent of currency transactions, while RMB is at 2.2 percent.