Chinese renminbi's global status

We are a group of MSc Finance students from QUB. This blog aims to discuss the RMB internationalization.

[Queen's University Belfast 🎓 @QUBelfast]

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[ChinaPower @ChinaPowerCSIS]

In March 2020, the US Fed signed currency swap agreements with nine major economies to address the economic fallout from the novel coronavirus. How has China used currency swaps agreements in recent years? Find out: https://t.co/XSlkpP6chF

[Chinese renminbi's global status @RenminbiS]

Measures imposed as trade protectionism affected China`s normal operations. China focuses on competing effectively, which has motivated the moves of China to reduce the RMB value for it to compete effectively within the market.(Fengye Cheng)

[Chinese renminbi's global status @RenminbiS]

The People's Bank of China (PBOC), cites that the decline in RMBS is facilitated by unilateralism, the measures under trade protectionism and the imposition of high tariff on China.(Fengye Cheng)

[Chinese renminbi's global status @RenminbiS]

The Chinese currency has over the years weakened to the lowest point for over a decade, prompting the United States to term it as the manipulator. Since 2008, the currency fell below 7 Rmbs to the United States dollar despite the efforts of China to protect.(Fengye Cheng)

[Chinese renminbi's global status @RenminbiS]

The drop of the Chinese currency is linked to the 10% tariffs that were imposed on the Chinese products worth $300 billion. The high tariff on these products marked an immediate change in the Chinese currency
.(Fengye Cheng)

[Chinese renminbi's global status @RenminbiS]

The Chinese currency is constantly weakening against the dollar. The dollar has made extreme moves against other currencies, but it has been successful against the dollar. America strategies have affected the position of RMBs.(Fengye Cheng)

[Chinese renminbi's global status @RenminbiS]

China has had some success in controlling the epidemic. Although at the beginning of the year the economic situationwas not good, but after controlling, it getting better. (Yifan)

[The Wall Street Journal @WSJ]

China’s economy is heading back toward its pre-coronavirus trajectory, six months after the pandemic gutted it https://t.co/e1Adhdkn5O

[Chinese renminbi's global status @RenminbiS]

By Yifan
The globlalization of RMB: Some worries about digital RMB https://t.co/O6GM5nOFmd

[Chinese renminbi's global status @RenminbiS]

By Yutong Wang

The Globalization of Renminbi: Development of China's Renminbi digital currency https://t.co/pxe4LUUtbL

[Chinese renminbi's global status @RenminbiS]

China's growing role in global financial markets and investment has made the international influence of the renminbi even more pronounced（Lihan Wei）

[The Wire @thewire_in]

In terms of global equity markets and investments in emerging markets, the Chinese equity market has become a major player.

Recently, Chinese sovereign bonds were included into FTSE Russell’s flagship World Government Bond Index. | @basu_vaishali

https://t.co/R9j4uRdRyV

[Chinese renminbi's global status @RenminbiS]

The development and application of legal digital RMB will help to improve the convenience, security and anti-counterfeiting level of retail payment, and promote the development of digital economy in China. （By Yutong Wang）

[Chinese renminbi's global status @RenminbiS]

Covid-19 has been well controled in China. At the same time, the overall situation will become better with the spread of vaccines. (Yifan)

[China Banking News @CBankingEditor]

Foreign Companies Will Not Flee China Despite Impacts of COVID-19 on Global Economy: Deputy IMF Director Zhu Min #ChineseEconomy #COVID19 #ZhuMin https://t.co/oBf8fk6TEY

[Chinese renminbi's global status @RenminbiS]

As of 24:00 on October 18, 2020, 47,573 successful individuals had successfully received digital RMB red envelopes, making 62,788 transactions with a transaction amount of 8.764 million yuan. Some of the winning individuals have also topped up their digital wallets. (Yifan)

[Chinese renminbi's global status @RenminbiS]

The digital currency of the people's Bank of China, will conduct a new trade-related application trial in the Shanghai financial center. The People's Bank of China announced in April 2020 that it had started a pilot CBDC（By Yutong Wang）

[China Banking News @CBankingEditor]

Digital Renminbi on Track for Trade Finance Trials in Shanghai, Experts Forecast Boost to International Usage #DigitalRenminbi #ChineseCBDC https://t.co/iyilJ28fAe

[Chinese renminbi's global status @RenminbiS]

A wide range of international investments is really helpful for every kind of currency to become a global currency.(Lihan Wei)

[ChinaPower @ChinaPowerCSIS]

What does China’s FDI reveal about its economic strategy? Track China’s global investment with our interactive here: https://t.co/qMjMt9XWBc

[Chinese renminbi's global status @RenminbiS]

In recent years, the Chinese government has adopted a series of positive and open international political and economic strategy is pushing more international investment into China, at the same time, there are a large number of Chinese companies to invest oversea.（Lihan Wei）

[Chinese renminbi's global status @RenminbiS]

The international strategy of the Chinese government represented by One Belt And One Road is effectively promoting the influence of RMB in the world, especially in investment field.（Lihan)

[MohamouDuale @Mohaduale]

The Scramble For Africa 2.0: China’s Belt and Road Initiative in Sub-Saharan Africa – International Relations Today https://t.co/Sc0vzAn2cy

[Chinese renminbi's global status @RenminbiS]

Shanghai acts as an internationnal finance centre. The Trade Finance Trials in Shanghai will be provided a good environment of extensive usage. ( By Yifan)

[China Banking News @CBankingEditor]

Digital Renminbi on Track for Trade Finance Trials in Shanghai, Experts Forecast Boost to International Usage #DigitalRenminbi #ChineseCBDC https://t.co/iyilJ28fAe

[Chinese renminbi's global status @RenminbiS]

As long as you and I have digital wallets of RMB on our mobile phones, we don't even need the Internet, as long as the mobile phones have power. Two mobile phones "touch", you can transfer the digital currency in one person's digital wallet to another person.（by Yutong Wang）