Internationalisation of China’s renminbi will be slow

Significance Specifically, China would enhance infrastructural and institutional mechanisms for cross-border transfers, as well as boost the currency’s role in driving the real economy and “high-quality development”. Impacts Renminbi bilateralisation will aid investment into and export from China, hedge against US dollar volatility and shield against sanctions. Political deals will not equate to on-the-ground acceptance of the renminbi. The political costs to Beijing of full renminbi internationalisation will likely remain unacceptable.