Internationalization of the renminbi
Parts of this article (those related to ECB's acceptance of renminbi in August 2017) need to be updated.August 2017)(
|Internationalization of the renminbi|
Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity. In 2013, the RMB was the 8th most traded currency in the world and the 7th most traded in early 2014. By the end of 2014, RMB has ranked 5th as the most traded currency, according to SWIFT's report, at 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). In February 2015, RMB became the second most used currency for trade and services, and reached the ninth position in forex trading. The RMB Qualified Foreign Institutional Investor (RQFII) quotas were also extended to other five countries — the UK (extended 15 October 2013), Singapore (22 October 2013), France (20 June 2014), Korea (18 July 2014), Germany (18 July 2014), and Canada (8 November 2014), each with the quotas of ¥80bn except Canada and Singapore (¥50bn). Previously, only Hong Kong was allowed, with a ¥270bn quota.
The launch of Shanghai–Hong Kong Stock Connect (SSE and HKEx) in November 2014 embarked China upon the next stage of internationalization. In January 2015, the Chinese Premier Li Keqiang announced a planned second Stock Connect linking Shenzhen and Hong Kong exchanges. The China's RMB internationalization and foreign exchange (FX) reforms are evolving rapidly and full convertibility is expected over the next couple of years. In 2014, Hong Kong removed the conversion limit of 20,000 RMB per day for its residents.
Until the early years of the 21st century, the Renminbi was not fully convertible and its flow in and out of China faced heavy restrictions. Under instructions from the Chinese government, the People's Bank of China (PBoC) began the move to full convertibility beginning around 2008. This has taken the form of permitting the use of RMB outside China for all current account transactions such as commercial trade, payment of services, interest payment, dividend payment, etc. and the use of RMB for certain approved capital account transactions such as foreign direct investment (FDI) and outward direct investment (ODI). Central banks and offshore Participating banks can invest excess RMB in the mainland interbank bond market through the China Interbank Bond Market (CIBM quota), invest into mainland China (through the RQFII quota), invest into offshore from mainland (through the QDII quota), including the onshore individual investment to offshore through the Qualified Domestic Individual Investors program (so-called QDII2).
According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the path of RMB internationalisation can be divided into three phases—first as usage for trade finance, then for investment, and in the longer term, as reserve currency.
Before 2004, the yuan was not allowed outside of China. In 2004, China started to allow border trading in yuan, especially in the Southern and Western border. HKMA first raised with the PBoC the idea of introducing personal renminbi business in Hong Kong as early as November 2001, to facilitate economic and social exchanges between Hong Kong and the Mainland and to channel renminbi cashnotes in Hong Kong back to the Mainland orderly through the banking system. In November 2003, the State Council approved the introduction of personal renminbi business in Hong Kong, which was followed by the appointment of the Clearing Bank, and establishment of payment system linkages and arrangements for cross-border renminbi cashnote delivery. Banks in Hong Kong started to offer renminbi deposit-taking, currency exchange, remittance and debit and credit card services to personal accounts on 25 February 2004. As of May 2014[update], 1.47% of world payments was settled in RMB, which ranked RMB as the 7th most traded currency in the world. The average monthly RMB trade settlement rose from CN¥320 billion in 2013 to ¥480bn in 2014.
2007: Creation of Dim Sum bonds and offshore RMB bond market
The dim sum bond market generally refers to RMB-denominated bonds issued in Hong Kong. The majority of dim sum bonds are denominated in CNH, but some are linked to CNY (but paid in USD). In July 2007, dim sum bonds worth a total of US$657 million were issued for the first time by the China Development Bank. These financial assets were issued to foreign investors in renminbi, rather than the local currency.
In June 2009, China allowed financial institutions in Hong Kong to issue dim sum bonds. HSBC was the first institution that issued these. In August 2010, McDonald was the first corporation that issued dim sum bonds. In October, the Asian Development Bank (ADB) raised a ¥1.2bn 10-year bond, and became the first supranational agency which issued dim sum bonds and also the first issuer listed in the HKSE. The dim sum bond market grew 2.3 times from 2010 (¥35.8bn) to 2013 (¥116.6bn), with an outstanding amount at the end of 2013 of RMF 310bn.
In August 2012, China and Taiwan signed a memorandum of understanding on new cross-strait currency settlement, and in March 2013, China Trust Commercial Bank became the first to issue RMB bonds in the Taiwan market (Formosa bond). In November, CCB (Hong Kong) issued a Formosa bond after mainland banks became eligible.
Phase I: on 24 December 2008, China allowed import and export in RMB between (i) Yunnan province and countries in GMS including ASEAN countries (ii) Guangdong province and Hong Kong and Macau.
Phase II: on 1 July 2009, China officially announced regulation on the RMB Settlement Pilot Project and opened up Shanghai and four cities in Guangdong (Guangzhou, Shenzhen, Zhuhai and Dongguan) with Hong Kong, Macau and ASEAN countries.
On 1 July 2010, it expanded to Mainland Designated Enterprises (MDE) in 20 pilot areas (4 municipalities [Beijing, Tianjin, Chongqing, Shanghai], 12 provinces [Liaoning, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Hainan, Sichuan, Yunnan, Jilin, Heilongjiang] and 4 autonomous regions [Guangxi, Inner Mongolia, Xinjing Uygur, Tibet]), which allow cross border payments of current account items with any country in the world.
By 2014, RMB cross-border trade settlements reached RMB 5.9 trn making a 42.6% (year-over-year) increase, which represents 22% of China's trading volume.
2009: Offshore Renminbi (CNH)
Since 2009, China has signed currency swap agreements with numerous countries and regions such as Argentina, Belarus, Brazil, Canada, ECB, Hong Kong, Iceland, Indonesia, Malaysia, Singapore, South Korea, Thailand, the United Kingdom, Uzbekistan and Tajikistan. The renminbi deposits in HK gradually grew from ¥12 billion in 2004 to ¥59 billion in 2009.
On 17 August 2010, PBoC issued a policy to allow Central Banks, RMB offshore Clearing Banks and offshore Participating Banks to invest excess RMB in debt securities or in the onshore Inter-bank Bond Market. In October, China further opened up both FDI and ODI in RMB (Pilot RMB Settlement of Outward Direct Investment) and nominated Xinjiang as the first pilot province (which, in early 2011, expanded to 20 pilot areas). In November 2010, China and Russia began trading in their own currencies, abandoning the United States dollar as the medium of exchange in bilateral trade. This was soon followed by Japan in December 2011. On 19 December, the direct trading of yuan against Thai baht was launched in CFETS (Interbank FX trading system) in Yunnan and on 31 December, PBC released the Announcement of the People’s Bank of China Concerning the Implementation of Measures for the Pilot Program of Allowing Fund Management Companies and Securities Companies Approved as Renminbi Qualified Foreign Institutional Investors (RQFII) to Invest in Domestic Securities Market. The RQFII program allows RMB investment funds to be set up in Hong Kong and invest in mainland China's securities markets.
In the first quarter of 2011, the Chinese Renminbi surpassed the Russian ruble in terms of international trading volume for the first time in history.
2013: Shanghai Free Trade Zone (SFTZ)
In June 2013, the United Kingdom became the first G-7 country to set up an official currency swap line with China.
The Shanghai Free-Trade Zone (SFTZ) was launched on 29 September 2013 with key implementation details announced in May 2014. The SFTZ was being used as a test ground for trade, investment and financial reforms, before the roll out to nationwide. The RMB can flow freely between Free Trade Accounts (FTA), non-resident onshore accounts and offshore accounts. Transactions between resident onshore accounts outside SFTZ and FTA with the same entity are also allowed, provided they do not involve capital account transactions that are not yet approved by PBoC and SAFE.
As of 2013, the RMB is the 8th most traded currency in the world.
As of July 2014, 25 countries have signed the RMB Bilateral Swap Agreement with PBoC with total facilities of over ¥2.7 trillion.
The scale of the offshore renminbi (CNH) market is still limited at the moment, with offshore renminbi deposits (around ¥1.5 trillion, of which 70% are in Hong Kong) only about 1% of that onshore (around ¥100 trillion), which is much lower than the ratio of 30% of offshore versus onshore US dollar deposits. The average daily turnover of offshore renminbi foreign exchange market (CNH) was about US$20 billion by the end of 2013. On 17 November, synchronised with the Shanghai–Hong Kong Stock Connect debut, the HKMA has lifted the daily yuan conversion cap (¥20,000).
2016: Cross Border Financing
Effective from 3 May 2016, PBoC expanded its pilot program for macro prudential management of cross-border financing from FTZ to nationwide.
2019: QFII and RQFII lifted
In September 2019, SAFE announced that the QFII (launched 2002) and RQFII (since 2011) quotas are revoked. RMB's share as a global payment currency ranked #5 as of August 2019 with market share of 2.22% preceding by USD (42.52%), EUR (32.06%), GBP (6.21%) and JPY (3.61%)
2020: QFII and RQFII merged
In September 2020, PBOC and SAFE announced that the QFII and RQFII, the two major inbound investment programs, will be combined starting in November. Other changes include simplified application, shorten review cycle, no restriction on intermediary, reduced data submission requirements and expanded scope of investment. Separately SAFE granted additional USD 3.36 billion to 18 institutions under QDII scheme, bringing the total scheme to USD 107.34 billion between 157 institutions.
FTSE Russell includes Chinese government bonds in FTSE World Government Index (WGBI).
The road to the RMB Internationalization is far from complete.
- First, the size of the home economy must be large relative to others. In this, China is clearly justified.
- Second, economic stability in the form of low inflation, small budget deficits and stable growth is also important. China’s record of supportive government policies and macro-economic stability has undoubtedly contributed to the RMB’s appeal in recent years. The bursting of Japan’s bubble in the early 1990s was arguably one of the main reasons why yen internationalization stalled.
- Third, strong official and institutional support. This was an important reason for the dollar’s adoption as a global currency after the Second World War, formalised through the Bretton Woods system. China has been doing that in the last few years, promoting the use of RMB and its infrastructure with ASEAN, Russia, United Kingdom, Germany, Canada, Australia, etc. At the China Development Forum in March 2014, the People’s Bank of China (PBoC) stressed the importance of strengthening financial regulations, establishing a deposit insurance scheme and improving market-driven exit mechanisms for financial institutions, while pushing forward reforms.
- Fourth, deep, open and well-regulated capital markets are necessary so the currency can be used to finance trade as well as provide a large enough market in securities for investors. The opening up of China’s onshore capital market will be an important step in the RMB becoming a major investment currency. This is one area where progress has been deliberately slow. For the RMB to be a truly global and become a more widely held reserve currency there needs to be greater access for foreign investors to local capital markets, even deeper global RMB liquidity and wider cross-border flow channels.
On 14 August 2020, the People's Bank of China released the "Report on the Internationalization of RMB in 2020". The report said that RMB’s function of reserve currency has gradually emerged. In the first quarter 2020, the share of RMB in global foreign exchange reserves rose to 2.02%, a record high. As of the end of 2019, the People's Bank of China has set up RMB clearing banks in 25 countries and regions outside of Mainland China, which has made the use of RMB more secure and transaction costs have decreased. 
- 2002, Domestic Securities Investment by Qualified Foreign Institutional Investor (QFII regulation) was announced in November allowed foreign investors to access mainland stock markets (A-shares)
- 2003. PBoC designates BoC-HK as RMB clearing and settlement bank.
- 2004, RMB deposits in Hong Kong is allowed. By the end of 2013 RMB deposits totalled ¥860 billion, an increase from ¥315 billion in 2010, which account for around 12% of total deposits in the Hong Kong banking system, up from 1% in 2008.
- 2006 (Apr), the Chinese government announced the Qualified Domestic Institutional Investor (QDII) scheme, allowing Chinese institutions and residents to entrust Chinese commercial banks to invest in financial products overseas. The investment was initially limited to fixed-income and money market products.
- 2007, establishment of the Offshore RMB bond market—'dim sum bonds'—which has doubled in size each year since 2008.
- 2008 (Dec), implementation of Cross-Border Trade RMB Settlement Pilot Project. The first Bilateral Swap Agreement was signed with South Korea.
- 2011 (Dec), PBC released the Announcement of the People’s Bank of China Concerning the Implementation of Measures for the Pilot Program of Allowing Fund Management Companies and Securities Companies Approved as Renminbi Qualified Foreign Institutional Investors (RQFII) to Invest in Domestic Securities Market. The RQFII program allows RMB investment funds to be set up in Hong Kong and invest in mainland China's securities markets. As of July 2014, the RQFII scheme as extended to six countries with total approved quotas of ¥640bn.
- In December 2013, the RMB overtook the euro to become the second most-used currency in global trade finance after the US dollar, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
- 2014 (April), the China Securities Regulatory Commission (CSRC) and the Securities & Futures Commission of Hong Kong (SFC) announced in a joint statement a trial trading program known as Shanghai-Hong Kong Stock Connect, which will allow two-way cross-market stock investment by qualified Mainland Chinese and Hong Kong investors. The pilot program will operate between the Shanghai Stock Exchange (SSE), the Stock Exchange of Hong Kong Limited (SEHK), the China Securities Depository and Clearing Corporation Limited (ChinaClear) and the Hong Kong Securities Clearing Company Limited (HKSCC). SSE and SEHK will allow investors to trade eligible shares listed on each other’s markets through local securities firms or brokers.
- 2014 (May), Shanghai Free Trade Zone materialized and later (15 July), SAFE issued Circular 36 to extend benefits to foreign-invested enterprises (FIEs) in other 16 industrial parks and economic zones.
- as of August 2014: (i) more than 10,000 financial institutions are doing business in RMB, up from just 900 in June 2011; (ii) the RMB is now used to settle 18% of China’s total trade, from just 3% in 2010; (iii) China has currency swap agreements with 25 central banks with the total amount of over ¥2.7 trillion; (iv) there are now eight official offshore RMB clearing centres – Hong Kong, Macau, Taiwan, Singapore, London, Germany, Korea, and the latest is Canada (signed November 2014).
- 2014 (17 Nov), the Shanghai-Hong Kong Stock Connect debuted with a bang, hitting its RMB13bn one-day trading cap at 13:57 HK time (less than five hours after markets opened).
- 2015 (Jul), PBoC open up the $5.7 trn interbank bond market to foreign Central Banks, Sovereign Wealth Funds and international financial institutions. Previously quota was given to the relevant foreign investors on a case-by-case basis. The relevant investors can conduct trading of cash bond, repo, bond lending, bond forward, interest rate swap, forward rate agreement and other transactions permitted by the PBC. Relevant overseas institutional investors can decide on their own the size of their investments.
- 2015 (11 Aug), PBoC improved the quotation mechanism of USD/CNY to become more market-based.
- 2015 (8 Oct), the China International Payments System (CIPS) is launched, as an alternative to SWIFT.
- 2016 (24 Feb), PBoC lifted the barrier into China Interbank Bond market (IBB), the world 3rd largest credit market (RMB 48 trn).
- 2016 (3 May), PBoC expended the pilot program for macro prudential management of cross border financing from free trade zone to nationwide.
- 2016 (24 June), direct RMB/KRW trading in CFETS
- 2016 (Aug), the World Bank, the first issue of SDR bonds in CIBM (SDR 500m, 3-year payable in RMB) with bid-to-cover ration of 2.47
- 2016 (1 Oct), RMB is included in SDR Basket (i.e. 41.73% USD, 30.93% EUR, 8.33% JPY, 8.09% GBP and 10.92% CNY)
- 2017 (16 May), PBC and HKMA jointly announced Bond Connect to enable bond trading between Mainland and HK institutional investors
- 2019 (11 June). RQFII and QFII quotas are lifted
- 2020 RMB shar of foreign exchange market rose to 4.3% (up 0.3% from 2016), ranked 5th globally but only used for 1.76% of payments, despite China 10% contribution of global trade in goods. More than 70 central banks and monetary authorities have already incorporated RMB into their FX reserves. PBoC said China will further facilitate cross-border use of RMB to boost trade and investment.
Implications for the financial industry
- Trade settlement - The internationalization of the RMB allows foreign companies trading with mainland Chinese companies to settle the trade in RMB, thus, reducing FX cost, open up the opportunity to the larger markets and often secure better trade terms.
- Financing and borrowing - creation of dim sum and offshore RMB bond markets offer RMB borrows the chance to access a competitive and diversify funding sources. It is also opened up opportunities for international and retail investors.
- Capital management - free trade zone companies may borrow and lend funds directly with overseas (RMB cash pooling). This allows multinational companies to centrally manage their funds and make payments directly in RMB globally.
According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), many financial institutions are currently building up an RMB trade settlement, payments, foreign exchange, derivatives and clearing capabilities because the internationalization of the RMB has led to new sources of revenue for banks.
[need elaboration on the impacts to the certain aspects to RMB internationalization e.g. on the importance of BSA, the offshore Clearing banks, Commodity prices index to RMB, RMB as Central Banks' reserve currency, etc.]
List of RMB Bilateral Swap Agreements
|Earliest agreement||Economic partner||Max. value in foreign currency
|Max. value in RMB|
|12 December 2008||South Korea||KRW 64 trillion||¥360 billion|
|20 January 2009||Hong Kong||HKD 490 billion||¥400 billion|
|8 February 2009||Malaysia||MYR 90 billion||¥180 billion|
|11 March 2009||Belarus||BYR 16 trillion||¥7 billion|
|23 March 2009||Indonesia||IDR 175 trillion||¥100 billion|
|29 March 2009||Argentina||ARS 38 billion||¥70 billion|
|9 June 2010||Iceland||ISK 66 billion||¥3.5 billion|
|23 July 2010||Singapore||SGD 60 billion||¥300 billion|
|18 April 2011||New Zealand||NZD 5 billion||¥25 billion|
|19 April 2011||Uzbekistan||UZS 167 billion||¥0.7 billion|
|6 May 2011||Mongolia||MNT 2 trillion||¥15 billion|
|13 June 2011||Kazakhstan||KZT 150 billion||¥7 billion|
|23 June 2011||Russian Federation||RUB 815 billion||¥150 billion|
|22 December 2011||Thailand||THB 320 billion||¥70 billion|
|23 December 2011||Pakistan||PKR 140 billion||¥10 billion|
|17 January 2012||United Arab Emirates||AED 20 billion||¥35 billion|
|21 February 2012||Turkey||TRY 3 billion||¥10 billion|
|22 March 2012||Australia||AUD 30 billion||¥200 billion|
|26 June 2012||Ukraine||UAH 19 billion||¥15 billion|
|26 March 2013||Brazil||BRL 60 billion||¥190 billion|
|22 June 2013||United Kingdom||GBP 21 billion||¥200 billion|
|9 September 2013||Hungary||HUF 375 billion||¥10 billion|
|12 September 2013||Albania||ALL 35.8 billion||¥2 billion|
|9 October 2013||European Union||EUR 45 billion||¥350 billion|
|21 July 2014||Switzerland||CHF 21 billion||¥150 billion|
|16 September 2014||Sri Lanka||LKR 225 billion||¥10 billion|
|3 November 2014||Qatar||QAR 20.8 billion||¥35 billion|
|8 November 2014||Canada||CAD 30 billion||¥200 billion|
|23 December 2014||Nepal||NPR||¥ billion|
|18 March 2015||Suriname||SRD 520 million||¥ 1 billion|
|10 April 2015||South Africa||ZAR 54 billion||¥ 30 billion|
|25 May 2015||Chile||CLP 2.2 trillion||¥ 22 billion|
|5 September 2015||Tajikistan||TJS 3.2 billion||¥ 3.2 billion |
|Total (excluding Nepal)||¥3,164 billion|
List of RQFII program licences and quotas
|Date||Country||Quota ceiling |
|16 December 2011||Hong Kong||20 billion|
|9 April 2012||Hong Kong||70 billion|
|13 November 2012||Hong Kong||270 billion|
|15 October 2013||United Kingdom||80 billion|
|22 October 2013||Singapore||50 billion|
|28 March 2014||France||80 billion|
|3 July 2014||South Korea||80 billion|
|7 July 2014||Germany||80 billion|
|3 November 2014||Qatar||30 billion|
|8 November 2014||Canada||50 billion|
|17 November 2014||Australia||50 billion|
|21 January 2015||Switzerland||50 billion|
|29 April 2015||Luxembourg||50 billion|
|25 May 2015||Chile||50 billion|
|27 June 2015||Hungary||50 billion|
|31 October 2015||South Korea||Raised to 120 billion|
|17 November 2015||Singapore||Raised to 100 billion|
|23 November 2015||Malaysia||50 billion|
|14 December 2015||UAE||50 billion|
|17 December 2015||Thailand||50 billion|
|7 June 2016||United States||250 billion|
|21 December 2016||Ireland||50 billion|
List of RMB Offshore Clearing Bank
|Country||Clearing Bank||Clearing hour
|24 December 2003||Hong Kong||BoC, Hong Kong||00:30-21:00|
|September 2004||Macau||BoC, Macau branch|
|11 December 2012||Taiwan||BoC, Taipei branch|
|8 February 2013||Singapore||ICBC, Singapore branch|
|18 June 2014||UK||CCB, London branch|
|19 June 2014||Germany||BoC, Frankfurt branch|
|4 July 2014||South Korea||BoCom, Seoul branch|
|15 September 2014||France||BoC, Paris Branch|
|16 September 2014||Luxembourg||ICBC, Luxembourg|
|3 November 2014||Qatar||ICBC, Doha|
|8 November 2014||Canada||ICBC, Toronto|
|17 November 2014||Australia||BoC, Sydney|
|6 January 2015||Thailand||ICBC, Bangkok|
|6 January 2015||Malaysia||BoC, Malaysia|
|25 May 2015||Chile||CCB, Santiago|
|28 June 2015||Hungary||BoC, Budapest|
|9 July 2015||South Africa||BoC, Johannesburg|
|17 September 2015||Argentina||ICBC, Buenos Aires|
|30 September 2015||Zambia||BoC, Lusaka|
|30 November 2015||Switzerland||CCB, Zurich|
|21 September 2016||USA||BoC, NYC|
|September 2016||Russia||ICBC, Moscow|
|December 2016||UAE||ABC, Dubai|
The accumulated RMB clearing amount has reached 40 trn yuan, grew 1300% from 2013 to 2014.
Proposed Clearing Hubs
|Malaysia||—||MoU signed 10-Nov-14|
|United Arab Emirates||Dubai||Ongoing negotiations|
|France||Paris||MOU signed 28-Jun-14|
|United States||San Francisco||Ongoing negotiations|
Renminbi hubs outside China
[need elaboration on the benefits of RMB Clearing Banks outside of mainland and China International Payments System (CIPS)]
China is Australia's largest trading partner (AUD 120bn in 2013) and in March 2012, the Reserve Bank of Australia (RBA) signed the 3-year RMB Bilateral Swap Agreement with the PBoC worth RMB200bn.
18 February 2014, the Australian Securities Exchange Limited ("ASX") and BoC signed an agreement for clearing and settlement in RMB (in Australia). In April, the RBA announced that it would invest up to 5% of its foreign reserves in RMB Sovereign bond. On 17 November, RBA and PBoC signed an MOU to established official RMB Clearing arrangements in Australia and PBoC granted RMB 50bn RQFII quota to Australia, which will allow approved Australian domiciled FI to invest in China's domestic bond and equity markets using RMB.
On 8 November 2014, Canada became the first country in the Americas to sign a reciprocal currency deal with China, enabling direct business between the Canadian dollar and the Chinese yuan.
On 19 June 2014, Based on the MoU signed by the People’s Bank of China and the Bundesbank, the PBoC has authorized the Frankfurt Branch of Bank of China to serve as the RMB clearing bank in Frankfurt. China is EU's No. 1 supplier of goods and its third largest export market. Eu-China annual trade could grow 1.5 times in a decade's time (to EUR 660bn). Germany is China's largest trading partner in the EU (EUR 138.6bn in 2013), which accounted for 45% of EU's exports to China and 28% of EU's imports from China. The RMB was used for 29% in the eurozone (and 38% of non-eurozone Europe's) from 19% a year earlier. The volume of RMB deposit has climbed to 100bn at end-2013.
Hong Kong and Macau (BoC)
Since 2010 CNH deposit has grown 12 times from RMB 90 bn to 1,125 bn by 1H2014 while Trade Settlement handled by Hong Kong Banks and CNH Bond outstanding increases 107 times (RMB 27 bn to 2,926 bn) and 12 times (RMB 30 bn to 384 bn) respectively. As of 2014, Hong Kong is still the largest offshore RMB (CNH) hubs outside of mainland China. On 10 April, CSRC and Hong Kong's SFC jointly announced Shanghai-Hong Kong Stock Connect (SHKSC) pilot programme – which allows Hong Kong investors to buy Shanghai-listed A-shares and vice versa – is scheduled to start operation on 13 October 2014 with the quota for inward investments in A-shares by Hong Kong residents of CNY 300bn  (the actual opening was on 17 November where the daily limited was reached, mainly from the Northbound trade, after market opened less than 5 hours).
On 18 June 2014, PBoC appointed China Construction Bank (London) to serve as the RMB Clearing Bank in London. The UK leads Europe with 123.6% growth in RMB payment between July 2013 to July 2014.
in 2018, London came 2nd (after Hong Kong, 79.05%) is RMB settlement (5.17%) through SWIFT, followed by Singapore, US and Taiwan. However London topped the list (36.07%) in term of FX transactions in RMB (inter-bank transactions based on MT300), followed by Hong Kong (29.61%)
In the first quarter of 2014, Luxembourg confirmed its position as the number one in renminbi business in Europe and the third worldwide. RMB deposits increased by 24% to ¥79.4bn compared to 2013 year's end.
Luxembourg is the largest RMB securities settlement centre and leading place for RMB denominated bonds in Europe with RMB 79bn in deposits and over RMB 261 bn in investment funds registered.
In October 2011, Khazanah Nasional Bhd issued the first ever offshore RMB denominated sukuk, raising RMB500m .
In July 2014, SWIFT ranked Malaysia as top ten offshore RMB centres. Its RMB trade settlement volume as tripled since 2010 to RMB3bn (in 2013) while RMB deposit to (10.7bn) and FX volume ($580m per day) increased more than ten and fifteenfold since 2010 respectively. As of mid-2014, Malaysian firm's RMB Bond issuance reached RMB4.4bn.
On 15 December 2010, the Moscow Interbank Currency Exchange (MICEX) became the first regulated market to trade the renminbi outside China, with a relatively modest first session turnover of ¥4.9 million, or 22.8 million rubles, after one hour of trading.
In 2011, MICEX was incorporated into the Moscow Exchange where the renminbi continued to trade against the ruble. In 2012, the volume of renminbi traded increased by 70% compared to the previous year.
From April to June 2013, the average daily value of renminbi traded on the Moscow Exchange grew nearly fourfold, surpassing ¥30 million for the first time. On 3 July 2013, it reached an all-time high of ¥55.2 million.
In 2013, renminbi-denominated deposits in Paris amounted to ¥10 billion, making it the second largest pool of Chinese currency in Europe after London.
According to the Monetary Authority of Singapore (MAS), the usage of the renminbi in Singapore has increased by 40% since 2012, with total renminbi-denominated deposits valued at more than ¥140 billion.
In June 2014, PBoC and MAS jointly announced the Suzhou Industrial Park (SIP) initiative, which clearly suggested China's recognition of Singapore as an offshore Yuan center following Hong Kong (with Qianhai) and Taiwan (with Kunshan).
On 28 October 2014 direct currency trading started between the Singapore dollar and the renminbi (CNY/SGD). The Singapore dollar was added to the China Foreign Exchange Trade System's (CFETS) platform, which as of 28 October 2014 offers financial operations and transactions between the yuan and ten foreign currencies.
South Korea (BoCOM)
On 4 July 2014, PBoC appointed Bank of Communication (Seoul) as the RMB Clearing Bank in South Korea.
On 21 July 2014, the People’s Bank of China and the Swiss National Bank had signed a bilateral currency swap agreement.
On 11 December 2012, PBoC authorized Bank of China (Taipei) to serve as RMB Clearing Bank in Taiwan. The CNH deposit in Taiwan at RMB 301bn is second only to Hong Kong (945 bn) as of November 2014.
List of foreign banks that trade renminbi
- Standard Chartered Bank
- Credit Agricole CIB
- Deutsche Bank
- Bank of America
- Mitsubishi UFJ Financial Group
- Japan Post Bank
- Bank of East Asia
- Bank of Singapore
- DBS Bank
- Busan Bank
- Daegu Bank
- Bangkok Bank
- Siam Commercial Bank
- Bank of the Philippine Islands
- Malayan Banking Berhad
- Commonwealth Bank of Australia
Gordon G. Chang, author of The Coming Collapse of China, argued that China’s "excessively selfish" currency policy does not sit well with other nations, and such efforts to loosen control of the renminbi is part of China's ploy to deflect international pressure.
Use in Zimbabwe
The RMB was at one point one of the currencies legal tender in Zimbabwe's multiple currency system (2015-2019).
- List of countries by leading trade partners
- List of the largest trading partners of China
- Renminbi currency value
- Monetary policy of China
- "RMB Settlement", Kasikorn Research Center, Bangkok, 8 February 2011
- Chan, Norman T.L. (18 February 2014). "Hong Kong as Offshore Renminbi Centre – Past and Prospects". HKMA. Retrieved 24 July 2014.
- "RMB now 8th most widely traded currency in the world". Society for Worldwide Interbank Financial Telecommunication. Retrieved 10 October 2013.
- "Asian FX Focus, RMB Q&A: The top 10 questions" (PDF). HSBC Global Research. 29 July 2014. Retrieved 8 August 2014.
- "Removal of RMB conversion limit for Hong Kong residents".
- "RMB internationalisation: Perspectives on the future of RMB clearing" (PDF). Society for Worldwide Interbank Financial Telecommunication. Retrieved 10 October 2013.
- "The Renminbi is the second most used currency for cross border payments with China and Hong Kong" (PDF). SWIFT RMB Monthly Tracker 2014. SWIFT. 26 June 2014. Retrieved 23 July 2013.
- "CDB to issue 5 bln yuan RMB bond in HK". gov.cn. Archived from the original on 5 July 2008. Retrieved 10 October 2013.
- ‘Dim sum bonds’ are fueling China’s currency rise
- "Offshore RMB – A guide to Formosa investments". Standard Chartered Global Research. 24 June 2014. Retrieved 24 July 2014.
- "Tajikistan, China sign currency swap deal". China Daily. 5 September 2015.
- "China signs 700 mln yuan currency swap deal with Uzbekistan". Reuters. 19 April 2011.
- Joe Leahy. "Brazil and China agree currency swap". Financial Times. Retrieved 10 October 2013.
China has launched an aggressive campaign of “currency swap diplomacy”, signing about 20 such agreements over the past four years with countries ranging from Argentina to Australia and the United Arab Emirates.
- "Next Decade: ASIA" (PDF). Kasikornbank: China Economic Issues. Kasikorn Research Center (KResearch). 2013. Retrieved 23 July 2014.
- "RMB Settlement", p.10. Kasikorn Research Center (KResearch), Bangkok, 8 February 2011
- Kramer, Andrew E. (14 December 2010). "Sidestepping the U.S. Dollar, a Russian Exchange Will Swap Rubles and Renminbi". The New York Times. Retrieved 10 October 2013.
- "China, Japan to Back Direct Trade of Currencies". Bloomberg News. Retrieved 10 October 2013.
- "Highlights of China's Monetary Policy in 2011". PBC. 28 February 2012. Retrieved 23 July 2014.
- "Yuan Overtakes Ruble as World Payments Currency: SWIFT". Bloomberg News. Retrieved 10 October 2013.
- "Q&A: What's a Currency Swap Line?". The Wall Street Journal. Retrieved 10 October 2013.
In June, Britain was the first G-7 country to officially set up a currency swap line with China
- "RMB now 8th most traded currency in the world". Society for Worldwide Interbank Financial Telecommunication. Retrieved 10 October 2013.
- Yiu, Enoch (13 November 2014). "HKMA scraps 20,000 yuan daily conversion cap in landmark reform". South China Morning Post. Retrieved 20 March 2015.
- "RMB Tracker". SWIFT. 19 September 2019. Archived from the original on 20 September 2019. Retrieved 20 September 2019.
- "Chinese Regulator to Combine QFII, RQFII from 1 November". Regulation Asia. 18 September 2020.
- Zhu, John (11 August 2014). "Renminbi as a reserve currency". Central Banking Journal. Retrieved 13 August 2014.
- "《2020年人民币国际化报告》发布：人民币在全球外汇储备中占比创新高". Xinhua Net. Archived from the original on 18 August 2020. Retrieved 18 August 2020.
- "合格境外机构投资者境内证券投资管理办法". Xinhua Newspaper. 26 August 2006. Retrieved 13 August 2014.
- Sreeja, VN (3 December 2013). "Yuan Overtakes Euro As Second-Most Used Currency In International Trade Settlement: SWIFT". International Business Times. Retrieved 13 August 2014.
- Cao, Hui (Hannah) (18 April 2014). "Shanghai-Hong Kong stock connect - a new trial program for cross-market stock investment". Steptoe & Johnson LLP. Retrieved 3 October 2014.
- Tam, Betty F.K. (5 August 2014). "SAFE Circular 36: liberalising capital account settlement for FIEs". Mayer Brown LLP. Retrieved 26 August 2014.
- "The Central Parity of RMB against US Dollar Became More Market-based in 2015". 7 January 2016. Retrieved 9 May 2016.
- Tom McGregor (15 October 2015). "China international payments system goes into action". CNTV. Archived from the original on 21 August 2016. Retrieved 20 October 2015.
- Gabriel Wildau (8 October 2015). "China launch of renminbi payments system reflects Swift spying concerns". Financial Times.
- "The World Bank Issued SDR-Denominated Bonds in China's Interbank Bond Market". The People's Bank of China. 31 August 2016. Retrieved 24 July 2017.
- "Joint Announcement of the People's Bank of China and the Hong Kong Monetary Authority". The People's Bank of China. 16 May 2017. Retrieved 24 July 2017.
- Editors, Regulation Asia (19 August 2020). "China to Promote Cross-Border Use of Renminbi, says PBOC". Regulation Asia. Retrieved 20 August 2020.CS1 maint: extra text: authors list (link)
- Wang, Shengzhe (6 August 2014). "RMB internationalisation and its implication for Europe". Baker & McKenzie Newsletter. Retrieved 26 August 2014.
- "RMB internationalisation: Implications for the global financial industry" (PDF). Society for Worldwide Interbank Financial Telecommunication. Retrieved 10 October 2013.
- "The People's Bank of China, News". PBC. Retrieved 23 July 2014.
- "Korea, China Seek Permanent Currency Swap". The Chosun Ilbo. Retrieved 10 October 2013.
- "China lends first foreign-denominated funds under currency swap". Xinhua. 31 May 2014. Retrieved 24 July 2014.
- "Highlights of China's Monetary Policy in 2011". PBC. 28 February 2012. Retrieved 24 July 2014.
- "China, Malaysia extend currency swap deal". Xinhua News Agency. Retrieved 10 October 2013.
- "China, Belarus agree on 20b yuan currency swap". China Daily. Retrieved 10 October 2013.
- "China, Belarus extended currency swap". Retrieved 15 May 2015.
- Novrida Manurung; Neil Chatterjee. "Indonesia Seeks Bilateral Swap Deals With Two More Central Banks". Bloomberg News. Retrieved 10 October 2013.
Indonesia and China in 2009 agreed on a three-year 100-billion yuan ($16 billion) currency swap to ease foreign-exchange shortages and aid bilateral trade and investment.
- "UPDATE 1-Argentina, China swap a "contigency"- central bank". Reuters. 31 March 2009. Retrieved 10 October 2013.
- Standing, Jonathan (30 September 2013). "China central bank signs 3.5 bln yuan currency swap deal with Iceland". Reuters. Retrieved 13 October 2013.
- "China, Singapore Double Currency Swap Agreement to $48 Billion". Bloomberg News. Retrieved 10 October 2013.
- "Chinese currency swap established". The New Zealand Herald. 19 April 2011. Retrieved 10 October 2013.
- "Establishment of a Bilateral Local Currency Swap Supplemental Agreement between the People's Bank of China and Bank of Mongolia". People's Bank of China. Retrieved 10 October 2013.
- "Mongolia Central Bank to Sign Currency Swap Deal With China". The Wall Street Journal. Retrieved 10 October 2013.
- "China, Kazakhstan sign currency swap deal". People's Daily. Retrieved 10 October 2013.
- Ostroukh, Andrey (13 October 2014). "Russia and China Open Currency-Swap Line". Dow Jones Business News. Retrieved 14 October 2014.
- "People's Bank of China and Central Bank of the Russian Federation Successfully Launched Bilateral Currency Swap Arrangement". 2 March 2016. Retrieved 9 May 2016.
- "Thai-China deals signed". Bangkok Post. Retrieved 10 October 2013.
- "Fresh Progress in China-Thailand Financial Cooperation". The People's Bank of China. 24 December 2014. Retrieved 26 December 2014.
- JOE McDONALD. "China announces currency swap with Pakistan". AP. Retrieved 10 October 2013.
- "China, UAE sign 35 billion yuan currency swap: PBOC". Reuters. 17 January 2012. Retrieved 10 October 2013.
- "China, Turkey Sign $1.6 Billion, Three-Year Yuan-Lira Currency Swap Accord". Bloomberg News. Retrieved 10 October 2013.
- Simon Rabinovitch; Neil Hume. "China and Australia in $31bn currency swap". Financial Times. Retrieved 10 October 2013.
- Interfax-Ukraine. "Ukrainian, Chinese central banks sign $2.4 billion currency swap deal". Kyiv Post. Retrieved 12 October 2013.
- "PBC Signed Bilateral Local Currency Swap Agreement with Banco Central do Brasil". The People's Bank of China. PBC. 1 April 2013. Retrieved 23 July 2014.
- "UK and China in £21bn currency swap deal". BBC. 23 June 2013. Retrieved 10 October 2013.
- "China, Hungary sign currency swap deal". China Daily. Retrieved 10 October 2013.
- "CNH Tracker-China's cross-border payment woes drive companies to yuan". Reuters. 19 September 2013. Retrieved 13 October 2013.
China's central bank has signed a bilateral currency swap agreement worth 2 billion yuan ($327 million) with the Albanian central bank, in a move to boost trade and investment between the two countries.
- "Chinese, European central banks in currency swap deal". AFP. Retrieved 10 October 2013.
- "China, Switzerland sign currency swap agreement". Beijing Time. Retrieved 21 July 2014.
- "PBC Signed Local Currency Swap Agreement with Central Bank of Sri Lanka". PBC. Retrieved 22 September 2014.
- Amlôt, Robin (4 November 2014). "Qatar Central Bank, People's Bank of China sign currency swap deal". CPI Financial. Retrieved 5 November 2014.
- Andrea Hopkins. "Chinese, Canadian central banks agree to 200 bln yuan currency swap". Reuters. Retrieved 8 November 2014.
- "Nepal, China sign currency swap deal". Kathmandu Post. 25 December 2014. Retrieved 26 December 2014.
- "http://www.pbc.gov.cn/publish/english/955/2015/20150327091110082870833/20150327091110082870833_.html". www.pbc.gov.cn. Retrieved 27 May 2015. External link in
- "China, South Africa sign currency swap deal (Chinese)". 10 April 2015.
- "China and Chile sign currency swap agreement". AP. Retrieved 25 May 2015 – via Yahoo News.
- "Tajikistan, China sign currency swap deal". AP. Retrieved 5 September 2015 – via China Daily.
- "New Progress in China-Korea Financial Cooperation". www.pbc.gov.cn. Retrieved 18 January 2016.
- Liu, Becky (19 August 2014). "Offshore Renminbi bonds – H2-2014 outlook" (PDF). Standard Chartered Global Research. Retrieved 21 August 2014.
- RBA's Media Office (17 November 2014). "New Measures to Facilitate the Development of the Renminbi Market in Australia". The Reserve Bank of Australia. Retrieved 21 January 2015.
- "http://www.pbc.gov.cn/publish/english/955/2015/20150505105813032379772/20150505105813032379772_.html". www.pbc.gov.cn. Retrieved 27 May 2015. External link in
- Li, Fion. "China Extends Yuan Clearing Network, RQFII Program to Chile". Bloomberg.com. Retrieved 27 May 2015.
- "Fresh Progress in China-Hungary Bilateral Financial Cooperation". The People's Bank of China. The People's Bank of China. 1 July 2015. Retrieved 31 July 2015.
- "China gives Thailand 50bn yuan RQFII quota". http://www.bangkokpost.com. Retrieved 21 December 2015. External link in
- "China Gives First Investment Quota to U.S. to Boost Yuan Use". https://www.bloomberg.com. Retrieved 8 June 2015. External link in
- "Statement: Allocation of Renminbi Qualified Foreign Institutional Investors (RQFII) Quota to Ireland".
- "People's Bank of China Announcement No. 20 of 2003". The People's Bank of China, News. 24 December 2014. Retrieved 22 August 2014.
- Mataro, Elena (12 August 2014). "Bank of China extends RMB clearing to London hours". FX-Week. Retrieved 25 August 2014.
- "People's Bank of China Announcement No.8 of 2004". PBC, News. 6 August 2004. Retrieved 22 August 2014.
- "Bank of China Taipei Branch Authorized as RMB Clearing Bank in Taiwan". BOC News. 12 December 2012. Retrieved 22 August 2014.
- "Regional Gateway for RMB". Monetary Authority of Singapore. 27 March 2014. Retrieved 22 August 2014.
- "First renminbi clearing bank outside Asia appointed in London". GOV.UK, News story. 18 June 2014. Retrieved 22 August 2014.
- Zha, Weixin (19 June 2014). "Bank of China Wins First Yuan Clearing Deal in Euro Area". Bloomberg. Retrieved 22 August 2014.
- Li, Fion (4 July 2014). "Bank of Communications Wins First Yuan Clearing Mandate in Seoul". Bloomberg. Retrieved 22 August 2014.
- "BOC becomes RMB clearing bank in Paris". Xinhua News. 15 September 2014. Retrieved 16 September 2014.
- Liu, Cecily (16 September 2014). "ICBC becomes renminbi clearing bank in Luxembourg". China Daily. Retrieved 17 September 2014.
- firstname.lastname@example.org (9 November 2014). "China Names ICBC for Yuan Clearing in Canada". The Wall Street Journal. Retrieved 11 November 2014.
- Purvis, Benjamin (19 November 2014). "Bank of China Named Sydney Yuan Clearing Bank, Signs ASX Accord". Bloomberg. Retrieved 21 January 2015.
- "แบงก์ชาติจีนดันตั้ง "ไอซีบีซี" รับเคลียริ่งเงินหยวนในไทย". Krungthep Turakij newspaper. 7 January 2015.
- "Bank of China (Malaysia) appointed clearing bank for RMB business in Malaysia". Borneo Post online. 6 January 2015. Retrieved 21 January 2015.
- "BOC authorized as RMB clearing bank in Hungary". English.gov.cn. 28 June 2015. Retrieved 24 July 2017.
- "BOC's Johannesburg branch becomes RMB clearing bank in South Africa". China Knowledge. Retrieved 21 September 2016.
- "ICBC (Argentina) Officially Launches RMB Clearing Business". ICBC. Retrieved 21 September 2016.
- "China names Bank of China as yuan clearing bank in Zambia". Reuters. Retrieved 21 September 2016.
- "Renminbi clearing services now available in Switzerland" (PDF). SNB BNS. 30 November 2015. Retrieved 21 September 2016.
- "Daily Wrap: PBoC RMB Clearing, Coal Output Boost". Red Pulse (China Market Intelligence). 22 September 2016.
- "China and Australia Announce Direct Currency Trading". Department of the Treasury (Australia). Archived from the original on 23 October 2013. Retrieved 22 October 2013.
Direct trading between the two currencies will commence on the China Foreign Exchange Trade System (CFETS) and the Australian foreign exchange market on 10 April 2013.
- Lulu Chen. "Malaysia aims for yuan debt hub status". The South China Morning Post. Retrieved 22 October 2013.
- Chun, Yao (10 November 2014). "China signs RMB business MoU with Malaysia". People's Daily Online. Retrieved 11 November 2014.
- Tom Arnold. "Dubai gains support as centre for Chinese yuan trading". The National (Abu Dhabi). Retrieved 22 October 2013.
- Daniel Finnan. "Kenya keen to host Chinese yuan currency clearing house". Radio France Internationale. Retrieved 22 October 2013.
- "Signature of a Memorandum of Understanding between People's Bank of China and Banque de France on RMB Clearing Arrangements". PBC. 30 June 2014. Retrieved 23 July 2014.
- Corinne Gretler; Catherine Bosley. "Swiss Banks Push for Zurich to Become Yuan Offshore Trading Hub". Bloomberg News. Retrieved 22 October 2013.
- Andrew S. Ross (17 February 2013). "SF seeks to be hub for Chinese currency". San Francisco Chronicle. Retrieved 22 October 2013.
- Chung, Chi-wah (March 2014). "Renminbi Internationalisation" (PDF). Centre for International Finance and Regulation (CIFR). Retrieved 21 January 2015.
- "Canada, China sign currency deal aimed at boosting trade". CBC News. The Canadian Press. Retrieved 8 November 2014.
- "The PBC Announcement  No.12". PBC. 27 June 2014. Retrieved 23 July 2014.
- Hanskul, Syetam (31 July 2014). "China-EU relations: Gearing up for growth" (PDF). Deutsche Bank Research. Retrieved 14 October 2014.
- Chan, Norman T.L. (15 September 2014). "What does it take to develop a Global Offshore RMB Hub?" (PDF). 2014 Treasury Markets Summit, Hong Kong Monetary Authority. Hong Kong Monetary Authority. Retrieved 17 September 2014.
- "Groundbreaking deal set to make London global currency centre for investment in China". Gov.uk. Retrieved 22 October 2013.
- Tania Branigan. "Boost for London as China agrees to loosen yuan investment rules". The Guardian. Retrieved 22 October 2013.
- "The PBC Announcement  No.11". PBC. 27 June 2014. Retrieved 23 July 2014.
- "European hubs are fuelling RMB Internationalisation" (PDF). SWIFT. 25 August 2014. Retrieved 29 September 2014.
- "Archived copy". Archived from the original on 18 October 2014. Retrieved 13 June 2014.CS1 maint: archived copy as title (link)
- "Overview of Cross-Border Renminbi Activities". Luxembourg for Finance. 2014. Retrieved 17 September 2014.
- Oleg Nikishenkov (20 December 2010). "Betting on the yuan". The Moscow News.
- "New trading record on the Moscow Exchange's FX market". Moscow Exchange. Retrieved 22 October 2013.
- "New record of the Moscow Exchange's FX market". Moscow Exchange. Retrieved 22 October 2013.
- "France plans currency swap line with China: paper". Reuters. 13 April 2013. Retrieved 22 October 2013.
Yuan deposits in Paris amount to 10 billion yuan ($1.6 billion), making it the second largest pool for the Chinese currency in Europe after London. Almost 10 percent of Sino-French trade is settled in yuan, also called the renminbi or RMB, according to French data cited by the official newspaper.
- "Singapore Overtakes Japan as Asia's Top Foreign-Exchange Hub". Bloomberg News. Retrieved 22 October 2013.
- "New Initiatives to Strengthen China-Singapore Financial Cooperation". Monetary Authority of Singapore. Retrieved 22 October 2013.
- "Use of China currency up 40% in Singapore". Channel NewsAsia. Archived from the original on 22 October 2013. Retrieved 22 October 2013.
- "ICBC appointed as yuan clearing bank in Singapore". The China Times. 8 February 2013. Retrieved 23 July 2014.
- "People's Bank of China and Monetary Authority of Singapore Signed a New Bilateral Currency Swap Agreement to Double the Size of Swap Facility". PBC. 13 March 2013. Retrieved 23 July 2014.
- "OCBC China Insights, Singapore-China SIP initiative marks another milestone for RMB internationalization". OCBC Treasury Research. 13 June 2014.
- "Singapore and China Further Strengthen Financial Cooperation Through New Initiatives". Monetary Authority of Singapore. Retrieved 30 October 2014.
- "China, Singapore Start Direct Currency Trading". Retrieved 30 October 2014.
- Liu, Li-Gang (5 July 2014). "China Plants RMB Clearing Banks Around The World". China Money Network. Retrieved 23 July 2014.
- James Shotter; Gabriel Wildau. "China and Switzerland sign bilateral currency swap line". Financial Times Limited. Retrieved 21 July 2014.
- "Highlights of China's Monetary Policy in 2012". PBC. 25 February 2013. Retrieved 23 July 2014.
- TOKUHIKO SAITO. "SMBC first major bank to accept deposits in yuan". Asahi Shimbun. Retrieved 22 October 2013.
- "Exchange Rates and Reserve Currencies: China Plans Path to Economic Hegemony". Der Spiegel. Retrieved 22 October 2013.
- Gordon G. Chang. "China's Currency Ploy". The Daily Beast. Retrieved 20 June 2010.