Renminbi internationalization gets a stronger political mandate

Beijing is becoming clearer about its ambitions for the RMB’s global role, but the operational path remains opaque

After nearly a decade of limited progress, RMB internationalisation appears to have re-accelerated since 2024. The context appears highly supportive of continued progress: the renminbi has been appreciating since last summer as China’s balance of payments has been persistently strong, and the renminbi might benefit at the margin as historical US allies …