NUS academic Xu Le explains why China's project to internationalise the RMB still has much room to grow. In that regard, the ASEAN countries could play a role, given their desire to be less reliant on the US dollar.
Peking University PhD student Xiong Lan believes that as US-China tensions ratchet up from competition to confrontation, it is likely that the process of internationalising the renminbi (RMB) will be accelerated. The next ten years will be crucial, if China is to reach targets such as for the RMB to exceed 10% market share of international currencies by 2029 and account for 30% of global reserves in the long run. What obstacles stand in the way?