Xiong Lan

PhD candidate, School of International Studies, Peking University

Xiong Lan is a PhD candidate at the International Relations Department of the School of International Studies, Peking University. Her research interests include RMB internationalisation, China-US relations, and China-ASEAN relations. She is also interested in the history of currency, currency, and financial power. 

A picture illustration of the banknotes of the euro, HK dollar, US dollar, Japanese yen, British pound and Chinese yuan. (Jason Lee/File Photo/Reuters)

Escalating China-US confrontation will accelerate RMB internationalisation

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?