2024 年 20 巻 2 号 p. 1-46
China’s internationalization of the Renminbi began in the aftermath of the global financial crisis in September 2008 with the introduction of Renminbi-denominated trade settlement in July 2009. It was strategically advanced with a view to the inclusion of the Renminbi in the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket, which came about in 2015. During this time, China continued to promote the internationalization of the Renminbi through a unique approach that included the establishment of Renminbi clearing banks, concluding Renminbi-denominated currency swap agreements, allocating Renminbi-denominated investment quotas for Qualified Foreign Institutional Investors (RQFII), and establishing the Stock Connect scheme, a mutual transaction system with Hong Kong for cross-border securities investment. After the exchange rate reform of August 2015, China experienced a temporary capital outflow, but the policy of Renminbi internationalization remained unchanged, and it continued to make efforts to improve the cross-border securities transaction system. As for digital yuan, although it has been primarily used in the domestic retail sector, joint research efforts are also underway toward application in the area of international settlements. In the future international monetary system, China’s strategy is to strengthen the Renminbi’s presence within the frameworks of institutions such as the IMF and regional financial cooperation. However, to further advance the internationalization of the Renminbi, China needs to address the trilemma of international finance, including relaxing regulations on capital movements.
