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Yuan internationalisation season re-opens
Beijing has a golden window to revive its stalled yuan internationalisation process. A recovering economy and rallying renminbi clear the way for reformers to liberalise further, provided conservatives let them.
A heavy reliance on dollars for trade, finance, and for its own reserves leaves the world’s largest exporter overexposed to policies set in Washington. As that diplomatic relationship has frayed, the White House has overtly threatened sanctions requiring Chinese financial institutions to cut ties with blacklisted individuals, including Hong Kong leader Carrie Lam. That would put targeted mainland lenders in the same boat Iranian and North Korean peers are in. Lam is now receiving her salary in cash.
Beijing has a golden window to revive its stalled yuan internationalisation process. A recovering economy and rallying renminbi clear the way for reformers to liberalise further, provided conservatives let them.