The development of the renminbi in the first and second stages has grabbed the attention of the financial community worldwide, but some strategic actions are still needed to drive the internationalization process.
More liberal policies and less restrictions are needed to create more transparent and standardized frameworks for renminbi payments and investments, so as to foster a more favorable regulatory environment.
Improvement of domestic financial markets also marks a crucial part in the internationalization of the renminbi, which means China needs to build a more open and larger financial market with a richer variety of products.
The internationalization of a country's currency keeps pace with the same process of the country's banking system. Given that, the Chinese banks, with five rated as the world's top 20 financial institutions, should consider how to better play their role.
The international usage of the renminbi is still in its early days, but in the long run it helps diversify and improve the global reserve system, which is currently dominated by a volatile US dollar.
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