RMB hopefully will become world’s fourth international currency, replacing Japanese Yen, according to a report released by Renmin University of China on July 18.
Chen Yulu, president of Renmin University of China, says on 2015 International Monetary Forum that RII (RMB Internationalization Index) has raised from 0.02 in 2009 to 2.47 in 2014. Level of acceptance of RMB worldwide is significantly elevated. RMB cross-border flow reaches 6.55 trillion in 2014, seeing a rise of 41.6 percent. RMB constitutes 2.96 percent of worldwide trades, seeing a direct investment amount of 1.05 trillion. RMB has now become the world’s second trade-finance currency, fifth payment currency, and sixth foreign-exchange currency.
With progress made in the construction of One Belt, One Road, RMB will see a greater surge in market share.
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