from International Institutions and Global Governance Program and Greenberg Center for Geoeconomic Studies

Historical Precedents for Internationalization of the RMB

October 31, 2011


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Monetary Policy

Capital Flows


The twentieth century saw the rise of the U.S. dollar, the German mark, and the Japanese yen as international currencies. Now the Chinese renminbi is on a similar course toward reserve currency status, but its path is deviating from those of its predecessors in both aim and intent. In this Center for Geoeconomic Studies Working Paper, produced in association with CFR’s International Institutions and Global Governance program, Professor Jeffrey Frankel explains how the renminbi’s ascent is without historical precedent and why China might be pursuing such an unorthodox strategy.