摘要
This special section,edited by Yin-Wong Cheung and Iikka Korhonen,assesses the long and complex process of the renminbi(RMB)internationalisation from several different angles.The overall progress has been quite remarkable in some areas,but clearly much more cautious in other areas.Chinese authorities’caution in,for example,opening up capital accounts in a significant way can be explained by several cautionary examples of premature capital account liberalisation and subsequent economic dislocations.As long as the movement of capital across the Chinese borders remains controlled in the current fashion,the international use of the RMB will also remain limited.On the other hand,the steady growth of China’s economy will boost demands for Chinese assets,including assets denominated in the RMB.This process will,in its part,help increase the international use of the RMB.
