You are here

A Beijing Woods monetary system in the making

As China targets renminbi's entry into SDR, IMF is examining the Chinese currency's much-increased use in trade invoicing.

If the renminbi is to become a fully fledged reserve currency, China would need much deeper financial markets, a sounder legal system, stronger banks, more transparent reporting standards and an opening towards democracy - a tall order.

CHINA'S steady encroachment into the heart of global finance forms part of a changing political and economic order that could eventually reshape the international monetary system. With the International Monetary Fund (IMF) and World Bank beset by weak leadership, ham-fisted decisions (not least...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to