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Gaining CurrencyThe Rise of the Renminbi$
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Eswar S. Prasad

Print publication date: 2016

Print ISBN-13: 9780190631055

Published to Oxford Scholarship Online: October 2016

DOI: 10.1093/acprof:oso/9780190631055.001.0001

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(p.245) Chapter 10. Conclusion
Gaining Currency

Eswar S. Prasad

Oxford University Press

The rise of the RMB has been impressive by any standard although the currency still has a long way to go before it becomes a major reserve currency that accounts for a substantial portion of global foreign exchange reserves. This chapter concludes the book with the prognosis that, so long as the Chinese government plays its cards right with further reforms and so long as the economic risks are managed, the RMB could become a significant reserve currency over the next one to two decades. At the same time, the Chinese government’s repudiation of broader political, legal, and institutional reforms implies that the RMB will not ascend to the status of a safe haven currency.

Keywords:   International currency, reserve currency, safe haven currency, global financial stability, international monetary system

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