Executive Summary: The People’s Republic of China (PRC) continues to use Hong Kong to test policies and build support for the internationalization of its currency, the renminbi (RMB). The city is now the world’s largest offshore RMB clearing center. The Cross-border Interbank Payment System (CIPS)... MORE

Introduction In March, the yuan became the most widely used currency by China in cross-border payments, surpassing the U.S. dollar for the first time (Guancha, April 27). This rising usage of China’s currency has coincided with the government’s renewed push for “Renminbi (RMB) internationalization” (人民币国际化).... MORE

Introduction The 14th Five-Year Plan adopted this past March has reaffirmed the significance of Renminbi (RMB) internationalization in China’s geopolitical ambitions (Gov.cn, March 13). Global RMB proliferation in cross-border trade would enhance China’s domestic financial security, which also makes it a key element of China’s... MORE

Editor’s Note: This is the second part of a two-part article that addresses the ways in which the evolution of China’s internationally-focused economic policies are likely to impact—and in many instances, to clash with—the economic policies and interests of the United States. The first part,... MORE