 "Illustration by Binay Sinha")
Tracking the trajectory of the internationalisation of the Chinese currency, renminbi (RMB), is a useful pointer to China’s strategy for achieving geopolitical pre-eminence. In my earlier column on the subject, “Renminbi’s growing influence” (Business Standard, June 13, 2017), I had argued that despite a significant stall in 2015 and early 2016, in response to stock market volatility and large capital outflows, measures to establish the RMB as an international reserve currency through a series of graduated steps, had resumed. China has been leveraging its sheer economic weight as the world’s second-largest economy and largest trading power (accounting for 14 per
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