Business Standard

China's RMB project making steady progress

As China steps up efforts to graduate to a leading role in global currency markets, India faces a choice between aligning with the Western-dominated financial system and the Chinese one

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(Photo: Bloomberg)

Shyam Saran
Through various columns in this paper, I have followed developments in the internationalisation of the Chinese currency, the Renminbi (RMB). An update on the subject may be of interest since there have been several significant developments in the recent past, most importantly, the Ukraine War, the sweeping and unprecedented American sanctions against Russia and the resulting turmoil in the global energy markets.

The US’ weaponisation of its domination of international financial and currency markets is leading countries across the world to hedge the heightened risks of their inordinate reliance on the dollar. These risks are exacerbated by the collateral damage
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Apr 18 2023 | 10:43 PM IST

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