Chinese officials are committed to promoting wider international use of their country’s currency, the renminbi (RMB). RMB internationalization will entail a series of steps that will have to be implemented over time. This paper asks how the process of RMB internationalization will unfold, seeking to identify key steps. It then analyzes in what order those steps should be taken and how they should be related to one another.

CIGI Papers present in-depth analysis and discussion on governance-related subjects. They include policy papers that present CIGI experts' positions or contributions to policy debates, and background papers that contain research findings, insights and data that contribute to the development of policy positions.