Back to results

The RMB Roadmap

08/05/2014RMB Research / RMB Insights / Asia


The Asia Securities Industry & Financial Markets Association (ASIFMA), in conjunction with Standard Chartered and Thomson Reuters, has launched the “RMB Roadmap”. This new white paper advocates and anticipates more open capital markets and increased global usage of renminbi, as part of the currency’s rise to greater prominence.

Download the RMB roadmap (PDF) >


The thesis of the RMB Roadmap is that China's currency does not currently match its economic heft and it needs to go through a five-step process for this evolution: 

  • First, as a deposit currency internationally
  • Second, through increased usage for trade purposes
  • Third, as an investment currency
  • Fourth, through central banks signing more bilateral swap agreements with the PBOC
  • Fifth, global acceptance as a reserve currency.

Many analysts and industry experts consider the timing is right for the renminbi to take its place among the leading currencies of the world as China continues to demonstrate its influence and effectiveness on the world economic stage. 

However, a combination of factors has contributed to a somewhat slower rate of recognition for the Chinese currency and the renminbi is only now gaining traction. Factors that have impacted the extent of the renminbi’s use as a global currency include a relatively closed capital account, under-developed domestic capital markets and the use of the renminbi for trade settlement still lags behind other global currencies.  

Next steps

Further opening of the country’s capital account, a steady rise in the use of the renminbi as an investment currency by international investors and the International Monetary Fund (IMF) recognition of the renminbi as a potential reserve currency through Special Drawing Rights (SDR) are all critical steps towards the greater internationalisation of the currency and the liberalisation of China’s financial markets.

What’s next?

About the Renminbi

The renminbi is fast becoming a major world currency. What does this mean for you?

About the RMB

Our insights

Tap into our analysts’ and product experts’ deep, on-the-ground knowledge of the renminbi.

Our RMB insights

Contact us

For renminbi advice and insights, please speak to your Relationship Manager.

Get in touch

Our views

Our views blog

Our experts are sharing their opinions on the world of banking. Read their views and add your own.


Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Email to a friend Print the page