China’s Accelerating Efforts to Internationalize the Renminbi

In recent weeks, a cluster of news reports and commentary has drawn attention to China’s accelerating efforts to internationalize the renminbi (RMB). At the Lujiazui Forum in Shanghai, The New York Times reported that People’s Bank of China governor Pan Gongsheng delivered a pointed critique of global dependence on a single national currency, warning that financial risks stemming from the