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Digital Finance in the EU: drivers, risks, opportunities
This e-book contains contributions on some of the main topics covered in the training activities which took place during the first academic year of the EU Supervisory Digital Finance Academy (EU-SDFA), either at the...
Despite China’s efforts to boost the international standing of the renminbi, the currency still significantly underperforms globally in comparison to its shares in global trade and output. Recent data show that while the international share of the renminbi has experienced some growth in recent years, it remains modest in every function pertaining to an international currency (see Table 1). To internationalise the renminbi is a logical ambition for the Chinese government, driven not only by economic considerations but also by underlying geostrategic interests. With the world economy becoming more multipolar, China is deeply concerned about its vulnerability to potential financial sanctions, which would be exacerbated by its dependence on the US dollar and the Western-centric payment infrastructure for global transactions.