Don’t believe the hype about the “internationalisation” of the renminbi. That’s the message from Yu Yongding, adviser to the Chinese government, reports Robert Cookson .
In a recent paper he takes a machete to the great expectations of banks such as Standard Chartered and HSBC that predict that the renminbi will rapidly become an important currency in global trade and investment.
Mr Yu says Beijing’s plan for internationalisation is “flawed with many missing links and wishful thinking”. Not only does China lack a sensible path to turn its currency into a global one but much of the apparent success so far is an illusion.
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