HSBC Renminbi Ressource Center
The People's Republic of China is already the world's leading export nation and its second largest economy. It is expected to overtake the USA and become the world's largest economy by the year 2030.
In July 2009, the Chinese government introduced the Renminbi Cross-Border Trade Settlement Pilot Scheme to internationalise the renminbi (RMB: currency symbol ¥, code CNY). Since then, cross-border RMB transactions for numerous purposes have been possible.
The RMB is becoming increasingly significant in trade settlement, as an offshore deposit currency and as an investment currency outside the People's Republic of China. The RMB's rise and expansion is therefore progressing faster and more dynamically than many people had expected.
HSBC also assumes that the renminbi will one day be a leading world and reserve currency.