How China's rise and engagement is reshaping the global financial order

The step by step opening up of its markets offers unprecedented opportunities for global banking and financial firms

China is committed to full internationalisation of its national currency, the Renminbi (RMB), but is unwilling to embrace the liberalisation of its financial markets with consequent prospects of exchange rate volatility and potential capital flight. Its efforts so far have been to promote the use of the RMB in trade settlement, in investment products and as reserve currency to enhance its international profile. The Belt and Road Initiative (BRI) also enables China to expand the use of the RMB in project related finance in partner countries. A major initiative was taken in March 2018 when the Shanghai International Energy Exchange