AS/COA hosted a panel discussion on the internationalization of the Renminbi (RMB) and its implications for the Americas. China’s fast economic growth, robust external trade, and foreign investment across the world are rapidly increasing the use of the Chinese currency outside the mainland. However, there are still economic and political obstacles to the RMB becoming a global currency on a par with the U.S. dollar or the Euro.
The panel reviewed the prospects of the RMB as an international currency, addressing the issue of trade settlements, the outlook for reserve currency status, and RMB-denominated investments. Speakers analyzed the economic and political implications of the increasing use of the RMB in Latin America for both governments and corporations.
Listen to a podcast of the discussion:
- Neil Daswani, Head of Transaction Banking for North East Asia, Standard Chartered Bank
- Ilan Goldfajn, Chief Economist, Itaú Unibanco
- Joseph Leahy, Brazil Bureau Chief, Financial Times
- Julio Rojas, Global Head of Financial Institutions, Standard Chartered Bank (Introductory Remarks)
- Moderator: Randy Melzi, Senior Director of Policy Programs, Americas Society/Council of the Americas