has long accused China of keeping the renminbi
artificially low, in order to secure an unfair advantage in international trade.
In early trading today, the Renminbi
dropped as much as 1.9% to RMB 7.1087 to per U.S.
Michael Minhong Yu, New Oriental's Executive Chairman, commented, "We are pleased to see continued acceleration of growth momentum in Q3 and to achieve a top line growth of 28.9%, or 36.1% if computed in Renminbi
. Our key growth driver, the K-12 after-school tutoring business, achieved a year-over-year revenue growth of approximately 38%, or 46% if computed in Renminbi
But the real revolution in Beijing concerns exchange-rate policy, with the PBOC increasingly allowing market forces to determine the renminbi
"Last time, it's just a token amount of $200 million equivalent in renminbi
. This time, we are looking at around $300 to $500 million equivalent in renminbi
," De Leon said.
Mathews and Mark SeldenFor the past decade, China's strategy for internationalizing the renminbi
has involved greater reliance on the International Monetary Fund's Special Drawing Rights as an alternative international reserve currency.
Officials at the People's Bank of China have long insisted that "China won't weaponize the renminbi
." And yet, implicit in their promise not to manipulate the currency for strategic ends is their ability to do so if they so desired.
Global reserve managers expect 8.5 percent of foreign reserves to be invested in renminbi
by 2020, according to a recent survey sponsored by HSBC, an international banking and financial services institution.
The ramping up of Chinese investments here in the next few years may prompt a widespread use of China's currency renminbi
in Malaysia, economists have predicted.
internationalisation seemed to have slowed in the past year, but behind the scenes China continues to enhance its financial infrastructure so as to increase the global usage of the renminbi
The official said, 'This will enable the market-maker banks to play a larger role in enhancing the renminbi
FX activities, not only in the spot market, but also in the renminbi
forward and swap markets, which will result in lower foreign exchange transaction cost to the real sector.'