WATCH: Experts discuss how China’s currency, the renminbi, is taking the global economy by storm (Shawn Dhar, Brennan Hoban, Brookings)

The renminbi (RMB), China’s official currency, is often a contentious issue as policymakers make accusations of currency manipulation and whether it will rival the dollar as the dominant global reserve currency. However, its impressive rise will culminate on October 1, as the International Monetary Fund (IMF) will officially anoint the RMB as a major global reserve currency, and with it, China’s growing economic clout. This is unusual for a currency the value of which is not determined by market forces and whose home country does not allow for the free flow of capital across its borders.

https://www.brookings.edu/blog/china/2016/09/29/watch-experts-discuss-how-chinas-currency-the-renminbi-is-taking-the-global-economy-by-storm/

The Renminbi rises, but is no match for the dollar (Eswar Prasad, Brookings)

October 1 marks a symbolically momentous day in the annals of international finance. On that day, the International Monetary Fundy (IMF) will officially anoint the Chinese renminbi (RMB) as an elite global reserve currency. The RMB will join the select basket of currencies (currently comprised of the dollar, the euro, the Japanese yen, and the British pound sterling) that constitute the IMF’s artificial currency unit, the Special Drawing Rights. It seems clear the RMB is taking the world by storm and reshaping global finance.

https://www.brookings.edu/blog/future-development/2016/09/30/the-renminbi-rises-but-is-no-match-for-the-dollar/