There are nearly as many currencies in use around the world as there are countries, but only a handful of currencies are widely used outside of their home economies. While China has found some initial success at internationalizing the renminbi, it faces an uphill battle in shaking up the global currency hierarchy.
Keyword:monetary policy
Is the Renminbi Undervalued or Overvalued?
States can leverage their currency to boost exports and expand their influence in international financial markets. Chinese leaders exercise considerable autonomy over the value of the RMB, yet critics have taken issue with how Beijing uses its monetary policies to promote its interests.