Challenging Dollar Dominance? The Geopolitical Dimensions of Renminbi (RMB) Internationalisation

Bibliographic Data

ID6434887
AuthorsMonique Taylor (0000-0002-3310-6886, University of Helsinki, corresponding author)
Year2025
Volume54
Issue3
Pages430-447
Publication date2025-05-21
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Current Chinese Affairs (JOURNAL)
Journal identifiersISSN: 1868-1026 • E-ISSN: 1868-4874
PublisherSAGE Publishing (PUBLISHER • US)
DOI10.1177/18681026251342258
OpenAlexW4410579346
LanguageEN
Citations received2
References cited10

This paper examines the geopolitical dimensions of China's strategy to internationalise the renminbi (RMB) and reduce reliance on the U.S. dollar. Far from a purely financial initiative, RMB internationalisation is a strategic response to the geopolitical and economic risks of a dollar-centric order. Through instruments such as the petroyuan, bilateral currency swaps, the Cross-Border Interbank Payment System, and the digital yuan, China seeks to embed the RMB within global trade, investment, and payment infrastructures. Anchored in geopolitical frameworks such as the Belt and Road Initiative and BRICS+ cooperation, these efforts form part of a wider strategy to extend China's economic influence and reduce exposure to dollar weaponisation. While the RMB's role in global reserves remains limited, China's selective and incremental approach prioritises trade-based internationalisation over capital account liberalisation. Set against accelerating de-dollarisation and deepening multipolarity, the paper analyses how China's RMB strategy is reshaping global systems of exchange, across finance, trade, and payments

Business · China · Development economics · Dominance (genetics · Economics · Exchange rate · Geopolitics · International economics · International trade · Internationalization · Liberian dollar · Monetary economics · Political science · Politics · Renminbi · Us dollar · Global Financial Crisis and Policies · Finance

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Open DOIOpen Access