The Renminbi as an IMF Reserve Currency

... in 2015. It has become the most common currency in settlements in the Asia-Pacific Region. The renminbi has made spectacular progress over the past five years, moving from 35th place in late 2010 to fifth place in 2015. It has become the most common currency in settlements in the Asia-Pacific Region. Preparing for the IMF vote, China opened access to its domestic foreign exchange and bonds markets for foreign central banks, and increased the role of the Bank of China in determining the daily trading range for the renminbi . However, these measures, taken to ensure compliance ...