My full-length research Paper on "The Ascent of the RMB, the Chinese currency". It consists of 5,730 words, excluding the Abstract, biography and footnotes.
The Abstract reads as follows -
Throughout history, empires from Rome, Spain to Britain have been defined as much by military might as by how their currencies are accepted for international exchange. After the British Empire started to crumble before the Second World War, Pound Sterling gave way to the dollar following the Bretton Woods accords. Even after de-linking from gold, the greenback continues to reign supreme as the world’s premier fiat currency. This Pax Americana is now being challenged by a rising China, whose currency, the renminbi, is increasingly being accepted for international trade settlements and bond issuance. China is the largest trading partner to 126 countries, compared with 76 for America. The yuan’s progress to eventual full convertibility is speeding up. London and other leading financial centres all want to share a larger slice of this expanding cake. This article delves into the changing national and global dynamics of the yuan’s trajectory, outlines recent capital flow liberalization measures, and examines, in the light of reforms in the latest Communist Party Third Plenum, whether and how the RMB could become one of the leading reserve currencies, as well as what this would mean for the world’s economic order and the future of the world reserve currency system.