The Hong Kong Economic Journal carried a commentary by IEMS’ Edwin Lai, which explained one of the major indicators to measure the level of RMB internationalization (trade invoicing) and the differences between trade invoicing and trade settlement. Professor Lai outlined three major functions of an internationalized currency, namely as unit of account, medium of exchange, and storage of value. To achieve RMB internationalization, Professor Lai stresses that Beijing needs to relax its capital controls, allow more convertibility of RMB, and continue to reform its financial sector.
Read the full article here: Hong Kong Economic Journal (Chinese Only)
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