Since internationalization of China’s currency, the renminbi, began with the launch of the renminbi cross-border trade settlement scheme in 2009, China has continued to test and roll out new regulation, which makes keeping track of the renminbi’s ever-changing status a challenge. But given China’s economic importance, it is vital financial institutions and corporates alike do not fall behind in the renminbi transformation. Preparation and a strategy for adoption are the key needs. In The Asset, Agnes Vargas, Regional Head Greater China & ASEAN, Commerzbank explains that with this in place, as regulations evolve, financial institutions can play a crucial role in facilitating renminbi transactions on an international level.
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