China's push for RMB internationalization
Sinica Podcast
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China Wants to Pay for Commodities in Remen B
The focus at the moment is less about getting foreigners to pay for Chinese exports and remen B although ultimately that's the goal right long-term goal they want exports and imports all of it denominated in remen B. In the short term the focus is very much about getting remen B flowing out of the country through trade so this is about Chinese firms being able to pay remen B for their oil for their iron ore basically for nickel for everything else. The vision is like firstly given our demand this is where it should happen and secondly what they're trying to do is leverage the you know firstly China has five different commodity but also wants a bigger say in how global markets price
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