The renminbi has come a long way in the past two decades. As recently as 1994, foreign visitors to China were still consigned to using special “foreign exchange certificates” rather than local currency. Only select stores and restaurants were permitted to accept them.
Progress has been even swifter since July 2005, when the Chinese government announced it was removing the currency’s tight peg to the US dollar.
Since then the renminbi has appreciated more than 30 per cent against the dollar and the central bank has scaled back its intervention in the foreign exchange market. Rmb trade settlement is rising, with 20 per cent of China’s merchandise trade settled in its own currency in 2014.
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