Emerging Insights

Tracking Renminbi Internationalization Amid Global Economic Realignment Executive Summary The third quarter of 2025 has been a period of significant and complex developments in the internationalization of the Chinese renminbi (RMB). While the yuan has shown resilience and made notable inroads in specific areas, its path to becoming a major global currency remains uneven. This report analyzes the key trends and events from Q3 2025, providing a data-driven assessment of the RMB

Tracking Renminbi Internationalization Amid Global Economic Realignment Executive Summary The second quarter of 2025 presented a more challenging environment for the internationalization of the Chinese renminbi (RMB). After a period of steady gains, the yuan experienced a notable setback in its share of global payments, highlighting the currency's ongoing vulnerability to global economic shifts and competitive pressures. Despite this, underlying trends, such as the growing fo

Executive Summary Beijing’s campaign to internationalize the renminbi (RMB) is often interpreted through a geopolitical lens as a direct challenge to the supremacy of the U.S. dollar. However, new analysis reveals a more pragmatic driver behind the yuan’s growing global role: economic survival. Data from the Center for Emerging Economies’ Yuan Adoption Tracker shows that emerging markets are not ditching the dollar in alignment with a Chinese political project, but rather as

Tracking Renminbi Internationalization Amid Global Trade Realignment Executive Summary The first quarter of 2025 was defined by a major leap forward in the development of China's alternative financial infrastructure, marking one of the most significant periods for the renminbi's (RMB) internationalization in recent years. The official launch of a dedicated cross-border settlement system for the digital yuan (e-CNY) represented a landmark achievement, creating a new, technolog

Rising yuan adoption during sanctions surges and US dollar strength reflects a hunt for economic survival rather than geopolitical realignment   Introduction Beijing’s push to internationalize the renminbi (RMB) is often viewed through a geopolitical lens within China’s broader effort to redefine and recreate international architecture for its benefit. This is especially true in western financial press, which has fanned worries that the Chinese currency could challenge US dol