![]() The central bank pledged efforts to facilitate the use of the renminbi in cross-border trade and investment, deepen the financial market's opening-up, promote local currency settlement with more central banks and enrich the products offered by offshore renminbi markets, according to the report.Įxperts said the rising global profile of the renminbi can contribute to the world's shift to a multipolar currency system that is less dependent on the greenback - a course that has become critical amid negative spillover effects caused by the US' monetary tightening and the use of dollar dominance in sanctions.įormer PBOC governor Dai Xianglong said at a forum on Wednesday that the US' tightening has made the defects of the global currency system more prominent, necessitating efforts to promote a diversified international currency system and to build a mutually beneficial cooperation mode based on free use of the renminbi. The PBOC will steadily advance renminbi internationalization in line with the market-driven principle, the report said. The renminbi internationalization composite index - a gauge created by the central bank to describe the extent to which a currency is internationalized - rose to 2.86 in the first quarter of the year, up 14 percent year-on-year, the report said. Their comments follow a report released on Friday by the People's Bank of China, the central bank, saying that the renminbi has played a growing international role in payment, investment, financing and foreign exchange reserves. He can be contacted at his personal website.China's renminbi is expected to continue its steady rise in global use and play a bigger part in safeguarding international financial stability, as the country further advances its financial opening-up while deepening trade and investment cooperation, experts said. He currently lives in Andalusia and continues to research, write, travel, and grow his own vegetables. As well as academic training Kingsley has also lived and worked for many years overseas, including five years in Turkey. Kingsley is the author of numerous articles on complexity theory, social technologies, new media communications, and conscious evolution. He is co-founder of WorldShift International. at Lancaster University, UK, and is now a visiting fellow at the Centre for Mobilities Research (CeMoRe) at Lancaster Uni. Kingsley also co-authored After the Car ( 2009). He is also the co-editor of The New Science & Spirituality Reader (2012). He is the author of New Revolutions for a Small Planet: How the Global Shift in Humanity and Nature Will Transform Our Minds and Lives New Consciousness for a New World (2011) as well as The Struggle for Your Mind: Conscious Evolution & The Battle to Control How We Think (2012). ![]() He is the co-author, with Ervin Laszlo, of Dawn of the Akashic Age: New Consciousness, Quantum Resonance, and the Future of the World (2013). Kingsley Dennis, PhD, is a sociologist, researcher, and writer.
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