''The rise and rise of the renminbi''

From East Asia Forum

''Since the global financial crisis, with the United States and Europe struggling economically, the renminbi has increasingly become a reference currency: emerging market exchange rates now move more closely with it. In fact, since June 2010 when the renminbi resumed its flexibility, the number of currencies tracking the renminbi has increased compared to the earlier period of flexibility between July 2005 and 2008. Over the same period, the number tracking the euro and the US dollar declined.''

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