Conditions of the internationalization of chinese yuan: Changes for five years

Abstract

The implementation by the People’s Republic of China (PRC) of the measures concerning the development of the sphere and the scale of the international use of its national currency provided the inclusion of the yuan since October 2016 together with the US dollar, euro, pound sterling and Japanese yen into the basket of currencies (Special Drawing Rights). In the article on the basis of the theoretical justification of the necessity of creation of all economic, institutional and organizational conditions of the internationalization of a currency factors that allowed achieving the contemporary level of the international use of the Chinese monetary unit as standard of value, unit of account and reserve currency are analyzed. The reasons contributing to the increase of the international status of the yuan in 2010–2015 are characterized. The determinants impeding the future growth of the demand for the national currency of China from the part of non-residents are discovered.