The Impact of COVID-19 on the Status of RMB as an Anchor Currency

Abstract

In the context of a severely volatile global financial market in 2020, the Ren Min Bi (RMB) has also experienced dramatic fluctuations. We examine the impact of the COVID-19 pandemic on the status of the RMB as an anchor currency in countries along the “The Belt and Road”. The results show that the pandemic has caused a continuous adverse impact on the anchor role of the RMB.