Editing Renminbi (section)

===Internationalisation===
{{main|Internationalization of the renminbi}}
[[File:Putin wenjiabao1.jpeg|thumb|On 24 November 2010, [[Vladimir Putin]] announced that Russia's bilateral trade with China would be settled in [[Russian ruble|roubles]] and yuan, instead of [[United States dollar|US dollar]]s.<ref>{{cite magazine|title=Quotes of the Day|url=https://content.time.com/time/quotes/0,26174,2033058,00.html|magazine=[[Time (magazine)|Time]]|access-date=13 October 2013|date=24 November 2010|archive-date=25 February 2021|archive-url=https://web.archive.org/web/20210225170506/http://content.time.com/time/quotes/0,26174,2033058,00.html|url-status=live}}</ref>]]

Before 2009, the renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions. Transactions between Chinese companies and a foreign entity were generally denominated in [[United States dollar|US dollar]]s. With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the [[People's Bank of China]]. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company at the state-controlled exchange rate.

In June 2009 the Chinese officials announced a pilot scheme where business and trade transactions were allowed between limited businesses in [[Guangdong]] province and [[Shanghai]], and only counterparties in [[Hong Kong]], [[Macau]], and select [[ASEAN]] nations. Proving a success,<ref>{{cite web|url=https://china.ucsd.edu/_files/renminbi/pdf-rmb-JinZhongxia.pdf|title=The Use of RMB in International Transactions|access-date=2 July 2016|archive-date=8 June 2021|archive-url=https://web.archive.org/web/20210608073631/https://china.ucsd.edu/_files/renminbi/pdf-rmb-JinZhongxia.pdf|url-status=live}}</ref> the program was further extended to 20 Chinese provinces and counterparties internationally in July 2010, and in September 2011 it was announced that the remaining 11 Chinese provinces would be included.

In steps intended to establish the renminbi as an international [[reserve currency]], China has agreements with [[Russia]], [[Vietnam]], [[Sri Lanka]], [[Thailand]], and [[Japan]], allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars, with [[Australia]] and [[South Africa]] to follow soon.<ref>{{cite news |url=https://www.nytimes.com/2011/02/11/business/global/11yuan.html |title=In China, Tentative Steps Toward a Global Currency |first=David |last=Barboza |work=The New York Times |date=11 February 2011 |access-date=23 February 2017 |archive-date=23 April 2021 |archive-url=https://web.archive.org/web/20210423025154/https://www.nytimes.com/2011/02/11/business/global/11yuan.html |url-status=live }}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/video/2012-05/30/c_131620286.htm |title=China, Japan to launch yuan-yen direct trading |date=30 May 2012 |publisher=[[Xinhuanet]] |access-date=10 June 2012 |archive-url=https://web.archive.org/web/20120602021021/http://news.xinhuanet.com/english/video/2012-05/30/c_131620286.htm |archive-date=2 June 2012 }}</ref><ref>{{cite web |url=http://www.abc.net.au/news/2013-04-08/pm-flags-dollar-yuan-currency-deal/4615882 |title=ANZ, Westpac to lead Chinese currency conversion |date=8 April 2013 |publisher=[[Australian Broadcasting Corporation]] |access-date=8 April 2013 |archive-date=6 April 2021 |archive-url=https://web.archive.org/web/20210406065424/https://www.abc.net.au/news/2013-04-08/pm-flags-dollar-yuan-currency-deal/4615882 |url-status=live }}</ref><ref>{{cite web |url=http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/bsd/BSD_2011/bsd_BO_2011_1.pdf |title=Designated Foreign Currencies – Central Bank of Sri Lanka |date=27 October 2011 |publisher=[[Central Bank of Sri Lanka]] |access-date=24 January 2014 |archive-url=https://web.archive.org/web/20140202174747/http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/bsd/BSD_2011/bsd_BO_2011_1.pdf |archive-date=2 February 2014 }}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/2015-07/08/c_134394394.htm |archive-url=https://web.archive.org/web/20160206132020/http://news.xinhuanet.com/english/2015-07/08/c_134394394.htm |archive-date=6 February 2016 |title=Bank of China to serve as yuan clearing bank in S. Africa|date=8 July 2015 |publisher=[[Xinhua]] |access-date=22 July 2015}}</ref> In September 2023, the Renminbi passed the euro as the second most utilized currency in international trade, having tripled in the last three years.<ref>Melissa Lawford. Reporter for ''The Telegraph''. (24 December 2023). "How Xi Jinping is challenging dollar dominance with landmark Saudi deal". [https://finance.yahoo.com/news/xi-jinping-challenging-dollar-dominance-120000057.html Yahoo Finance website] Retrieved 25 December 2023.</ref>