Editing Renminbi (section)

===International reserve currency===
Currency restrictions regarding renminbi-denominated bank deposits and financial products were greatly liberalised in July 2010.<ref>{{cite news |url=http://www.ft.com/cms/s/0/2ff1d6ea-9a65-11df-87fd-00144feab49a.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/2ff1d6ea-9a65-11df-87fd-00144feab49a.html |archive-date=10 December 2022 |url-access=subscription |title=China revs up renminbi expansion |first=Robert |last=Cookson |work=The Financial Times |date=28 July 2010}}</ref> In 2010 renminbi-denominated bonds were reported to have been purchased by Malaysia's central bank<ref>{{cite news |url=http://www.ft.com/cms/s/0/fecc16fc-c417-11df-b827-00144feab49a.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/fecc16fc-c417-11df-b827-00144feab49a.html |archive-date=10 December 2022 |url-access=subscription |title=Malaysian bond boost for renminbi |first1=Kevin |last1=Brown |first2=Robert |last2=Cookson |first3=Geoff |last3=Dyer |work=[[The Financial Times]] |location=Asia-Pacific |date=19 September 2010 |access-date=7 October 2013}}</ref> and that [[McDonald's]] had issued renminbi denominated [[corporate bond]]s through [[Standard Chartered Bank]] of Hong Kong.<ref>[https://archive.today/20120710224427/http://english.cri.cn/6826/2010/08/19/1821s589555.htm " McDonald's RMB Corporate Bond Launched in HK"] 19 August 2010 [[Xinhua]] Web Editor: Xu Leiying, accessed 7 October 2013</ref> Such liberalisation allows the yuan to look more attractive as it can be held with higher return on investment yields, whereas previously that yield was virtually none. Nevertheless, some national banks such as [[Bank of Thailand]] (BOT) have expressed a serious concern about renminbi since BOT cannot substitute the deprecated US dollars in its US$200&nbsp;billion foreign exchange reserves for renminbi as much as it wishes because:
#The Chinese government has not taken full responsibilities and commitments on economic affairs at global levels.
#The renminbi still has not become well-liquidated (fully convertible) yet.
#The Chinese government still lacks deep and wide vision about how to perform fund-raising to handle international loans at global levels.<ref>{{cite web|url=http://www.mcot.net/cfcustom/cache_page/202740.html|title=ธปท.หาทางถ่วงน้ำหนักทุนสำรองหลังดอลลาร์สหรัฐผันผวน|trans-title=BOT. Weighted for the reserves after the US dollar volatility.|publisher=[[MCOT]]|access-date=30 April 2011|archive-url=https://web.archive.org/web/20110926230042/http://www.mcot.net/cfcustom/cache_page/202740.html|archive-date=26 September 2011}}</ref>

To meet IMF requirements, China gave up some of its tight control over the currency.<ref>{{cite news|last=Bradsher|first=Keith|url=https://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=0|title=China's Renminbi Is Approved by I.M.F. as a Main World Currency|date=30 November 2015|work=[[The New York Times]]|access-date=22 August 2018|archive-date=23 April 2021|archive-url=https://web.archive.org/web/20210423011415/https://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=0|url-status=live}}</ref>

Countries that are left-leaning in the political spectrum had already begun to use the renminbi as an alternative reserve currency to the United States dollar; the [[Central Bank of Chile]] reported in 2011 to have US$91&nbsp;million worth of renminbi in reserves, and the president of the [[Central Bank of Venezuela]], Nelson Merentes, made statements in favour of the renminbi following the announcement of reserve withdrawals from Europe and the United States.<ref>{{cite news |first=Diego |last=Laje |date=29 September 2011 |url=http://business.blogs.cnn.com/2011/09/29/china-yuan-moving-toward-global-currency/ |title=China's yuan moving toward global currency? |work=CNN Business |archive-url=https://web.archive.org/web/20111001062849/http://business.blogs.cnn.com/2011/09/29/china-yuan-moving-toward-global-currency/ |archive-date=1 October 2011 }}</ref>

In Africa, the central banks of Ghana, Nigeria, and South Africa either hold renminbi as a reserve currency or have taken steps to purchase bonds denominated in renminbi.<ref name="august">{{cite news |title=Chinese yuan penetrates African markets |url=https://www.un.org/africarenewal/magazine/august-2014/chinese-yuan-penetrates-african-markets |work=African Renewal |date=August 2014 |access-date=14 October 2018 |archive-date=31 July 2021 |archive-url=https://web.archive.org/web/20210731075429/https://www.un.org/africarenewal/magazine/august-2014/chinese-yuan-penetrates-african-markets |url-status=live }}</ref> The "Report on the Internationalization of RMB in 2020", which was released by the People's Bank of China in August 2020, said that renminbi's function as international reserve currency has gradually emerged. In the first quarter 2020, the share of renminbi in global foreign exchange reserves rose to 2.02%, a record high. As of the end of 2019, the People's Bank of China has set up renminbi clearing banks in 25 countries and regions outside of mainland China, which has made the use of renminbi more secure and transaction costs have decreased.<ref>{{cite web |title=《2020年人民币国际化报告》发布：人民币在全球外汇储备中占比创新高|url=http://www.xinhuanet.com/fortune/2020-08/15/c_1126371624.htm |website= Xinhua Net |access-date=18 August 2020|archive-url=https://web.archive.org/web/20200819024639/http://www.xinhuanet.com/fortune/2020-08/15/c_1126371624.htm|archive-date=19 August 2020}}</ref>