October 4, 2016
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A Globalized Renminbi
By Douglas W. Arner and Andre Soares
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On October 1, 2016, the Chinese renminbi (RMB) joined the dollar and the euro as one of five official international reserve assets. This is not just a technical development. It has the potential to reshape trade and finance across Latin America, according to a new report by the Atlantic Council's Adrienne Arsht Latin America Center. By being able to conduct deals directly in China's currency, the region now enters a new and uncertain financial era ripe with investment opportunities—but also with elevated risks.