Participants attend a session of the 21st Euro Finance Week in Frankfurt, Germany, on Nov. 14, 2018. A senior member of German central bank (Bundesbank) Burkhard Balz on Wednesday called for perseverance and patience for the international usage of the Chinese currency renminbi (RMB) at the 5th European-Chinese Banking Day session amid 21st Euro Finance Week Frankfurt. (Xinhua/Lu Yang)
FRANKFURT, Nov. 14 (Xinhua) -- A senior member of German central bank (Bundesbank) Burkhard Balz on Wednesday called for perseverance and patience for the international usage of the Chinese currency renminbi (RMB).
Executive board member of German central bank (Bundesbank) Burkhard Balz, at the 5th European-Chinese Banking Day session amid 21st Euro Finance Week Frankfurt which kicked off Monday, reminded that the role of RMB, or the yuan, in international payment is not commensurate with the standing of China as the second largest economic power in the world, who has contributed over 17 percent of the global economy last year.
The renminbi is currently the fifth most used currency in international payment, after the U.S. dollar, euro, British pound and Japanese yen, according to SWIFT RMB Tracker.
"An upward trend has been seen after all," Balz said, noting that the use of renminbi as global trading currency has regained momentum following a shrink in 2016 and 2017.
In his opinion, the international usage of renminbi aims at long-term success, therefore the phases should not be surprising, in which the expansion of usage of the Chinese currency stagnates for a time.
Besides, Balz welcomed China's commitment to further opening up, covering its capital market, calling on international investors to remain patient in the near future as China opens the door of captial market step by step.
