Uma investigação sobre a internacionalização do Renminbi: revisão de escopo e estado da arte

Abstract

Throughout the 21st century, China has established itself as one of the world's leading economies, significantly increasing its share in international trade. However, despite this remarkable growth, the internationalization of the Renminbi (RMB), China's official currency, still faces considerable challenges. This study aims to investigate the process of RMB internationalization through a systematic literature review, using the Scoping Review methodology. In this regard, the research seeks to map the scientific production of the past decade on the key factors influencing the expansion of RMB usage in the global context. For a currency to achieve international status, it must perform three fundamental functions in global trade and finance: medium of exchange, unit of account, and store of value. However, despite China's implementation of various strategies to promote the RMB's international acceptance— such as signing bilateral agreements, launching the Belt and Road Initiative (New Silk Road), and strengthening its domestic financial market—the presence of the Chinese currency in international reserves remains limited. The study highlights that the hierarchy of the International Monetary System favors currencies from central economies, such as the US dollar, which remains the world's primary reserve currency. Additionally, factors such as global economic instability, regulatory barriers, and geopolitical disputes impact the RMB’s trajectory in its quest for a more significant role in the international monetary landscape. The findings indicate that the internationalization of the RMB has advanced, particularly as a means of payment in commercial and financial transactions. However, it still faces obstacles in establishing itself as a global reserve currency. This research contributes to the debate on the evolution of the International Monetary System and China's role in this context, identifying the main challenges and future prospects for expanding the RMB's use in the global economy.