RMB Internationalization: How much is market driven? Not much

Most of what has happened is not market driven: 1 Very dependent on RMB value, which is not market driven 2 Swap lines are set by officials 3 Invoicing of trade in RMB “suggested” by importing SOEs (much less for exports) 4 Most of the dim sum bonds by Chinese local governments or SOEs 5 CBs starting to hold RMBs

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