This article presents ten charts tracing the RMB internationalization journey over the past decade.

The realistic way forward for RMB internationalization is via RMB denominated financing for projects under the Belt and Road Initiative. The evolution in global RMB clearing breaks the dominance of offshore clearing centres while RMB payment cards give more people the opportunity to use the currency.

Capital controls reinforce the shallowness of China’s financial markets which hinders the RMB internationalization process. More fundamentally, the lack of independence of regulatory bodies and the state’s sway over financial market participants draws a line in the sand for RMB internationalization.

China has taken full advantage of regional willingness for RMB trade settlement and global hunger for Chinese assets to further RMB internationalization. However, much of the deregulation that has raised the RMB’s global position has been made under duress from international standards.