[4]  For an overview of the international role of the US dollar, see, for example: Goldberg, L. and Lerman, R. (2019), “The U.S. dollar’s global roles: where do things stand?”, Liberty Street Economics, Federal Reserve Bank of New York. Although China has become the world’s second largest economy, the international use of its currency is still in its infancy.
The renminbi is currently the fifth most used unit in international payments, behind the Japanese yen and the pound sterling; see SWIFT (2019), RMB tracker – Monthly statistics and reporting on renminbi progress towards becoming an international currency, July 2019. [5]  See e.g. Tavlas, G., and Y. Ozeki (1991), “The Japanese yen as an international currency”, IMF Working Paper, No. 91/2.