The effects of this transition – involving the internationalisation of the RMB and the opening up of the capital account – could ultimately be as wideranging as were the effects of China’s ascension to the World Trade Organisation. Managed well, this transition can be a win-win for both China and the rest of the world. Thank you.
1 Eichengreen B (2017), ‘The Renminbi Goes Global – The Meaning of China’s Money’, Foreign Affairs,  13 February. Available at www.foreignaffairs.com/reviews/review-essay/2017-02-13/renminbi-goes-global. 2 See, for example, Frankel (2012), ‘Internationalization of the RMB and Historical Precedents’, Journal of 4/5  BIS central bankers' speeches  Economic Integration, 27(3), pp www.hks.harvard.edu/fs/jfrankel/RMBintnztnJEI2012pg329~365.pdf.