A currency with a global standing would not just be a symbol of European unity on the world stage, it would also be a tool to project global influence. Following this line of thought, it is no coincidence that the final push towards monetary union took place against the backdrop of the confrontational foreign economic policies of the 1980s.
Since mid-2015, the only prerequisite for access to this market has been prior registration with the People's Bank of China (PBoC), eliminating the need for the quota system. Nowadays, the Chinese bond market is the third-largest in the world after the US and Japanese bond markets. However, only 2 percent of bonds are currently held by foreign investors.