The gradual development of the international role of the euro In order to consider the main developments in the international use of the euro for the last 5 years, I will distinguish the varied use of the euro outside the euro area, by public authorities on the one hand and private agents on the other. Let me start with public authorities.
The Chinese authorities have launched several initiatives since March 2009 to promote a wider international use of the renminbi, e.g. in trade invoicing, in deepening the role of the offshore centre played by Hong Kong S.A.R., or in agreeing local currency swap agreements with several central banks.