China’s economic achievements laid solid foundations for RMB's international standing. By the end of 2022, China accounted for 18.6% of the global economy and 14.4% of world exports.

However, there is a huge gap between the yuan’s growing prominence and its global use. RMB remains underutilized compared to the U.S. dollar. This book attempts to fill this gap from the view of the systemic importance of the RMB exchange rate, an angle that could be easily overlooked. We argue that pricing is too important to be relegated to an afterthought. The change of RMB exchange...