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<p>This paper investigates the internationalization of the Chinese Renminbi (RMB) within a global financial system dominated by the US dollar. Despite China’s economic ascendancy and proactive measures to promote the RMB’s global adoption, its internationalization remains constrained by entrenched institutional and structural barriers. Grounded in neo-institutionalist theory, this article explores how financial norms, path dependence, and the deeply embedded dominance of the dollar impede the RMB’s broader acceptance. While initiatives such as offshore RMB markets, digital currency developments, and bilateral trade agreements have achieved incremental progress, their effectiveness is limited by China’s capital controls, underdeveloped financial infrastructure, and external geopolitical skepticism. This analysis contributes to the literature by illuminating the structural and institutional dynamics underpinning dollar hegemony and offering a nuanced perspective on the constraints and potential pathways for RMB internationalization. It argues that the much-anticipated power shift in global finance remains unlikely in the near term, emphasizing the enduring institutional foundations of dollar dominance.</p>

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Institutional barriers and pathways to RMB internationalization in a dollar-dominated global financial system

  • 期刊论文

  • 发表日期：

    2026年1月11日

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  • Amel Yousif Abdalmalik Alfakiali,
  • Inesta Brunel Lendzoumbou

摘要

This paper investigates the internationalization of the Chinese Renminbi (RMB) within a global financial system dominated by the US dollar. Despite China’s economic ascendancy and proactive measures to promote the RMB’s global adoption, its internationalization remains constrained by entrenched institutional and structural barriers. Grounded in neo-institutionalist theory, this article explores how financial norms, path dependence, and the deeply embedded dominance of the dollar impede the RMB’s broader acceptance. While initiatives such as offshore RMB markets, digital currency developments, and bilateral trade agreements have achieved incremental progress, their effectiveness is limited by China’s capital controls, underdeveloped financial infrastructure, and external geopolitical skepticism. This analysis contributes to the literature by illuminating the structural and institutional dynamics underpinning dollar hegemony and offering a nuanced perspective on the constraints and potential pathways for RMB internationalization. It argues that the much-anticipated power shift in global finance remains unlikely in the near term, emphasizing the enduring institutional foundations of dollar dominance.