Introduction

In this chapter, we first review the evolution of the international monetary system and the history of exchange rate reforms of the Chinese currency, Renminbi (RMB). Next, we discuss recent changes in the international monetary system, as well as the challenges and opportunities to internationalize RMB. Then, we point out the gap between the RMB’s growing prominence and its global use, which will be discussed in this book from the view of the systemic importance of the RMB exchange rate. Finally, we summarize the structure of this book with contents of each chapter.