Key facts
- IMF report "Toward a New Model of Economic Growth in China" released September 2026.
- Renminbi's inclusion in SDR basket in 2016 was a milestone but debated.
- China's capital controls limit renminbi integration into global markets.
- Renminbi use in trade has grown, but international payment share remains low.
- Renminbi's share in global foreign-exchange reserves is 2% as of July 2024.
The International Monetary Fund released a comprehensive report in September 2026, "Toward a New Model of Economic Growth in China," which is being analyzed through the theoretical lens of Nobel laureates Robert Hall and Michael Woodford. A decade prior, in 2016, the IMF included China's renminbi in its Special Drawing Rights (SDR) basket, a move that granted the currency a significant international seal of approval. However, this decision was met with skepticism due to Beijing's tight control over capital flows and the renminbi's limited presence in global foreign-exchange markets at the time. Despite China's growth into the world's largest exporter, its capital account remains largely restricted under Xi Jinping, hindering the renminbi's integration into global finance. While steps have been taken to promote the currency, its use in international payments and as a reserve currency remains significantly lower than other SDR currencies.