If the Chinese renminbi does emerge over the next decade or two as one of the key global reserve currencies, as Beijing hopes, it will not be the result of a “big bang” announcement, but will instead develop through a series of seemingly small steps that reshape the way the Chinese currency is used.
The news that the Malaysian central bank has been quietly acquiring renminbi bonds is an important one of those steps.
The Malaysian investment is the natural next stage of a series of piecemeal reforms outlined over the summer to expand international use of the Chinese currency, including allowing certain investors limited access to China’s domestic bond market.
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