CRI听力:RMB to be Third Largest Currency by 2020: Report

A new report is suggesting the Chinese currency, the renminbi, is set to become the world's third most used currency by 2020, behind only the US dollar and the euro.

The analysis by the International Monetary Institute at Beijing-based Renmin University and China's Bank of Communications suggests this is going to be achieved through more cross-border trade settlement and direct investment using the renminbi.

Last year, cross-border RMB settlements surpassed 4.5 trillion yuan, or nearly 760 billion U.S. dollars.

This is an annual increase of nearly 60-percent.

Direct investment using the renminbi last year surpassed 530-billion yuan, which is up 90 percent year on year.

For more on the internationalization of RMB, we are joined live on the line by Gao Shang, analyst with Guangtong Futures.

Talking points

1 Do you agree that RMB is set to become the global third largest currency by 2020?

2 What are main factors to hamper the progress of the internationalization of RMB?

3 What sort of programs will the government use to speed up the internationalization?

That was Gao Shang, analyst with Guangtong Futures.