Renminbi gains ground as global reserve currency

Editor's note: The Philippine Renminbi Trade Dealer Association was established in Manila on Tuesday. This is another important step in the renminbi's internationalization after China and Japan signed a currency swap agreement last week. Zhong Sheng, a columnist for People's Daily, comments:

The steady progress of the renminbi's internationalization will strengthen the stability of the international financial system.

An increasing number of countries have given their vote of confidence to the renminbi. The central bank of France said it has already included renminbi in its foreign exchange reserve, the central banks of Belgium and Slovakia have said they possess renminbi assets, and the central banks of Germany, Spain and Switzerland have expressed their interest in investing in the renminbi. The European Central Bank has recently increased its foreign exchange reserve in renminbi.