CECHAP Hosts Yao Daqing, Specialist in Renminbi Internationalization and International Finance
On October 12, 2025, Yao Daqing delivered a lecture at Universidad del Pacífico titled “The Route of Chinese Renminbi’s Internationalization: An Example of Peru.” Yao is a research professor at the Institute of World Economy of the Shanghai Academy of Social Sciences (SASS) in China and holds a PhD in Economics from Fudan University. At SASS, Dr. Yao is a member of the Office of International Finance, where he conducts research on international monetary theory, the internationalization of the renminbi, and related topics.
The session brought together research assistants and faculty affiliated with CECHAP. The presentation covered the historical evolution of the renminbi’s (RMB) internationalization process—commonly known as the yuan—, its current use in global markets, the main features of its internationalization path, and finally, the use of the RMB in Peru and South America.
Dr. Yao explained that for decades the renminbi was used exclusively for domestic transactions due to a regulation enacted in 1951. China’s 1978 reforms marked the beginning of a pre-internationalization period, which allowed very limited RMB use in border regions. The formal internationalization process began in 2009 with pilot programs that enabled the currency’s use as a settlement instrument in international trade.
By 2024, the RMB had expanded its presence in global trade and finance, particularly in Asia and financial hubs such as Hong Kong SAR. Yao highlighted the role of the Belt and Road Initiative in boosting international demand for the currency and noted the growth of Panda Bonds issued by foreign entities in China.
He concluded by noting that the use of the RMB in Peru and Latin America remains limited due to low transaction volumes, higher operational costs, and constrained financial infrastructure, which lead companies to continue opting for widely accepted currencies such as the US dollar.
At CECHAP, we value the diversification of China-related research fields, including the contributions to international finance presented by Yao Daqing. This type of work allows us to broaden our understanding of China’s economic and financial influence and its relevance for Latin America.
