On February 24, 2014, Study Times, the publication of the Party School of the Central Committee of the CCP, published an article titled “RMB Internationalization Leads Chinese Economic Breakthrough.” The article reported that the People’s Bank has signed a currency swap agreement with the European Central Bank and the Bank of England, two of the three “World Central Banks.” According to the article, a currency swap with major world powers is a convenient way to realize the internationalization of the RMB. China’s economy has reached a critical juncture. It is time to take the initiative to move forward on the road of RMB internationalization. However, a currency war may be bloody and violent.
Source: Study Times, February 24, 2014