||Central Bank Of Barbados
Over the last two decades, the role of the People’s Republic of China in global trade and in global investment has been ever expanding, resulting in an increasing engagement with the Caribbean. The accelerating internationalisation of the Chinese Renminbi (RMB) is a logical consequence of this Chinese quest for global geo-political influence. We analyse the potential benefits and risks of the use of RMB in the Caribbean, by also drawing on insights from existing examples of its use in commercial trade between China and Suriname. We also address the issue of de-risking and potential access to global financial services via the provision of Chinese corresponding banking relationships and access to Chinese payment systems. Eventually, the paper discusses the findings so as to provide policy recommendations regarding the use of RMB for the Caribbean.
Chinese Renminbi in the Caribbean_Opportunities for Trade, Aid and Investment by Stephan Maier, Roger McLeod and Amos C. Peters.pdf