Despite burgeoning research on the internationalization of the Chinese renminbi, there has been surprisingly little systematic analysis of how the renminbi is actually used in foreign markets. This study provides a cross-country analysis of renminbi use in offshore foreign exchange markets, with special attention to the effects of the cooperative policy measures adopted by China and foreign states to promote the renminbi’s international use. We find that a country’s participation in the Renminbi Qualified Foreign Institutional Investor scheme (which expands its renminbi investment opportunities) and its establishment of an offshore renminbi clearing bank (which provides better renminbi payment services), but not its entry into a renminbi–local currency swap agreement, facilitate use of the renminbi in its foreign exchange markets. States have played a significant role in the rise of the renminbi as a newly internationalizing currency.

中文翻译：

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政策基础设施对人民币国际使用的影响

尽管对人民币国际化的研究正在迅速发展，但对于人民币在国外市场的实际使用情况却鲜有系统的分析。本研究对离岸外汇市场人民币使用进行跨国分析，特别关注中外合作政策措施对促进人民币国际使用的影响。我们发现，一个国家参与人民币合格境外机构投资者计划（扩大人民币投资机会）和设立离岸人民币清算银行（提供更好的人民币支付服务），但没有进入人民币-本币互换协议，促进人民币在其外汇市场上的使用。