As global financial institutions continue to withdraw banking services from the Caribbean region, the Chinese currency Renminbi could help to safeguard the region’s access to global financial services.
This was one of the topics explored at a conference hosted by the Caribbean Development Bank (CDB).
The conference also explored the opportunities for deepening trade between China and the Caribbean and how greater use of the currency, which is now an International Monetary Fund (IMF) reserve currency, could facilitate greater foreign direct investment from China into the Caribbean.
As an IMF reserve currency, the Renminbi is now in the IMF's special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans.
The other currencies in the basket are the U.S. dollar, the euro, the yen and British pound.