China’s One-Belt-One-Road (OBOR) Policy Initiative: The Internationalization of the Renminbi

Abstract

The last decade having witnessed China’s meteoric resurgence has created a paradigm shift that has resulted into not only a massive structural adjustment, but also caused a shift in attention of international relations discourse towards itself. It is partly in respect of the rise and the tailoring of the One-Belt-One-Road policy that this academic research is conducted. Using much of secondary data, the thrust of this study is to examine the impact of the policy and its potential, particularly, in relations to its contributory prowess to the monetary system of china and also, its immense spread effect in contributing to the internationalization of the renminbi. Using the Strength, Weaknesses, Opportunities and Threats (SWOT) model, holding the strengths and opportunities which are internal on one side and holding the weaknesses and threats which are extraneous on the other side, the model conclusively asserts that, capitalizing on the strengths and opportunities will help Beijing override the threats and the weaknesses to turbo-charge the Chinese Renminbi currency into internationalization heights whiles same time helping to rake in social, political and economic benefits including the ability to create the strategic position not only in Eurasia, but in other part of the world.

Keywords: One-Belt-One-Road (OBOR), Belt and road initiative (BRI), Renminbi (RMB), Internationalization, Strengths, Weaknesses, Opportunities, Threats (SWOT).