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Chinese yuan has the best opportunity among the emerging markets currencies to become
a widely used international currency. The potential of the Chinese yuan derives from China's
economic size, macroeconomic stability, diversified structure of trade, as well as from the high
rate of economic growth. Availability of capital assets denominated in Chinese yuan, which could
be used in the context of global capital investment is, however, limited due to the restrictions on
capital flows. At the same time, the rapid increase in the volume of trade settlements in Chinese
yuan, as well as the issue of bonds denominated in yuan by the Chinese government and
enterprises located in Hong Kong, created several channels of the yuan participation in the
international trade. This article aims to identify the determinants of the growing importance of the
Chinese currency in the context of the characteristics of an international currency and its operating
conditions during the crisis.
