In this paper, China’s acceleration of renminbi internationalization is examined. The growth of renminbi-based
trade and settlements has made it Asia’s new reference currency, surpassing the US dollar. These developments
are mostly due to the effects of the financial crisis and have been supported by the region’s economic and financial
integration. As a reference currency of necessity or choice, the emergence of the renminbi in Asia is set to weaken
the current global dominance of the US dollar. In conclusion, the paper makes the case that the growth of the
renminbi as an international currency could generate a multipolar currency system that balances and distributes
responsibilities in a better way than the current currency regime.