Cheng Lian a, Luo Junru b and Liu Lin c

　　a Institute of Finance and Banking, Chinese Academy of Social Sciences

　　b School of Computer Science and Artificial Intelligence, Changzhou University

　　c Swiss Bank UBS Group AG, London

　　Abstract：This article provides a new framework to evaluate the status of Renminbi internationalization.It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency’s position in the international monetary system. Based on foreign exchange trading data provided by CLS Group, the article constructs a ranking of major international currencies including the Renminbi. It finds that the Renminbi shares more similarities in foreign exchange trading patterns with the established global currencies like the US dollar and the Euro than with those regional currencies. The article also explores the policy implications that the new evaluation approach provides.

　　Keywords: Renminbi, foreign exchange market, trading patterns