In a recent interview with Xinhuanet, SMU Associate Professor of Finance and Vice President for Business Development and External Relations Annie Koh shared her views on issues including the internationalisation of the Chinese currency, as well as Singapore’s position as an offshore RMB trading centre.  She commented that to successfully internationalise the Renminbi, China must fulfill at least three conditions – greater flexibility in interest rates, a stronger financial system, and relax capital controls.  She also commented that although Singapore, Hong Kong, London and Sydney are all trading centres of the Renminbi, all these markets play complementary roles.  The more trading hubs there are, the larger the pie, and in the process of buying and selling, more companies will be able to use the Renminbi smoothly in place of the US dollar or euro for their trade and investment  transactions.  When asked about the road ahead, she said that while the road towards internationalisation for the Renminbi is a long one, and there will be many obstacles and challenges along the way, China must persevere, because the final outcome will be very crucial for China’s position in the global economy.  She added that Singapore has also experienced such challenges before.  Back then, Singapore decided to bite the bullet and build strong institutions because we knew that success will come after the pain.