Towards national currency usage in international transaction settlements: specific experiences in BRICS: the case of South Africa

The breadth and depth of the national financial market is a necessary benchmark indicator of the ability of a currency to be utilized as a reserve currency. However, it is not a sufficient condition to achieve this status as other factors play an equally important role as was demonstrated in the final ascension of the Chinese renminbi to international reserve currency status in 2016 after many years of trying.