The Chinese renminbi will continue to internationalize, acting as a balanced force against the dollar that would benefit the whole world, said Zhu Min, former deputy managing director of the International Monetary Fund.

In an exclusive interview with China Daily Zhu said that the world has witnessed that a dominant dollar is not necessarily a good thing, as US monetary and fiscal policies can significantly impact dollar value and capital flows.

"Having a more balanced force against the dollar is good for the whole world. I think the renminbi will continue to internationalize to serve that role, not only for China, but for the whole world," he said, after the renminbi rebounded against the dollar upon disappointing US economic data.

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