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This paper sheds light on the Chinese government's recent efforts to internationalize the Renminbi (RMB). China's standing as the world's second largest economy and its more than $3.9 trillion in foreign exchange reserves could greatly leverage China's monetary power. As the United States has become heavily dependent on Chinese financial support in the wake of the recent financial crisis, China has sought to exploit this financial advantage. China may seek to influence decision-making on matters relating to future reorganization of the international monetary system. Were the RMB to become a global currency, the status of the dollar as the world's top currency would be undermined and US hegemony in the international political economy potentially challenged. However, the intent of Chinese policy-makers is not to replace the top currency status of the United States, but rather to increase Chinese policy autonomy. Since internationalization of the RMB requires a massive financial liberalization of China's domestic economy and further might threaten the vested interests of domestic groups, China has pursued internationalization of the RMB by a two-track global and regional strategy in a gradual manner.