The Chinese yuan’s globalization, once “unstoppable,” has in recent years headed into reverse, as Benn Steil and Emma Smith wrote last month at the Council on Foreign Relations.

But is the currency really in retreat, or is it merely hitting the pause button?

Jennifer Hughes writes for the Financial Times that the redback has merely taken a detour in what will likely be a long journey, but is by no means in retreat.

“Internationalization [of the renminbi] is expected to benefit from the rising tide of Belt and Road-related business flows, as financial integration is an important part of the strategy,” Hughes quoted Greater China chief economist Qu Hongbin as saying.