In recent years, the pace of internationalization of the renminbi has somewhat surpassed its previous leaps and bounds, in large part because the end of the appreciation cycle has put an end to overseas speculators' enthusiasm for holding the yuan in the short term. However, as RMB plays an increasingly substantial role in the international monetary system, its recognition as an international currency is steadily increasing and more and more official and private institutions are beginning to take the international monetary function of RMB seriously. Consider holding RMB for a long time, rather than just holding RMB as a means of short-term investment. In June 2016, for example, the European Central Bank said in a statement that it had invested the equivalent of 500 million euros in foreign exchange reserves.
not conforming to the meaning of the text?
The internationalization of RMB has entered a new and more stable stage