The RMBs substantive functions have not been highlighted and it lacks a certain market foundation The international recognition of RMB is low and its substantive functions have not been fully manifes

 There is a lack of understanding and trust in the RMB among international investors, leading to limited acceptance and usage of the currency.  The RMB's role as a global reserve currency is limited, with the US dollar still dominating global trade and financial transactions.  The RMB's exchange rate is not fully determined by market forces, as the Chinese government intervenes to maintain stability, which limits its attractiveness to international investors.  The RMB market is prone to speculative activities, creating volatility and risks for investors.  The RMB's internationalization efforts have been more focused on promoting its use in trade settlement rather than as an investment currency, limiting its potential as a global currency.  The lack of a deep and liquid RMB market makes it difficult for international investors to hedge their currency risks effectively.  The RMB's convertibility restrictions and capital controls hinder its full integration into the global financial system.