renminbi diplomacy

A century ago, the United States had a phase of what was called "dollar diplomacy," where American interests were pursued by economic instruments more often and more widely than by military force. There's growing evidence that China, with the  world's second largest economy, is undertaking its own version, which we probably should call "renminbi diplomacy." Chinese economic engagement in Africa has long been evident. Now the New York Times notes increased investment in the Caribbean, much closer to the United States and its longtime interests. I take a benign view of such efforts at the moment, but I sense that others, for real analytical reasons or for the sake of political ones, will view these developments with alarm.