With an innovative network approach，this study presents strong evidence of CNY’s growing influence in the global monetary system． We identify networks of exchange rate spillovers and examine time-varying spillover intensities among CNY and other currencies of G20 countries． Shocks from CNY，the onshore CNY exchange rate，generate intensifying net spillovers since China initiated market reforms in 2005． Further analysis shows that market-oriented reforms and stability of CNY exchange rate is an important driving force of its growing importance． Moreover，international trade，outward investment and interest rate are important economic sources of increasing CNY spillover effect．