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Strategies for Internationalizing the Renminbi

Part of the Research Series on the Chinese Dream and China’s Development Path Book Series

DOI: 10.1007/978-981-13-0800-0

ISBN: 978-981-13-0799-7

Publisher: Springer Singapore - Springer Journals

Aug 30, 2018

Available

Monetary Systems and the International Monetary System: Evolution and Reform

Cao, Yuanzheng

Pages: 1 –37

[The drastic changes in the international monetary system over the past 100 or so years present a history filled with turbulence and breathtaking excitement. The United Kingdom’s pound sterling was the primary reserve currency for much of the world in the 19th century. WWI then destroyed the...
Available

The Internationalization of the RMB: Origins and Challenges

Cao, Yuanzheng

Pages: 39 –66

[It can be inferred from the previous discussion that, after the onset of the global financial crisis, the necessity of reforming the US dollar-centric international monetary system has become increasingly urgent. Although the three aforementioned methods—namely, the supranational currency, the...
Available

Experiences of Internationalizing Sovereign Currencies and Lessons Learnt in the Process

Cao, Yuanzheng

Pages: 67 –108

[When China has “double surpluses” in terms of the balance of payments while also facing challenges in enabling the opening and convertibility of the capital account, given the circumstances of a still-imperfect domestic financial market, the RMB has begun to embark on the journey of...
Available

Selecting a Path for RMB’s Internationalization

Cao, Yuanzheng

Pages: 109 –128

[Even a cursory review of the monetary policies, the exchange rate systems and the experience of developed countries and developing countries in opening the capital account during the economic and opening-up process, clearly reveals Mundell’s “Impossible Trinity.” This theory reflects the central...
Available

The Role of the Hong Kong Financial Market in the Process of Internationalizing the RMB

Cao, Yuanzheng

Pages: 129 –148

[The RMB’s process of internationalization began to accelerate when the global financial crisis broke out, which resulted in a radical shift within the international monetary system and a necessity for the rebalancing of the global economy. Because the financial market in China has yet to be...
Available

The Opening of the Capital Account and the Full Convertibility of the RMB

Cao, Yuanzheng

Pages: 149 –174

[According to Mundell’s “Impossible Trinity,” the three corner solutions to the “Trilemma” are equal. This theory explains that one of the three corner solutions must be abandoned for the remaining two to remain. This theory does not, however, explain the reasons behind this choice. As previously...
Available

A Method for Accelerating the RMB’s Internationalization

Cao, Yuanzheng

Pages: 175 –189

[The previous chapters’ discussion of methods for promoting the RMB’s internationalization was only a kind of forecast with a focus on its inevitability and necessity. In more concrete and less theoretical terms, however, the RMB’s internationalization proceeds as it will, resulting in the...
Available

The Prospect of Internationalizing the RMB

Cao, Yuanzheng

Pages: 191 –204

[The rapid growth of China’s economy since its reform and opening-up is, to put it bluntly, a miracle. Across Chinese history, the last thirty years have been the period with the fastest economic development; globally, China has rapidly outpaced other countries in terms of the economy. China’s...

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