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China’s Policymaking for Regional Economic CooperationChina’s Policymaking for Financial Regionalism

China’s Policymaking for Regional Economic Cooperation: China’s Policymaking for Financial... [Although it may not attract as much limelight as street protests against free trade agreements, international financial cooperation directly concerns national financial security and involves intense behind-the-scene negotiations between national governments, usually surrounding the. distribution of voting power among members and the degree of compromise of national sovereignty. In the global financial crisis, many expected China to play the role of a saviour and contribute to international financial cooperation, while it is debated whether internationally coordinated response is needed for tackling crises.1 The Chinese Premier Wen Jiabao rejected a popular speculation of the Group of Two (G2)—the US and China—as the new core of global governance, reminiscent of the low-profile diplomacy prescribed by Deng Xiaoping after 1989.2 However, with a more proactive stance, the governor of the Chinese central bank (the PBOC), Zhou Xiaochuan, called for reform of the international monetary system, centred on replacing the US dollar with ‘a super-sovereign reserve currency’.3 In East Asia, the memory is still fresh of China ‘s display of responsibility towards its neighbours when it did not devalue its currency, the renminbi (RMB), during the Asian financial crisis in 1997–1998, and Chinese elites use this and other examples as evidence of China ‘s growing sense of international responsibility.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

China’s Policymaking for Regional Economic CooperationChina’s Policymaking for Financial Regionalism

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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2013
ISBN
978-1-349-46740-2
Pages
111 –148
DOI
10.1057/9781137347602_4
Publisher site
See Chapter on Publisher Site

Abstract

[Although it may not attract as much limelight as street protests against free trade agreements, international financial cooperation directly concerns national financial security and involves intense behind-the-scene negotiations between national governments, usually surrounding the. distribution of voting power among members and the degree of compromise of national sovereignty. In the global financial crisis, many expected China to play the role of a saviour and contribute to international financial cooperation, while it is debated whether internationally coordinated response is needed for tackling crises.1 The Chinese Premier Wen Jiabao rejected a popular speculation of the Group of Two (G2)—the US and China—as the new core of global governance, reminiscent of the low-profile diplomacy prescribed by Deng Xiaoping after 1989.2 However, with a more proactive stance, the governor of the Chinese central bank (the PBOC), Zhou Xiaochuan, called for reform of the international monetary system, centred on replacing the US dollar with ‘a super-sovereign reserve currency’.3 In East Asia, the memory is still fresh of China ‘s display of responsibility towards its neighbours when it did not devalue its currency, the renminbi (RMB), during the Asian financial crisis in 1997–1998, and Chinese elites use this and other examples as evidence of China ‘s growing sense of international responsibility.]

Published: Dec 4, 2015

Keywords: Central Bank; International Monetary Fund; East Asian Country; Chinese Scholar; Free Trade Agreement

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