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Renminbi internationalisation and China's financial development

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  • Robert McCauley

Abstract

For now, effective capital controls allows the Chinese authorities to retain regulated deposit and lending rates, quantitative credit guidance and bond-market rationing. Relaxing capital controls would put these policies at risk. Reserve requirements can be extended to bank inflows from the offshore market, but only at a cost.

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Bibliographic Info

Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2011)
Issue (Month): (December)
Pages:

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Handle: RePEc:bis:bisqtr:1112f

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References

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  1. Robert McCauley, 2005. "Distinguishing global dollar reserves from official holdings in the United States," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, September.
  2. Dong He & Robert N. McCauley, 2010. "Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues," Working Papers 1002, Hong Kong Monetary Authority.
  3. Corrinne Ho & Guonan Ma & Robert N McCauley, 2005. "Trading Asian currencies," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, March.
  4. Claudio Borio & Robert McCauley & Patrick McGuire, 2011. "Global credit and domestic credit booms," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, September.
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Cited by:
  1. Ma, Guonan & McCauley, Robert N., 2013. "Is China or India more financially open?," Journal of International Money and Finance, Elsevier, Elsevier, vol. 39(C), pages 6-27.
  2. Robert N McCauley & Chang Shu & Guonan Ma, 2014. "Non-deliverable forwards: 2013 and beyond," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, March.
  3. Robert N. McCauley, 2013. "Risk-On/Risk-Off, Capital Flows, Leverage, and Safe Assets," Finance Working Papers 23390, East Asian Bureau of Economic Research.
  4. Samar Maziad & Joong Shik Kang, 2012. "RMB Internationalization," IMF Working Papers 12/133, International Monetary Fund.
  5. Zhang, Liqing & Tao, Kunyu, 2014. "The Benefits and Costs of Renminbi Internationalization," ADBI Working Papers, Asian Development Bank Institute 481, Asian Development Bank Institute.
  6. Glick, Reuven & Hutchison, Michael, 2013. "China's financial linkages with Asia and the global financial crisis," Journal of International Money and Finance, Elsevier, Elsevier, vol. 39(C), pages 186-206.
  7. Stefan Avdjiev & Robert McCauley & Patrick McGuire, 2012. "Rapid credit growth and international credit: Challenges for Asia," BIS Working Papers 377, Bank for International Settlements.
  8. Guonan Ma & Agustin Villar, 2014. "Internationalisation of emerging market currencies," BIS Papers chapters, in: Bank for International Settlements (ed.), The transmission of unconventional monetary policy to the emerging markets, volume 78, pages 71-86 Bank for International Settlements.
  9. Lynne Cockerell & Michael Shoory, 2012. "Internationalising the Renminbi," RBA Bulletin, Reserve Bank of Australia, pages 77-90, June.

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