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Renminbisation des actifs internationaux de la Chine

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  • Robert N. McCauley
  • Guonan Ma
  • Yin-Wong Cheung

Abstract

[eng] Renminbisation of China’s international assets . Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects of internationalising the renminbi from the perspective of the currency composition of China’s international assets and liabilities. These factors include, among others, underlying valuation and management of the renminbi. . Classification JEL : F30, F31, F33, O24. [fre] Depuis la crise financière mondiale de 2008, la Chine a lancé plusieurs initiatives pour développer activement le rôle international du renminbi et pour libeller davantage de ses créances internationales en renminbi plutôt qu’en dollars. Cet article examine les facteurs qui influent sur les perspectives d’internationalisation du renminbi au vu de la composition en devises des avoirs et des engagements de la Chine. Ces facteurs incluent, entre autres, la valeur tendancielle et la gestion du renminbi. . Classification JEL : F30, F31, F33, O24.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 95 (2009)
Issue (Month): 2 ()
Pages: 135-155

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_num_95_2_5349

Note: DOI:10.3406/ecofi.2009.5349
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  1. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2007. "The Overvaluation of Renminbi Undervaluation," CESifo Working Paper Series 1918, CESifo Group Munich.
  2. Cheung, Yin-Wong & Chinn, Menzie David & Garcia Pascual, Antonio, 2003. "Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?," Santa Cruz Department of Economics, Working Paper Series qt12z9x4c5, Department of Economics, UC Santa Cruz.
  3. Meese, Richard A. & Rogoff, Kenneth, 1983. "Empirical exchange rate models of the seventies : Do they fit out of sample?," Journal of International Economics, Elsevier, vol. 14(1-2), pages 3-24, February.
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  5. Steven Dunaway & Lamin Leigh & Xiangming Li, 2009. "How Robust Are Estimates Of Equilibrium Real Exchange Rates: The Case Of China," Pacific Economic Review, Wiley Blackwell, vol. 14(3), pages 361-375, 08.
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  7. Jeffrey Frankel, 2006. "On the Yuan: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate," CESifo Economic Studies, CESifo, vol. 52(2), pages 246-275, June.
  8. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking and the international policy response," BIS Working Papers 291, Bank for International Settlements.
  9. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2008. "Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies," NBER Working Papers 14168, National Bureau of Economic Research, Inc.
  10. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking," BIS Quarterly Review, Bank for International Settlements, March.
  11. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, March.
  12. Guonan Ma & Zhou Haiwen, 2009. "China’s evolving external wealth and rising creditor position," BIS Working Papers 286, Bank for International Settlements.
  13. Xiangming Li & Steven Vincent Dunaway, 2005. "Estimating China's "Equilibrium" Real Exchange Rate," IMF Working Papers 05/202, International Monetary Fund.
  14. Morris Goldstein & Nicholas R. Lardy (ed.), 2008. "Debating China's Exchange Rate Policy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4150, July.
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Cited by:
  1. Dong He & Robert McCauley, 2010. "Offshore markets for the domestic currency: monetary and financial stability issues," BIS Working Papers 320, Bank for International Settlements.

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