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The internationalization of the RMB: a perspective vis a vis East Asian economic and financial integration

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  • Yuming Cui

Abstract

The People’s Republic of China has achieved remarkable progress in the internationalization of the RMB by introducing a number of concrete measures to boost the RMB’s status on the world stage since 2009. The ongoing RMB internationalization is being promoted under the background of deepening economic and financial integration in East Asia. In this article, we attempt to analyse RMB internationalization from the perspective of East Asian regional integration. We hypothesize that East Asian regional integration lays a broad foundation for China to push RMB internationalization forward. An internationalized RMB, we argue, will play more important roles in the process of East Asian regionalization. Thus, RMB regionalization could be an important and necessary step of internationalization. The Chinese authorities should not only push the RMB toward internationalization under China’s framework of domestic financial system reform, but they should also integrate RMB internationalization into the process of East Asian economic and financial integration. Therefore, a win–win strategy of RMB internationalization for both China and East Asian countries is needed.

Suggested Citation

  • Yuming Cui, 2017. "The internationalization of the RMB: a perspective vis a vis East Asian economic and financial integration," Asia Pacific Business Review, Taylor & Francis Journals, vol. 23(3), pages 317-335, May.
    • Handle: RePEc:taf:apbizr:v:23:y:2017:i:3:p:317-335
    DOI: 10.1080/13602381.2017.1285587
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    References listed on IDEAS

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    1. Yongding Yu, 2012. "Revisiting the Internationalization of the Yuan," Finance Working Papers 23311, East Asian Bureau of Economic Research.
    2. Hal Hill & Jayant Menon, 2014. "Financial safety nets in Asia: genesis, evolution, adequacy and way forward," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 5, pages 83-111, Edward Elgar Publishing.
    3. Yu, Yongding, 2012. "Revisiting the Internationalization of the Yuan," ADBI Working Papers 366, Asian Development Bank Institute.
    4. Yongding Yu, 2012. "Revisiting the Internationalization of the Yuan," Macroeconomics Working Papers 23311, East Asian Bureau of Economic Research.
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