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International policy coordination and RMB internationalisation: theory and historical experience

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  • Zongxin Qian
  • Jingyun Gan
  • Yonghong Tu
  • Fang Wang

Abstract

Based on theoretical logics derived from the literature and the historical experience, we take a deep look at the relationship between international policy coordination and RMB internationalisation. International policy coordination and RMB internationalisation are complements. On the one hand, an effective policy coordination mechanism needs the support of an efficient international monetary system, thus calling for diversification of international vehicle currencies. RMB, supported by solid economic fundamentals, can be a good candidate as one of the international vehicle currencies in the diversified international monetary system. On the other hand, due to the existence of policy spill-over effects, an appropriate coordination mechanism improves policy effectiveness in China, which promotes RMB internationalisation by enhancing China’s economic and financial strength.

Suggested Citation

  • Zongxin Qian & Jingyun Gan & Yonghong Tu & Fang Wang, 2019. "International policy coordination and RMB internationalisation: theory and historical experience," Economic and Political Studies, Taylor & Francis Journals, vol. 7(1), pages 87-105, January.
    • Handle: RePEc:taf:repsxx:v:7:y:2019:i:1:p:87-105
    DOI: 10.1080/20954816.2018.1558985
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    Cited by:

    1. Eichengreen, Barry & Macaire, Camille & Mehl, Arnaud & Monnet, Eric & Naef, Alain, 2022. "Is Capital Account Convertibility Required for the Renminbi to Acquire Reserve Currency Status?," CEPR Discussion Papers 17498, C.E.P.R. Discussion Papers.
    2. Chunyi Lu & Zhuoqi Teng & Yu Gao & Renhong Wu & Md. Alamgir Hossain & Yuantao Fang, 2022. "Analysis of Early Warning of RMB Exchange Rate Fluctuation and Value at Risk Measurement Based on Deep Learning," Computational Economics, Springer;Society for Computational Economics, vol. 59(4), pages 1501-1524, April.
    3. He, Qing & Zhang, Ce & Zhu, Wenyu, 2021. "Does currency matter for regional trade integration?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1219-1234.
    4. Liu, Tao & Lu, Dong & Woo, Wing Thye, 2019. "Trade, finance and international currency," Journal of Economic Behavior & Organization, Elsevier, vol. 164(C), pages 374-413.

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