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Renminbi Internationalization: Prospects and Implications for Economic Integration in East Asia

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  • Yung Chul Park

    (Division of International Studies Korea University 51 Anam-dong, Seongbuk-gu Seoul 136-701, Korea)

  • Chi-Young Song

    (Department of Commerce and Finance Kookmin University 861-1 Jeongnueng-dong, Seongbuk-gu Seoul 136-702, Korea)

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    Abstract

    This paper argues that renminbi (RMB) internationalization and China's strategic interests in ASEAN will combine to deepen economic integration and pave the way for creating a de facto RMB bloc consisting of the 10 ASEAN countries, China, Hong Kong, and Taiwan—a grouping we call ASEAN+New3. Such a currency bloc is likely to weaken the initiatives of the existing ASEAN+3 (China, Japan, and Korea) for regional monetary-financial cooperation because neither Japan nor can Korea join the new currency bloc for economic and political reasons. This paper also argues that RMB internationalization would delay the resolution of the trade imbalance between East Asia and the United States because China would be pressured by the other members of ASEAN+New3 to maintain stability of the RMB vis-à-vis the U.S. dollar. © 2011 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

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    Bibliographic Info

    Article provided by MIT Press in its journal Asian Economic Papers.

    Volume (Year): 10 (2011)
    Issue (Month): 3 (October)
    Pages: 42-72

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    Handle: RePEc:tpr:asiaec:v:10:y:2011:i:3:p:42-72

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    Cited by:
    1. Arvind Subramanian & Martin Kessler, 2012. "The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?," Working Paper Series WP12-19, Peterson Institute for International Economics, revised 2013.
    2. Torsten Ehlers & Frank Packer, 2013. "FX and derivatives markets in emerging economies and the internationalisation of their currencies," BIS Quarterly Review, Bank for International Settlements, December.

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