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Renminbi Going Global

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  • Cheung, Yin-Wong

Abstract

The paper assesses the international status of the Chinese currency renminbi(RMB) by recounting and reviewing the recent polices China instituted topromote the use of the RMB in the global market. The evidence suggests that theRMB is gaining acceptance overseas. However, compared with the size of theChinese economy, the current scale of the use of the RMB is quite small. The pathto a fully fledged international RMB will be a distant goal.

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Bibliographic Info

Paper provided by Department of Economics, UC Santa Cruz in its series Santa Cruz Department of Economics, Working Paper Series with number qt2qn810hg.

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Date of creation: 10 Feb 2011
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Handle: RePEc:cdl:ucscec:qt2qn810hg

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Keywords: Social and Behavioral Sciences; RMB Internationalization; Off-Shore RMB Market; Cross-Border Trade Settlement; Panda Bonds;

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References

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  1. Hans Genberg, 2009. "Currency Internationalisation: Analytical and Policy Issues," Working Papers, Hong Kong Institute for Monetary Research 312009, Hong Kong Institute for Monetary Research.
  2. Tavlas, G.S., 1991. "On the International Use of Currencies: the Case of the Deutsche Mark," Princeton Studies in International Economics, International Economics Section, Departement of Economics Princeton University, 181, International Economics Section, Departement of Economics Princeton University,.
  3. Dong He & Robert McCauley, 2010. "Offshore markets for the domestic currency: monetary and financial stability issues," BIS Working Papers, Bank for International Settlements 320, Bank for International Settlements.
  4. Dobson, Wendy & Masson, Paul R., 2009. "Will the renminbi become a world currency?," China Economic Review, Elsevier, Elsevier, vol. 20(1), pages 124-135, March.
  5. Yin-Wong Cheung & Guonan Ma & Robert N. McCauley, 2010. "Renminbising China's Foreign Assets," Working Papers, Hong Kong Institute for Monetary Research 162010, Hong Kong Institute for Monetary Research.
  6. Goldberg, Linda S. & Tille, Cédric, 2008. "Vehicle currency use in international trade," Journal of International Economics, Elsevier, Elsevier, vol. 76(2), pages 177-192, December.
  7. Chinn, Menzie David & Frankel, Jeffrey A., 2005. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," Center for Global, International and Regional Studies, Working Paper Series, Center for Global, International and Regional Studies, UC Santa Cruz qt6p4215w1, Center for Global, International and Regional Studies, UC Santa Cruz.
  8. John F. O. Bilson & Richard C. Marston, 1984. "Exchange Rate Theory and Practice," NBER Books, National Bureau of Economic Research, Inc, National Bureau of Economic Research, Inc, number bils84-1.
  9. Takatoshi Ito & Satoshi Koibuchi & Kiyotaka Sato & Junko Shimizu, 2010. "Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior," NBER Working Papers, National Bureau of Economic Research, Inc 16231, National Bureau of Economic Research, Inc.
  10. Paul R. Krugman, 1984. "The International Role of the Dollar: Theory and Prospect," NBER Chapters, National Bureau of Economic Research, Inc, in: Exchange Rate Theory and Practice, pages 261-278 National Bureau of Economic Research, Inc.
  11. Olaf Stier & Kerstin Bernoth & Alexander Fisher, 2010. "Internationalization of the Chinese Renminbi: An Opportunity for China," Weekly Report, DIW Berlin, German Institute for Economic Research, DIW Berlin, German Institute for Economic Research, vol. 6(17), pages 126-132.
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Citations

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Cited by:
  1. Balasubramaniam, Vimal & Patnaik, Ila & Shah, Ajay, 2011. "Who cares about the Chinese Yuan?," Working Papers, National Institute of Public Finance and Policy 11/89, National Institute of Public Finance and Policy.
  2. Cheung, Yin-Wong, 2014. "The Role of Offshore Financial Centers in the Process of Renminbi Internationalization," ADBI Working Papers, Asian Development Bank Institute 472, Asian Development Bank Institute.
  3. Prasad, Eswar & Ye, Lei (Sandy), 2012. "The Renminbi's Role in the Global Monetary System," IZA Discussion Papers, Institute for the Study of Labor (IZA) 6335, Institute for the Study of Labor (IZA).
  4. Frankel, Jeffrey, 2012. "Internationalization of the RMB and Historical Precedents," Journal of Economic Integration, Center for Economic Integration, Sejong University, Center for Economic Integration, Sejong University, vol. 27, pages 329-365.
  5. Ito, Hiro & Chinn, Menzie, 2014. "The Rise of the “Redback” and the People’s Republic of China’s Capital Account Liberalization: An Empirical Analysis of the Determinants of Invoicing Currencies," ADBI Working Papers, Asian Development Bank Institute 473, Asian Development Bank Institute.
  6. Hyoung-kyu Chey, 2014. "A Demand-Side Analysis of Renminbi Internationalisation: The Renminbi in South Korea," GRIPS Discussion Papers, National Graduate Institute for Policy Studies 14-02, National Graduate Institute for Policy Studies.

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