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Renminbi Going Global

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  • Xiaoli Chen

    (Shandong University)

  • Yin-Wong Cheung

    (University of California, Santa Cruz and Hong Kong Institute for Monetary Research)

Abstract

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

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Bibliographic Info

Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 082011.

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Length: 27 pages
Date of creation: Mar 2011
Date of revision:
Handle: RePEc:hkm:wpaper:082011

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Keywords: RMB Internationalization; Off-Shore RMB Market; Cross-Border Trade Settlement; Panda Bonds;

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References

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  1. 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.
  2. John F. O. Bilson & Richard C. Marston, 1984. "Exchange Rate Theory and Practice," NBER Books, National Bureau of Economic Research, Inc, number bils84-1, July.
  3. 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 16231, National Bureau of Economic Research, Inc.
  4. Yin-Wong Cheung & Guonan Ma & Robert N. McCauley, 2010. "Renminbising China's Foreign Assets," CESifo Working Paper Series 3009, CESifo Group Munich.
  5. Hans Genberg, 2009. "Currency Internationalisation: Analytical and Policy Issues," Working Papers, Hong Kong Institute for Monetary Research 312009, Hong Kong Institute for Monetary Research.
  6. 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.
  7. 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,.
  8. Dong He & Robert N. McCauley, 2010. "Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues," Working Papers 1002, Hong Kong Monetary Authority.
  9. 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, vol. 6(17), pages 126-132.
  10. Linda S. Goldberg & Cedric Tille, 2005. "Vehicle currency use in international trade," Staff Reports, Federal Reserve Bank of New York 200, Federal Reserve Bank of New York.
  11. Paul R. Krugman, 1984. "The International Role of the Dollar: Theory and Prospect," NBER Chapters, in: Exchange Rate Theory and Practice, pages 261-278 National Bureau of Economic Research, Inc.
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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. 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.
  3. 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.
  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. Prasad, Eswar & Ye, Lei (Sandy), 2012. "The Renminbi's Role in the Global Monetary System," IZA Discussion Papers 6335, Institute for the Study of Labor (IZA).
  6. 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.

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