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Renminbising China's Foreign Assets

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Author Info

  • Yin-Wong Cheung

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

  • Guonan Ma

    (Bank for International Settlements)

  • Robert N. McCauley

    (Bank for International Settlements)

Abstract

Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects of internationalising the renminbi from the perspective of the currency composition of China's international assets and liabilities. These factors include, among others, underlying valuation and management of the renminbi.

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Bibliographic Info

Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 162010.

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Length: 22 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:hkm:wpaper:162010

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Keywords: Renminbi Internationalisation; Net International Asset Position; Convertibility; Exchange Rate Uncertainty; Dollar Peg;

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References

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  1. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2007. "The Overvaluation of Renminbi Undervaluation," CESifo Working Paper Series 1918, CESifo Group Munich.
  2. Jeffrey Frankel, 2006. "On the Yuan: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate," CESifo Economic Studies, CESifo, vol. 52(2), pages 246-275, June.
  3. Yin-wong Cheung & Menzie D. Chinn & Eiji Fujii, 2006. "The Illusion of Precision and the Role of the Renminbi in Regional Integration," Working Papers 182006, Hong Kong Institute for Monetary Research.
  4. Cheung, Yin-Wong & Chinn, Menzie D. & Pascual, Antonio Garcia, 2005. "Empirical exchange rate models of the nineties: Are any fit to survive?," Journal of International Money and Finance, Elsevier, vol. 24(7), pages 1150-1175, November.
  5. Dobson, Wendy & Masson, Paul R., 2009. "Will the renminbi become a world currency?," China Economic Review, Elsevier, vol. 20(1), pages 124-135, March.
  6. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, March.
  7. Guonan Ma & Robert McCauley, 2010. "The evolving renminbi regime and implications for Asian currency stability," BIS Working Papers 321, Bank for International Settlements.
  8. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking," BIS Quarterly Review, Bank for International Settlements, March.
  9. Yin-Wong Cheung & Menzie Chinn & Eiji Fujii, 2009. "Pitfalls in Measuring Exchange Rate Misalignment," Open Economies Review, Springer, vol. 20(2), pages 183-206, April.
  10. Steven Dunaway & Lamin Leigh & Xiangming Li, 2009. "How Robust Are Estimates Of Equilibrium Real Exchange Rates: The Case Of China," Pacific Economic Review, Wiley Blackwell, vol. 14(3), pages 361-375, 08.
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Citations

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Cited by:
  1. Yin-Wong Cheung & Rajeswari Sengupta, 2010. "Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies," Working Papers 212010, Hong Kong Institute for Monetary Research.
  2. He, Dong, 2012. "Renminbi Internationalisation: A Primer," MPRA Paper 40672, University Library of Munich, Germany.
  3. Xiaoli Chen & Yin-Wong Cheung, 2011. "Renminbi Going Global," Working Papers 082011, Hong Kong Institute for Monetary Research.
  4. Agnès Bénassy-Quéré & Jean Pisani-Ferry, 2011. "What international monetary system for a fast-changing world economy," Working Papers 518, Bruegel.
  5. Fratzscher, Marcel & Mehl, Arnaud, 2011. "China's dominance hypothesis and the emergence of a tri-polar global currency system," Working Paper Series 1392, European Central Bank.
  6. Körner, Finn Marten, 2011. "An equilibrium model of 'global imbalances' revisited," Violette Reihe Arbeitspapiere 33/2011, Promotionsschwerpunkt "Globalisierung und Beschaeftigung".
  7. Ignazio Angeloni & André Sapir, 2011. "The international monetary system is changing: what opportunities and risks for the euro?," Working Papers 632, Bruegel.
  8. Jinzhao Chen, 2012. "Crisis, Capital Controls and Covered Interest Parity: Evidence from China in Transformation," PSE Working Papers halshs-00660654, HAL.
  9. Cheung, Yin-Wong, 2014. "The Role of Offshore Financial Centers in the Process of Renminbi Internationalization," ADBI Working Papers 472, Asian Development Bank Institute.
  10. Agnès Bénassy-Quéré & Jean Pisani-Ferry, 2011. "Quel système monétaire international pour une économie mondiale en mutation rapide ?," Working Papers 2011-04, CEPII research center.

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