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Renminbising China's Foreign Assets

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  • 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. 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, CESifo, vol. 52(2), pages 246-275, June.
  2. Ma, Guonan & McCauley, Robert N., 2011. "The evolving renminbi regime and implications for Asian currency stability," Journal of the Japanese and International Economies, Elsevier, vol. 25(1), pages 23-38, March.
  3. 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, Elsevier, vol. 24(7), pages 1150-1175, November.
  4. Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, March.
  5. Wendy Dobson & Paul R. Masson, 2007. "Will the Renminbi Become a World Currency?," Working Papers Series, Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto 10, Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, revised Dec 2007.
  6. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2007. "The Overvaluation of Renminbi Undervaluation," NBER Working Papers 12850, National Bureau of Economic Research, Inc.
  7. Yin-Wong Cheung & Menzie Chinn & Eiji Fujii, 2009. "Pitfalls in Measuring Exchange Rate Misalignment," Open Economies Review, Springer, Springer, vol. 20(2), pages 183-206, April.
  8. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, March.
  9. Yin-wong Cheung & Menzie D. Chinn & Eiji Fujii, 2006. "The Illusion of Precision and the Role of the Renminbi in Regional Integration," Working Papers, Hong Kong Institute for Monetary Research 182006, Hong Kong Institute for Monetary Research.
  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, Wiley Blackwell, vol. 14(3), pages 361-375, 08.
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Citations

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Cited by:
  1. Agnès Bénassy-Quéré & Jean Pisani-Ferry, 2011. "What international monetary system for a fast-changing world economy," Working Papers, Bruegel 518, Bruegel.
  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. Cheung, Yin-Wong & Sengupta, Rajeswari, 2011. "Accumulation of reserves and keeping up with the Joneses: The case of LATAM economies," International Review of Economics & Finance, Elsevier, Elsevier, vol. 20(1), pages 19-31, January.
  4. Jinzhao Chen, 2012. "Crisis, Capital Controls and Covered Interest Parity: Evidence from China in Transformation," PSE Working Papers halshs-00660654, HAL.
  5. Körner, Finn Marten, 2011. "An equilibrium model of 'global imbalances' revisited," Violette Reihe Arbeitspapiere 33/2011, Promotionsschwerpunkt "Globalisierung und Beschaeftigung".
  6. He, Dong, 2012. "Renminbi Internationalisation: A Primer," MPRA Paper 40672, University Library of Munich, Germany.
  7. 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.
  8. Yin-Wong Cheung & Dagfinn Rime, 2014. "The Offshore Renminbi Exchange Rate: Microstructure and Links to the Onshore Market," CESifo Working Paper Series 4850, CESifo Group Munich.
  9. Frankel, Jeffrey A., 2012. "Internationalization of the RMB and Historical Precedents," Scholarly Articles 10592469, Harvard Kennedy School of Government.
  10. Ignazio Angeloni & André Sapir, 2011. "The international monetary system is changing: what opportunities and risks for the euro?," Working Papers, Bruegel 632, Bruegel.
  11. Xiaoli Chen & Yin-Wong Cheung, 2011. "Renminbi Going Global," Working Papers, Hong Kong Institute for Monetary Research 082011, Hong Kong Institute for Monetary Research.
  12. Guonan Ma & Agustin Villar, 2014. "Internationalisation of emerging market currencies," BIS Papers chapters, in: Bank for International Settlements (ed.), The transmission of unconventional monetary policy to the emerging markets, volume 78, pages 71-86 Bank for International Settlements.
  13. Fratzscher, Marcel & Mehl, Arnaud, 2011. "China's dominance hypothesis and the emergence of a tri-polar global currency system," Working Paper Series, European Central Bank 1392, European Central Bank.

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