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Renminbi Going Global

  • Xiaoli Chen
  • Yin‐Wong Cheung

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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Article provided by Institute of World Economics and Politics, Chinese Academy of Social Sciences in its journal China & World Economy.

Volume (Year): 19 (2011)
Issue (Month): 2 (03)
Pages: 1-18

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Handle: RePEc:bla:chinae:v:19:y:2011:i:2:p:1-18
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  1. Hans Genberg, 2011. "Currency internationalisation: analytical and policy issues," BIS Papers chapters, in: Bank for International Settlements (ed.), Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific, volume 61, pages 221-230 Bank for International Settlements.
  2. 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.
  3. Dobson, Wendy & Masson, Paul R., 2009. "Will the renminbi become a world currency?," China Economic Review, Elsevier, vol. 20(1), pages 124-135, March.
  4. Yin-Wong Cheung & Guonan Ma & Robert N. McCauley, 2010. "Renminbising China's Foreign Assets," CESifo Working Paper Series 3009, CESifo Group Munich.
  5. Dong He & Robert McCauley, 2010. "Offshore markets for the domestic currency: monetary and financial stability issues," BIS Working Papers 320, Bank for International Settlements.
  6. Linda S. Goldberg & Cedric Tille, 2005. "Vehicle currency use in international trade," Staff Reports 200, Federal Reserve Bank of New York.
  7. John F. O. Bilson & Richard C. Marston, 1984. "Exchange Rate Theory and Practice," NBER Books, National Bureau of Economic Research, Inc, number bils84-1, 07.
  8. Chinn, Menzie David & Frankel, Jeffrey A., 2006. "Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency?," Santa Cruz Department of Economics, Working Paper Series qt4hz4n9pb, Department of Economics, UC Santa Cruz.
  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 16231, National Bureau of Economic Research, Inc.
  10. 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.
  11. Tavlas, G.S., 1991. "On the International Use of Currencies: the Case of the Deutsche Mark," Princeton Studies in International Economics 181, International Economics Section, Departement of Economics Princeton University,.
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