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Convertibility as a step for the RMB internationalization

Listed author(s):
  • Haihong Gao

    ()

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    The paper concentrates on the issue of currency convertibility in the context of Chinese strategy of the RMB internationalization. It argues that the motive for that strategy was ignited by China’s dissatisfaction with the long lasting unstable international monetary system. Recent global financial crisis intensified China’s urge to get rid of “dollar trap” and look for a diversified international reserve currency system where the Chinese yuan could take a place. The paper investigates the step-by-step approach from the trade settlement to more comprehensive policy measures. It also emphasizes the importance of domestic financial reforms for the RMB full convertibility, including flexible exchange rate, market determined interest rate and deepened domestic financial market. Copyright Springer Science+Business Media New York 2013

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    File URL: http://hdl.handle.net/10.1007/s10644-012-9137-0
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    Article provided by Springer in its journal Economic Change and Restructuring.

    Volume (Year): 46 (2013)
    Issue (Month): 1 (March)
    Pages: 71-84

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    Handle: RePEc:kap:ecopln:v:46:y:2013:i:1:p:71-84
    DOI: 10.1007/s10644-012-9137-0
    Contact details of provider: Web page: http://www.springer.com

    Order Information: Web: http://www.springer.com/economics/development/journal/10644/PS2

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    1. Menzie Chinn & Jeffrey A. Frankel, 2007. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 283-338 National Bureau of Economic Research, Inc.
    2. Ronald McKinnon & Gunther Schnabl, 2004. "The Return to Soft Dollar Pegging in East Asia: Mitigating Conflicted Virtue," International Finance, Wiley Blackwell, vol. 7(2), pages 169-201, July.
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