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Internationalising the Renminbi

Author

Listed:
  • Lynne Cockerell

    (Reserve Bank of Australia)

  • Michael Shoory

    (Reserve Bank of Australia)

Abstract

The Chinese authorities have introduced reforms over the past few years aimed at increasing the use of the renminbi (RMB) in international trade and investment. This article outlines the recent developments, focusing in particular on the offshore market for RMB and the RMB trade settlement scheme. These initiatives have been supported by the signing of bilateral local currency swap agreements between the People’s Bank of China (PBC) and other central banks, including the Reserve Bank of Australia.

Suggested Citation

  • Lynne Cockerell & Michael Shoory, 2012. "Internationalising the Renminbi," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 77-90, June.
    • Handle: RePEc:rba:rbabul:jun2012-09
    as

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    File URL: https://www.rba.gov.au/publications/bulletin/2012/jun/pdf/bu-0612-9.pdf
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    References listed on IDEAS

    as
    1. Franklin Allen & Jun & Chenying Zhang & Mengxin Zhao, 2012. "China's Financial System: Opportunities and Challenges," NBER Chapters, in: Capitalizing China, pages 63-143, National Bureau of Economic Research, Inc.
    2. Robert N. McCauley, 2013. "Renminbi internationalisation and China’s financial development," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 11(2), pages 101-115, May.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Lien, Donald & Yang, Li & Zhou, Chunyang & Lee, Geul, 2014. "Co-movement between RMB and New Taiwan Dollars: Evidences from NDF markets," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 265-272.
    2. Shi Yutian & John Hicks & P. K. Basu & Kishor Sharma & Yapa Bandara & Tom Murphy, 2017. "Balancing Act: Adjustment Of China'S Economy To Secure Sustainable Growth," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(05), pages 1097-1114, December.
    3. Löchel, H. & Packham, N. & Walisch, F., 2016. "Determinants of the onshore and offshore Chinese government yield curves," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 77-93.
    4. Alexander Ballantyne & Megan Garner & Michelle Wright, 2013. "Developments in Renminbi Internationalisation," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 65-74, June.
    5. Loechel, Horst & Packham, Natalie & Walisch, Fabian, 2013. "Determinants of the onshore and offshore Chinese Government yield curves," Frankfurt School - Working Paper Series 202, Frankfurt School of Finance and Management.

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