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RMB Internationalisation and Currency Cooperation in East Asia

In: Currency Cooperation in East Asia

Author

Listed:
  • Ulrich Volz

    (SOAS, University of London
    German Development Institute)

Abstract

This chapter examines the state of RMB internationalisation, its likely progress over the coming years, and discusses its implications for currency cooperation in East Asia. As part of its internationalisation, the RMB is being gradually delinked from the dollar. This will effectively put an end to the East Asian dollar standard that has shaped the region’s financial architecture over the last three decades and has provided a relatively high degree of intra-regional exchange rate stability. Because of the close trade and investment ties that have developed across the region, the East Asian countries, especially the ASEAN countries which are striving to create an ASEAN Economic Community, will continue to manage their exchange rates and stabilise their currencies against one another to facilitate cross-border investment and commerce. But instead of a replacing of the dollar standard with an RMB standard we are likely to see some rather loose and informal exchange rate co-operation in East Asia based on currency baskets. China herself will move towards a managed exchange rate system guided by a currency basket.

Suggested Citation

  • Ulrich Volz, 2014. "RMB Internationalisation and Currency Cooperation in East Asia," Financial and Monetary Policy Studies, in: Frank Rövekamp & Hanns Günther Hilpert (ed.), Currency Cooperation in East Asia, edition 127, pages 57-81, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-03062-3_4
    DOI: 10.1007/978-3-319-03062-3_4
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    Cited by:

    1. Caporale, Guglielmo Maria & Gil-Alana, Luis A. & You, Kefei, 2018. "Exchange rate linkages between the ASEAN currencies, the US dollar and the Chinese RMB," Research in International Business and Finance, Elsevier, vol. 44(C), pages 227-238.
    2. Wing-Choong Lai & Kim-Leng Goh, 2019. "Impact of Chinese Yuan Devaluation on the Dependence Structure: The Archimedean Copula Approach," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 22(01), pages 1-27, March.
    3. Vo The Anh & Le Thai Thuong Quan & Nguyen Van Phuc & Ho Minh Chi & Vo Hong Duc, 2021. "Exchange Rate Pass-Through in ASEAN Countries: An Application of the SVAR Model," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(1), pages 21-34, January.
    4. Naoyuki Yoshino & Sahoko Kaji & Asonuma Tamon, 2014. "Dynamic Transition of the Exchange Rate Regime in the People’s Republic of China," ADBI Working Papers 476, Asian Development Bank Institute.
    5. Naoyuki Yoshino & Tamon Asonuma, 2017. "Optimal Dynamic Path during the Transition of Exchange Rate Regime: Analysis of the People’s Republic of China (PRC), Malaysia, and Singapore," ADBI Working Papers 765, Asian Development Bank Institute.
    6. Yoshino, Naoyuki & Kaji, Sahoko & Asonuma, Tamon, 2016. "Exchange rate regime switching in Malaysia and Singapore in response to China’s move to a basket peg: A DSGE analysis," Journal of Asian Economics, Elsevier, vol. 46(C), pages 17-37.

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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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