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The Financial Services Exports of China and the Role of RMB

In: Economic and Financial Challenges for Balkan and Eastern European Countries

Author

Listed:
  • Spyros Roukanas

    (University of Piraeus)

  • Emmanouil Karakostas

    (University of Piraeus)

Abstract

The ascent of China as an economic power in recent years has given a rise to lots of consideration its role in the global economic system. China is the largest manufacturer in the world, and because of its huge population and relatively low wages, it has earned a competitive place in the global economy. Concerning services exports, their structure has changed dramatically over the period 2000–2017. Moreover, the establishment of the China (Shanghai) Pilot Free Trade Zone and the further deregulation of the financial sector have facilitated the provision of financial services. Despite the status of its currency, China is driving it towards a path of internationalisation. China’s two primary aims are to promote the use of the Renminbi in foreign trade by increasing its appeal and availability, and to encourage its use as a store of value in international finance. The purpose of this paper is to show whether China has a Revealed Comparative Advantage in financial services exports. Furthermore, we will try to show the correlation between Chinese financial services exports and the exchange rate of Renminbi. The methodology adopted is the theory of comparative advantage.

Suggested Citation

  • Spyros Roukanas & Emmanouil Karakostas, 2020. "The Financial Services Exports of China and the Role of RMB," Springer Proceedings in Business and Economics, in: Marietta Janowicz-Lomott & Krzysztof Łyskawa & Persefoni Polychronidou & Anastasios Karasavvoglou (ed.), Economic and Financial Challenges for Balkan and Eastern European Countries, pages 73-87, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-39927-6_5
    DOI: 10.1007/978-3-030-39927-6_5
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