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Renminbi Internationalisation: A Primer

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  • He, Dong

Abstract

This paper provides a succinct introduction to the internationalisation of the renminbi, a subject of increasing importance in the economics of China. It attempts to shed light on the following questions: Why do non-Chinese residents have incentives to hold renminbi-denominated assets and liabilities? How do non-Chinese residents acquire renminbi-denominated assets and liabilities? Does this not require convertibility of the renminbi under the capital account of the balance of payments? What are the roles of official policies and market forces in driving the process of renminbi internationalisation?

Suggested Citation

  • He, Dong, 2012. "Renminbi Internationalisation: A Primer," MPRA Paper 40672, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:40672
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    File URL: https://mpra.ub.uni-muenchen.de/40672/1/MPRA_paper_40672.pdf
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    References listed on IDEAS

    as
    1. Dong He & Robert N. McCauley, 2010. "Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues," Working Papers 1002, Hong Kong Monetary Authority.
    2. Yin‐Wong Cheung & Guonan Ma & Robert N. McCauley, 2011. "Renminbising China'S Foreign Assets," Pacific Economic Review, Wiley Blackwell, vol. 16(1), pages 1-17, February.
    3. Dong He & Robert N McCauley, 2012. "Eurodollar banking and currency internationalisation," BIS Quarterly Review, Bank for International Settlements, June.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Mohammed Ahmed, Abdullahi, 2019. "China’s Bilateral Currency Swap Agreement: Strategic Move to Foster Political and Financial Hegemony," MPRA Paper 109879, University Library of Munich, Germany, revised 08 Oct 2019.
    2. Paulus, Dominique & Van den Heede, Koen & Gerkens, Sophie & Desomer, Anja & Mertens, Raf, 2013. "Development of a national position paper for chronic care: Example of Belgium," Health Policy, Elsevier, vol. 111(2), pages 105-109.
    3. Yuming Cui, 2013. "The internationalization of the RMB: where does the RMB currently stand in the process of internationalization," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 27(2), pages 68-85, November.
    4. Mr. R. S Craig & Mr. Changchun Hua & Philip Ng & Raymond Yuen, 2013. "Development of the Renminbi Market in Hong Kong SAR: Assessing Onshore-Offshore Market Integration," IMF Working Papers 2013/268, International Monetary Fund.
    5. Rhee, Changyong & Sumulong, Lea, 2014. "Regional Settlement Infrastructure and Currency Internationalization: The Case of Asia and the Renminbi," ADBI Working Papers 457, Asian Development Bank Institute.

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    More about this item

    Keywords

    renminbi; currency internationalisation;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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