One currency, two markets: China's attempt to internationalize the renminbi
This book is for anyone who is interested in the economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB. It points out the unsustainability of the dollar standard in the long run, that China has unique incentives to internationalize its...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Cambridge, United Kingdom ; New York, NY
Cambridge University Press
2021
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| Subjects: | |
| Online Access: | BSB01 UBG01 Volltext |
| Summary: | This book is for anyone who is interested in the economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB. It points out the unsustainability of the dollar standard in the long run, that China has unique incentives to internationalize its currency, and how Hong Kong plays an important role. It explains the real reasons for China to internationalize its currency, including using external commitments to force financial sector reforms ('daobi' in Chinese). It applies economic theories accessible to laymen to establish that financial development and openness are crucial for RMB internationalization to succeed, and that greater exchange rate volatility is inevitable due to the 'open-economy trilemma'. Employing the 'gravity model', the book predicts quantitatively that the RMB is likely to be a distant third payment currency after the USD and the euro, but surpassing the Japanese yen in the next decade |
| Item Description: | Title from publisher's bibliographic system (viewed on 18 Jun 2021) Introduction -- China's aversion to a floating exchange rate -- Why does China want to internationalize the RMB? -- China's strategy of internationalizing the RMB -- The importance of capital account liberalization -- The importance of financial sector reform -- The importance of the offshore RMB market -- The potential of the RMB as a payment currency -- The prospects of RMB internationalization |
| Physical Description: | 1 Online-Ressource (xxxvii, 307 Seiten) |
| ISBN: | 9781108647236 |
| DOI: | 10.1017/9781108647236 |
Staff View
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Record in the Search Index
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| author | Lai, Edwin L.-C |
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV047399340 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T17:52:01Z |
| indexdate | 2024-07-10T09:11:03Z |
| institution | BVB |
| isbn | 9781108647236 |
| language | English |
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| physical | 1 Online-Ressource (xxxvii, 307 Seiten) |
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| publishDate | 2021 |
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| publisher | Cambridge University Press |
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| spelling | Lai, Edwin L.-C. (DE-588)124367046 aut One currency, two markets China's attempt to internationalize the renminbi Edwin L.-C. Lai, Hong Kong University of Science and Technology Cambridge, United Kingdom ; New York, NY Cambridge University Press 2021 1 Online-Ressource (xxxvii, 307 Seiten) txt rdacontent c rdamedia cr rdacarrier Title from publisher's bibliographic system (viewed on 18 Jun 2021) Introduction -- China's aversion to a floating exchange rate -- Why does China want to internationalize the RMB? -- China's strategy of internationalizing the RMB -- The importance of capital account liberalization -- The importance of financial sector reform -- The importance of the offshore RMB market -- The potential of the RMB as a payment currency -- The prospects of RMB internationalization This book is for anyone who is interested in the economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB. It points out the unsustainability of the dollar standard in the long run, that China has unique incentives to internationalize its currency, and how Hong Kong plays an important role. It explains the real reasons for China to internationalize its currency, including using external commitments to force financial sector reforms ('daobi' in Chinese). It applies economic theories accessible to laymen to establish that financial development and openness are crucial for RMB internationalization to succeed, and that greater exchange rate volatility is inevitable due to the 'open-economy trilemma'. Employing the 'gravity model', the book predicts quantitatively that the RMB is likely to be a distant third payment currency after the USD and the euro, but surpassing the Japanese yen in the next decade Renminbi Finance / China Capital market / China Foreign exchange / China Money / China Internationalisierung (DE-588)4162106-2 gnd rswk-swf Währungspolitik (DE-588)4064152-1 gnd rswk-swf Renminbi Yuan (DE-588)1044255552 gnd rswk-swf China (DE-588)4009937-4 gnd rswk-swf China (DE-588)4009937-4 g Renminbi Yuan (DE-588)1044255552 s Währungspolitik (DE-588)4064152-1 s Internationalisierung (DE-588)4162106-2 s DE-604 Erscheint auch als Druck-Ausgabe 978-1-108-49168-6 Erscheint auch als Online-Ausgabe, EPUB 978-1-108-64723-6 https://doi.org/10.1017/9781108647236 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Lai, Edwin L.-C One currency, two markets China's attempt to internationalize the renminbi Renminbi Finance / China Capital market / China Foreign exchange / China Money / China Internationalisierung (DE-588)4162106-2 gnd Währungspolitik (DE-588)4064152-1 gnd Renminbi Yuan (DE-588)1044255552 gnd |
| subject_GND | (DE-588)4162106-2 (DE-588)4064152-1 (DE-588)1044255552 (DE-588)4009937-4 |
| title | One currency, two markets China's attempt to internationalize the renminbi |
| title_auth | One currency, two markets China's attempt to internationalize the renminbi |
| title_exact_search | One currency, two markets China's attempt to internationalize the renminbi |
| title_exact_search_txtP | One currency, two markets China's attempt to internationalize the renminbi |
| title_full | One currency, two markets China's attempt to internationalize the renminbi Edwin L.-C. Lai, Hong Kong University of Science and Technology |
| title_fullStr | One currency, two markets China's attempt to internationalize the renminbi Edwin L.-C. Lai, Hong Kong University of Science and Technology |
| title_full_unstemmed | One currency, two markets China's attempt to internationalize the renminbi Edwin L.-C. Lai, Hong Kong University of Science and Technology |
| title_short | One currency, two markets |
| title_sort | one currency two markets china s attempt to internationalize the renminbi |
| title_sub | China's attempt to internationalize the renminbi |
| topic | Renminbi Finance / China Capital market / China Foreign exchange / China Money / China Internationalisierung (DE-588)4162106-2 gnd Währungspolitik (DE-588)4064152-1 gnd Renminbi Yuan (DE-588)1044255552 gnd |
| topic_facet | Renminbi Finance / China Capital market / China Foreign exchange / China Money / China Internationalisierung Währungspolitik Renminbi Yuan China |
| url | https://doi.org/10.1017/9781108647236 |
| work_keys_str_mv | AT laiedwinlc onecurrencytwomarketschinasattempttointernationalizetherenminbi |