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Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation-and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge?In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.

Foreign exchange --- Renminbi. --- Finance --- Monetary policy --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- China --- Commerce. --- Renminbi --- E-books --- S10/0320 --- S10/0420 --- S10/0470 --- China: Economics, industry and commerce--Money and banking: since 1949 --- China: Economics, industry and commerce--Public finance and taxation: since 1949 --- China: Economics, industry and commerce--Commerce inside China: since 1949

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The Hong Kong Special Administrative Region (SAR)'s healthy labor market and supportive fiscal policy helped its domestic economy's resilience, while its gross domestic product (GDP) growth was marginally slow owing to its weak external environment. Its fiscal policy has been effective in reducing output volatility and providing timely support to help counter the impact from slowing external demand. The authorities have taken appropriate macroprudential measures to help safeguard the banking system, which should continue to be fine-tuned in line with evolving risks.

Fiscal policy --- Foreign exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Hong Kong (China) --- Economic conditions. --- Economic policy. --- Banks and banking --- Renminbi --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- E-books --- Banks and Banking --- Infrastructure --- Public Finance --- Real Estate --- Industries: Financial Services --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Macroeconomics --- Property & real estate --- Housing prices --- Prices --- National accounts --- Saving and investment --- Hong Kong Special Administrative Region, People's Republic of China