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S10/0320 --- Renminbi --- Foreign exchange rates --- Currency question --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money --- China: Economics, industry and commerce--Money and banking: since 1949 --- China --- Economic policy --- Economic policy and planning (general)
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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 --- Capital market --- Foreign exchange --- Money --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money)
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This Element discusses the global role of the RMB. After recapitulating its economic and trade growth experiences, we recount China's evolving exchange rate policy in the post-reform era, review the debate over whether the RMB is overvalued or undervalued, present China's policies to globalize the RMB, describe offshore RMB trading, assess the current global status of the RMB, and discuss geopolitical tensions in the last few years. Since 2009, the process of globalizing RMB has not been smooth sailing and progressed quite unevenly over time. Despite the strong performance in the early 2010s, the RMB is under-represented in the global market and its global role does not match China's economic might. The path of RMB internationalization is affected by both China's economic performance and geopolitical factors.
Renminbi. --- Foreign exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money
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Finance. --- Financial services industry. --- Economic development --- Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Services, Financial --- Funding --- Funds --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Service industries --- Currency question --- Money --- Foreign exchange rates --- Renminbi --- Monetary policy --- China --- Foreign economic relations. --- E-books --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money)
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Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world's dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America's greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy.Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today's top currencies. The greenback, he contends, is the "indispensable currency"-the one that the world can't do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics.Contrary to today's growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.
Money --- Dollar, American. --- Euro. --- Renminbi. --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- American dollar --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Political aspects. --- International finance --- Dollar, American --- Euro --- Renminbi --- Political aspects --- E-books --- International finance. --- Monetary policy. --- Yen, Japanese. --- Japanese yen --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International monetary system --- International money --- International economic relations
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This paper estimates the impact of China's exchange rate changes on exports of competitor countries in third markets, which we call the "spillover effect". We use recent theory to develop an identification strategy in which competition between China and its developing country competitors in specific products and destinations plays a key role. We exploit the variation - afforded by disaggregated trade data - across exporters, importers, product, and time to estimate this spillover effect. We find robust evidence of a statistically and quantitatively significant spillover effect. Our estimates suggest that a 10 percent appreciation of China's real exchange rate boosts on average a developing country's exports of a typical 4-digit HS product category to third markets by about 1.5-2 percent. The magnitude of the spillover effect varies systematically with product characteristics as implied by theory.
Foreign exchange rates --- Renminbi --- Exports --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money --- China --- Exports and Imports --- Finance: General --- Foreign Exchange --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- Economywide Country Studies: Asia including Middle East --- Trade: General --- General Financial Markets: General (includes Measurement and Data) --- Currency --- Foreign exchange --- International economics --- Finance --- Exchange rates --- Competition --- Imports --- Real exchange rates --- International trade --- Financial markets --- China, People's Republic of
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This book presents the theoretical framework for the evolution of the international monetary system and the internationalization of the RMB. Combining theoretical research and empirical study, it then provides an in-depth analysis of the relevant issues from multiple perspectives based on this framework. Written by former chief economist at the Bank of China, this book explains the “two-step strategy” from the capital account opening to the full convertibility of the RMB, it also analyzes the status and functions of the HK offshore financial market in internationalizing the RMB.
Monetary policy --- Renminbi. --- International finance. --- International monetary system --- International money --- Finance --- International economic relations --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money --- Macroeconomics. --- International economics. --- Banks and banking. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Banking. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Economics
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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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Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience
Derivative securities --- Renminbi. --- S10/0320 --- China: Economics, industry and commerce--Money and banking: since 1949 --- China - Foreign economic relations. --- Derivative securities - China. --- Derivative securities -- China. --- Foreign exchange - China. --- Foreign exchange --- Renminbi --- Finance --- Business & Economics --- Investment & Speculation --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Derivative financial instruments --- Derivative financial products --- Derivative instruments --- Derivatives (Finance) --- Financial derivatives --- Money --- Securities --- Structured notes (Securities) --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- China --- Foreign economic relations. --- E-books --- Marché financier --- Chine --- Marché financier
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What is China's rightful place on the world stage? Will the world remain unipolar as signs of American decline appear to be mounting? How can China maintain a harmonious relationship with its neighbors? What does China intend to do with the new power and influence that appears to be at its disposal? In light of emergent post-2008 economic realities, how should China adjust its foreign economic relations? This volume, the first of its kind, gathers a collection of translations of influential essays, talks, and papers on Chinese foreign policy, national security, and foreign economic relations written by Chinese elites. Many papers have also served as propositions for policy prescriptions to China's leaders, the vast majority of which have to date only been available in Chinese.
National security --- Monetary policy --- Renminbi --- China --- Foreign relations --- Foreign economic relations --- Renminbi. --- Foreign economic relations. --- S09/0264 --- S10/0641 --- S10/0320 --- China: Foreign relations and world politics--General works: since 1989 --- China: Economics, industry and commerce--Foreign trade and economic relations: since 1989 --- China: Economics, industry and commerce--Money and banking: since 1949 --- Sécurite nationale --- Politique monétaire --- Chine --- Relations extérieures --- Relations économiques extérieures --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money --- POLITICAL SCIENCE / Government / International --- POLITICAL SCIENCE / International Relations / General --- National security - China --- Monetary policy - China --- China - Foreign relations - 21st century --- China - Foreign economic relations
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