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| 1 |
ID:
172647
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| Summary/Abstract |
Despite burgeoning research on the internationalization of the Chinese renminbi, there has been surprisingly little systematic analysis of how the renminbi is actually used in foreign markets. This study provides a cross-country analysis of renminbi use in offshore foreign exchange markets, with special attention to the effects of the cooperative policy measures adopted by China and foreign states to promote the renminbi’s international use. We find that a country’s participation in the Renminbi Qualified Foreign Institutional Investor scheme (which expands its renminbi investment opportunities) and its establishment of an offshore renminbi clearing bank (which provides better renminbi payment services), but not its entry into a renminbi–local currency swap agreement, facilitate use of the renminbi in its foreign exchange markets. States have played a significant role in the rise of the renminbi as a newly internationalizing currency.
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| 2 |
ID:
120402
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| Publication |
2013.
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| Summary/Abstract |
Chinese replacement of the U.S. dollar by the renminbi as the leading international currency appears unlikely, at least in the foreseeable future, owing to weakness in China's international political power and its economy, but the renminbi could develop into an Asian regional currency to some extent.
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| 3 |
ID:
089515
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| Publication |
2009.
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| Summary/Abstract |
This paper analyzes the factors that have contributed to the development of the Chiang Mai Initiative, one of the prominent examples of recent East Asian financial cooperation, by comparing it with the failed 1997 proposal for an Asian Monetary Fund
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| 4 |
ID:
172605
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| Summary/Abstract |
HYOUNG-KYU CHEY AND YU WAI VIC LI discuss the domestic politics surrounding the internationalization of the Chinese renminbi. They argue that the Chinese central bank played a leading role in the process because domestic financial reforms necessitated by the internationalization of the renminbi strengthened its own core institutional interests and enhanced its monetary policy effectiveness.
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| 5 |
ID:
138897
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| Summary/Abstract |
Most studies of renminbi internationalization focus on the supply side, by examining China's own economic and political conditions. In contrast, this study addresses the demand side of renminbi internationalization, by providing an in-depth analysis of renminbi use in ordinary foreign economies from both economic and political perspectives, with a particular focus on South Korea, China's next-door neighbor. The study finds that sustainable indigenous market forces facilitating renminbi use in South Korea remain weak, despite the country's close economic ties with China. This research also shows, however, that the Korean Government has itself recently been able, through its policy measures, to generate new domestic support for greater use of the renminbi. These findings ultimately highlight the significant impact on the internationalization of a currency of the politics in the foreign countries using it.
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| 6 |
ID:
111971
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2012.
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| Summary/Abstract |
The international standings of currencies form a principal characteristic of the international monetary order, shaping the world economic and political system by influencing the economic and political relationships among countries. This paper provides a systematic review of the literature on international currencies, encompassing both economics and political science, with the aim of providing useful groundwork to help develop a better analytical framework for the study of international currency standing. In particular, this paper discusses the international currency concept, the benefits and costs of issuing an international currency, and the determinants of international currency standing. It also assesses conflicting prospects for the future of the US dollar as the world's key currency, addressing the likelihoods of further internationalization of the euro and the renminbi, the dollar's main potential rivals. It in addition calls attention to certain political economy factors as salient issues for the future study of international currency standing.
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