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| 1 |
ID:
144855
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| Summary/Abstract |
In 2014, the amount of RMB cross-border settlement had reached RMB7.6tn. It is important to evaluate the potential influence of RMB internationalization on China's macroeconomy. In the present study, a framework that includes monetary supply and demand was created to analyze the influences of RMB cross-border settlement on China's domestic interest rate, asset price and foreign exchange reserves. It is found that RMB settlement in different BOP items leads to very different effects on China's real economy and the financial market. Based on the analysis, we provide a framework of the policy priorities for RMB internationalization, with the RMB cross-border settlement items divided into three groups with different priorities. Meanwhile, to support RMB internationalization, exchange rate reforms should be adopted as a priority and a prudent attitude maintained regarding capital account liberalization.
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| 2 |
ID:
119148
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| Publication |
2013.
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| Summary/Abstract |
International financial adjustment is the process whereby valuation shifts from asset price and currency changes result in relatively durable net wealth transfers across countries' international balance sheets. This paper applies a financial valuation approach to estimate the direction and the broad extent of recent international financial adjustments on China's international balance sheet. We estimate China's international balance sheet losses resulting from the valuation shifts over the period 2005-2010 and reveal that international currency shifts over the past decade have also generated a range of non-balance sheet financial and monetary adjustment pressures for China. This paper also evaluates how China's evolving international financial policy arrangements could better mitigate China's exposure to international financial adjustments. These arrangements include a more effective currency mechanism and the mechanisms to internationalize the RMB to buffer international financial valuation shocks.
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| 3 |
ID:
175573
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| Summary/Abstract |
This paper investigates the effects of the renminbi (RMB) exchange rate on trade prices and volumes in selected Belt and Road Initiative (BRI) countries in comparison with the effects of the US dollar. The stylized facts show that the RMB is underused in bilateral trade with selected BRI countries where intermediate goods dominate. By estimating the level of exchange rate pass‐through and trade volume elasticity, we find that the RMB is significantly correlated with the volume of imports in the sample countries, predicted by the producer currency pricing (PCP) paradigm. We also regroup intermediate and final goods between China and the BRI countries. The evidence shows that dollar fluctuation affects export volumes, reflecting the role of the US as a final goods destination, whereas the RMB exerts a significant impact on the volume of intermediate goods imported from China to the sample countries due to China's important position in global value chains.
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| 4 |
ID:
103880
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2011.
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| Summary/Abstract |
The present paper evaluates the international status of the Chinese currency, the renminbi (RMB), by examining its use in the global market. Specifically, the discussion focuses on the recent developments of RMB trading in the global foreign exchange market, cross-border trade settlement in RMB, the Hong Kong offshore market and China's policies relating to the RMB. The evidence suggests that the use of the RMB overseas, especially in trade financing and in the off-shore market, has increased rapidly in recent years. However, compared with the size of the Chinese economy, the current scale of the use of the RMB is quite small. Although the RMB has great potential to become an international currency, its acceptance in the global economy is affected by both economic and political factors. Attaining a fully fledged international RMB is still a distant goal.
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| 5 |
ID:
094659
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2010.
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| Summary/Abstract |
This paper emphasizes the importance of the denomination of financial assets rather than trade invoicing as a long-term determinant of an international currency. China needs to liberalize and open its financial system and make the RMB fully convertible, and to adopt a more flexible exchange rate system to speed up its currency internationalization, for which China could follow either a global or regional approach. The global approach is a riskier and more unpredictable strategy because it would demand a scope and timeframe of financial liberalization that is likely to be beyond China's institutional capacity over the coming decade. There are two options that could be taken in following the regional approach. One is creating an ASEAN+New 3 (the Chinese Mainland, Hong Kong, and Taiwan) RMB bloc and the other is liberalizing China's financial industries and internationalizing the RMB by playing a leading role in East Asia's economic integration within the framework of ASEAN+3. This paper concludes that the latter is a more realistic and effective approach for China.
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| 6 |
ID:
151183
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| 7 |
ID:
186220
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| Summary/Abstract |
We explore how China's geographically targeted policies impact RMB overseas use individually or in combination. The policies include swap agreements, clearing banks, investment quotas, and direct trading between Chinese renminbi (RMB) and non-USD currencies. Adopting a fuzzy-set qualitative comparative analysis and using Bank of International Settlements cross-country data on foreign exchange markets, we find that institution building has lowered the barriers to international adoption of the RMB. Specifically, for countries economically close to China, high RMB trading is explained by either (i) having a clearing bank in the host market and direct quotations between the RMB and the local currency, or (ii) being a financial center and having access to the Chinese capital market. This combination of policies is explained by the creation of (i) “trading posts” that provide RMB liquidity abroad, and (ii) channels that allow actors to “recycle” offshore RMB funds. We triangulate our results with interviews conducted with senior People's Bank of China officials.
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| 8 |
ID:
171151
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| Summary/Abstract |
After Asian financial crisis, the Japanese government quickly adjusted its foreign economic policy and, unlike their traditional image of inaction, actively carried out and led the crisis rescue work through separate policies. The introduction and implementation of the “New Miyazawa Initiative” represented that the focus of the Japanese government has shifted to the preparation for and construction of the regional local currency bond market. This was backed by the strategic consideration to restart yen internationalization (or yen re-internationalization). It reflects the Japanese government’s reflection and adjustment on the path selection of promoting the internationalization of yen in the early stage. Relying on such change, The Japanese government intended to foster regional yen bond market to build yen backflow mechanism in East Asia and to realize the long-term objective of yen internationalization through “regionalization.” On the twentieth anniversary of Asian financial crisis, this paper re-examines the change to yen internationalization strategy, which is of practical significance for other cases’ attempt to internationalize local currencies as RMB internationalization at present. With reference to the strategic change in yen Re-internationalization, RMB internationalization shall shift the focus from “trade settlement” in the past to “capital outflow” through fostering the regional RMB bond market, expand RMB backflow mechanism. China shall focus on Asian Infrastructure Investment Bank (AIIB) and other new regional financial cooperation platforms to promote RMB regionalization, thus finally realizing the strategic objective of RMB internationalization. Nevertheless, this path selection is inseparable from China’s positive attitude toward financial and capital liberalization.
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