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One currency, two markets : China's attempt to internationalize the renminbi

One currency, two markets : China's attempt to internationalize the renminbi

Material type
단행본
Personal Author
Lai, Edwin L.-C.
Title Statement
One currency, two markets : China's attempt to internationalize the renminbi / Edwin L.-C. Lai, Hong Kong University of Science and Technology.
Publication, Distribution, etc
Cambridge, United Kingdom ;   New York, NY :   Cambridge University Press,   2021.  
Physical Medium
xxxvii, 307 p. : ill. ; 24 cm.
ISBN
9781108491686 9781108740586
요약
"The Chinese government is trying to internationalize the RMB. But what are the real reasons for doing it? Will it succeed? What are the factors working in its favor? What are the impediments? What are the implications for the rest of the world? In this book, I explain how the problem with the international monetary system since the demise of the Bretton Woods system and the recent global financial crisis prompted China to seek independence from the dollar standard. One way is to make the RMB a widely accepted currency internationally. China, however, is in an awkward position. On the one hand, it is the second largest economy and the largest trading nation in the world, and it would likely become the largest economy before long. This works in favor of the internationalization of the RMB. On the other hand, China is still an emerging economy, meaning that its financial and legal institutions are still immature compared with the more advanced system in the West. Yet, China does not want to fully integrate its financial system with the West any time soon. As currency internationalization requires the currency to be largely convertible in the capital account, this factor works against the internationalization of the RMB. Thus, China tries to internationalize its currency in its own unique way, i.e. by adopting the "one currency, two markets" approach, which entails establishing a global offshore RMB market"--
Content Notes
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.
Bibliography, Etc. Note
Includes bibliographical references and index.
Subject Added Entry-Topical Term
Renminbi. Money --China. Foreign exchange --China. Capital market --China. Finance --China.
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100 1 ▼a Lai, Edwin L.-C.
245 1 0 ▼a One currency, two markets : ▼b China's attempt to internationalize the renminbi / ▼c Edwin L.-C. Lai, Hong Kong University of Science and Technology.
260 ▼a Cambridge, United Kingdom ; ▼a New York, NY : ▼b Cambridge University Press, ▼c 2021.
264 1 ▼a Cambridge, United Kingdom ; ▼a New York, NY : ▼b Cambridge University Press, ▼c 2021.
300 ▼a xxxvii, 307 p. : ▼b ill. ; ▼c 24 cm.
336 ▼a text ▼b txt ▼2 rdacontent
337 ▼a unmediated ▼b n ▼2 rdamedia
338 ▼a volume ▼b nc ▼2 rdacarrier
504 ▼a Includes bibliographical references and index.
505 0 ▼a 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.
520 ▼a "The Chinese government is trying to internationalize the RMB. But what are the real reasons for doing it? Will it succeed? What are the factors working in its favor? What are the impediments? What are the implications for the rest of the world? In this book, I explain how the problem with the international monetary system since the demise of the Bretton Woods system and the recent global financial crisis prompted China to seek independence from the dollar standard. One way is to make the RMB a widely accepted currency internationally. China, however, is in an awkward position. On the one hand, it is the second largest economy and the largest trading nation in the world, and it would likely become the largest economy before long. This works in favor of the internationalization of the RMB. On the other hand, China is still an emerging economy, meaning that its financial and legal institutions are still immature compared with the more advanced system in the West. Yet, China does not want to fully integrate its financial system with the West any time soon. As currency internationalization requires the currency to be largely convertible in the capital account, this factor works against the internationalization of the RMB. Thus, China tries to internationalize its currency in its own unique way, i.e. by adopting the "one currency, two markets" approach, which entails establishing a global offshore RMB market"-- ▼c Provided by publisher.
650 0 ▼a Renminbi.
650 0 ▼a Money ▼z China.
650 0 ▼a Foreign exchange ▼z China.
650 0 ▼a Capital market ▼z China.
650 0 ▼a Finance ▼z China.
945 ▼a ITMT

Holdings Information

No. Location Call Number Accession No. Availability Due Date Make a Reservation Service
No. 1 Location Main Library/Western Books/ Call Number 332.450951 L185o Accession No. 111869288 Availability Available Due Date Make a Reservation Service B M

Contents information

Table of Contents

1. Introduction; 2. China''s aversion to a floating exchange rate; 3. Why does China want to internationalize the RMB?; 4. China''s strategy of internationalizing the RMB; 5. The importance of capital account liberalization; 6. The importance of financial sector reform; 7. The importance of the offshore RMB market; 8. The potential of the RMB as a payment currency; 9. The prospects of RMB internationalization.

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