Between Globalization and Internal Stability, the Resistible Internationalization of the Renminbi

Xavier Richet

Abstract


China's RMB is becoming a major international currency.  It has joined major international currencies and intends to continue its growth although it has not yet become a fully convertible currency.  Its share in world trade, reserves remains limited.  On the one hand, the increase in its international use is increasing, on the other hand the decline in trade, the accumulation of internal problems - decline in GDP growth, growing domestic debt - are leading the Chinese authorities to push back the opening of the capital account, to control interest rates.  Social stability has become a priority.


Keywords


RMB; China; convertibility; capital account.

JEL Codes


E; F; G.

Full Text:

PDF

References


Bação, P., Portugal Duarte, A., and Santos, M., 2017. The Renminbi : a warrior for competition? CeBER WP, 9. http://bit.do/fhGc7.

Barry, E., Mehl, A., and Chitu, L., 2017. How Global Currencies Work: Past, Present, and Future. Princeton: Princeton UP.

Benn, S., and Smith, E., 2017. The Retreat of the Renminbi. Project Syndicate. from http://bit.do/fhGk5

Callan, W., and Halpern, D., 2018. RMB Internationalisation : Where to Next? Reserve Bank of Australia Bulletin, September.

Das, S., 2019. China's Evolving Exchange Rate Regime. IMF Working Paper, 19(50).

Elcano Royal Institute, 2018. Official webpage. from https://www.eurasiareview.com/

Fleming, S., 2019. Currency warrior : why Trump is weaponizing the dollar? Financial Times. July. from http://bit.do/fhGd8

Gjoza, E., 2018. RMB Internationalization : implications for the US hegemony. Harvard: HKS, Belfer Center.

Jude, C., and Pierre, L., 2013. Internationalisation du yuan : une stratégie à pas comptés. Trésor-Eco, 121.

Kwan Chi, H., 2018. Issues facing Renminbi internationalization : Observations from Chinese regional and global perspectives. Public Policy Review, 14(5).

McNally, C., and Gruin, J., 2017. A novel pathway to power? Contestation and adaptation in China's Internationalization of the RMB. Review of International Political Economy, 24(4), 599-628. http://dx.doi.org/DOI:10.1080/09692290.2017.1319400

Natixis, 2018. Natixis Renminbi Internationalization Monitor :Stagnation. Natixis.

Otero-Iglesias, M., 2018. Renminbi internationalization: stuck in mid-river, for now. Elcano. from http://bit.do/fhGf3

Pettis, M., 2019. The Real Economic Growth Rate in China is Already Below 3 Percent. The Market-NZZ, 3(6).

Richet, X., 2019. La présence chinoise à la périphérie de l’Europe. Le Format 16+1, le cheval de Troie de la Chine? In X. Richet and J. Vercueil (Eds.), Une mondialisation contrariée (pp. 173-206). Paris: L'Harmattan.

Richet, X., and Vercueil, J., 2019. Une mondialisation contrariée. Paris: L'Harmattan.

Shih, V., 2019. China’s Credit Conundrum. New Left Review, 115(Jan/Feb), 59-74.

Smart, C., 2018. Could the Renminbi Challenge the Dollar? Carnegie Endowment for International Peace, Feb.

Wildau, G., and Mitchell, T., 2016. China : Renminbi stalls on road to being a global currency. Financial Times. December. from http://bit.do/fhGmQ

Xu, B., 2018. Chine : Mission impossible, Risk & Opportunities. SG Études économiques et sectorielle.




DOI: http://dx.doi.org/10.47743/saeb-2019-0036

Refbacks

  • There are currently no refbacks.