The Role of Offshore Financial Centers in the Process of Renminbi Internationalization

Research output: Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45)12_Chapter in an edited book (Author)Not applicablepeer-review

5 Scopus Citations
View graph of relations

Author(s)

Related Research Unit(s)

Detail(s)

Original languageEnglish
Title of host publicationRENMINBI INTERNALIZATION
Subtitle of host publicationAchievements, Prospects, and Challenges
EditorsBarry Eichengreen, Masahiro Kawai
PublisherBrookings Institution Press
Pages207-235
ISBN (Electronic)9780815726128
ISBN (Print)9780815726111
Publication statusPublished - 11 Feb 2015

Abstract

Meet the next global currency: the Chinese renminbi, or the “redback.” Following the global financial crisis of 2008, China’s major monetary policy objective is the internationalization of the renminbi, this is, to create an international role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government’s aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country’s financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world’s largest economy.

Bibliographic Note

Full text of this publication does not contain sufficient affiliation information. With consent from the author(s) concerned, the Research Unit(s) information for this record is based on the existing academic department affiliation of the author(s).

Citation Format(s)

The Role of Offshore Financial Centers in the Process of Renminbi Internationalization. / CHEUNG, YIN-WONG.

RENMINBI INTERNALIZATION: Achievements, Prospects, and Challenges. ed. / Barry Eichengreen; Masahiro Kawai. Brookings Institution Press, 2015. p. 207-235 7.

Research output: Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45)12_Chapter in an edited book (Author)Not applicablepeer-review