China S Currency

Author : Eswar Prasad
Publisher : Oxford University Press
Page : 345 pages
File Size : 51,6 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780190631055

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Gaining Currency by Eswar Prasad Pdf

China's currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its way to becoming a significant international currency, one that is used widely in international trade and finance. This book documents the RMB's impressive rise, with China successfully adopting a unique playbook for promoting its currency. China's growing economic might, expanding international influence, and the rise of its currency are all intricately connected. The book documents how China's government has tied these goals together, enabling faster progress towards each of them. But there are many pitfalls ahead, both for China's economy and its currency. The book shows how the government has so far navigated its way around domestic and international dangers, but enormous risks still lie ahead. The International Monetary Fund has elevated the RMB to the status of an official reserve currency, a currency that foreign central banks use to keep their rainy day funds. If China plays its cards right, with reforms that put its economy and financial markets on the right track, the RMB is going to become an important reserve currency that could rival some of the traditional reserve currencies such as the euro and the Japanese yen. But this book argues that there are limits to the RMB's ascendance-the hype about its inevitable rise to global dominance is overblown. The Chinese leadership's apparent commitment to financial sector and other market-oriented reforms-coupled with unambiguous repudiation of political, legal, and institutional reforms-sets the RMB on a clear course. It will attain the status of a reserve currency over time but has essentially given up its claim of being seen as a safe haven currency, one that investors turn to for safety. The RMB will erode but not seriously challenge the U.S. dollar's dominance in international finance.--

Author : Chen Yulu
Publisher : McGraw Hill Professional
Page : 177 pages
File Size : 44,8 Mb
Release : 2014-05-26
Category : Business & Economics
ISBN : 9780071829908

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Chinese Currency and the Global Economy by Chen Yulu Pdf

From ancient “knife money” to the Renminbi—a fascinating history of Chinese currency Chinese Currency and the Global Economy is an all-encapsulating study of the Chinese monetary system from the historical perspective of global economy and finance. From economic infrastructure to the cultural system and from world events to the domestic scene, author Chen Yulu describes the metamorphosis of the Chinese currency and examines what is entailed in the globalization of Renminbi against the background of world economic multi-polarization. Chen Yulu is an Eisenhower senior visiting fellow and a Fulbright senior scholar. He serves concurrently as president of Renmin University of China, vice-chairman of the China International Finance Association, and deputy secretary general and executive director of the China Society for Finance and Banking.

Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
Page : 347 pages
File Size : 42,6 Mb
Release : 2021-07-08
Category : Business & Economics
ISBN : 9781108491686

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One Currency, Two Markets by Edwin L.-C. Lai Pdf

Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

Author : Robert Minikin,Kelvin Lau
Publisher : John Wiley & Sons
Page : 212 pages
File Size : 54,6 Mb
Release : 2012-10-26
Category : Business & Economics
ISBN : 9781118339282

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The Offshore Renminbi by Robert Minikin,Kelvin Lau Pdf

The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.

Author : Anonim
Publisher : DIANE Publishing
Page : 37 pages
File Size : 49,5 Mb
Release : 2007
Category : Electronic
ISBN : 9781437941883

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China’s Currency: An Analysis of the Economic Issues by Anonim Pdf

Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. They further contend that this policy has caused a surge in the U.S. trade deficit with China and has been a major factor in the loss of U.S. manufacturing jobs. Although China made modest reforms to its currency policy in 2005, resulting in a modest appreciation of its currency, many Members contend the reforms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings in CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy, by Wayne M. Morrison and Marc Labonte, and will be updated as events warrant.

Author : Wayne M. Morrison,Marc Labonte,Jonathan E. Sanford
Publisher : Nova Publishers
Page : 102 pages
File Size : 53,5 Mb
Release : 2006
Category : Business & Economics
ISBN : 1594549346

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China's Currency and Economic Issues by Wayne M. Morrison,Marc Labonte,Jonathan E. Sanford Pdf

China has a policy of pegging its currency (the yuan) to the U.S. dollar. If the yuan is undervalued against the dollar, there are likely to be both benefits and costs to the U.S. economy. It would mean that imported Chinese goods are cheaper than they would be if the yuan were market determined. This lowers prices for U.S. consumers and diminishes inflationary pressures. It also lowers prices for U.S. firms that use imported inputs (such as parts) in their production, making such firms more competitive. Critics of China's peg point to the large and growing U.S. trade deficit with China as evidence that the yuan is undervalued and harmful to the U.S. economy. The relationship is more complex, for a number of reasons. First, while China runs a large trade surplus with the United States, it runs a significant trade deficit with the rest of the world. Second, an increasing level of Chinese exports are from foreign invested companies in China that have shifted production there to take advantage of China's abundant low cost labour. Third, the deficit masks the fact that China has become one of the fastest growing markets for U.S. exports. total U.S. bilateral trade deficits in 2004, indicating that the overall trade deficit is not caused by the exchange rate policy of one country, but rather the shortfall between U.S. saving and investment. This book presents a coherent examination of the details behind China's currency policies as they relate to outside factors.

Author : Yulu Chen
Publisher : Unknown
Page : 163 pages
File Size : 51,9 Mb
Release : 2014
Category : Monetary policy
ISBN : 9814599778

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Chinese Currency and the Global Economy by Yulu Chen Pdf

Author : Yin-Wong Cheung,Kenneth K Chow,Fengming Qin
Publisher : World Scientific
Page : 276 pages
File Size : 51,5 Mb
Release : 2016-11-22
Category : Business & Economics
ISBN : 9789814675512

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The RMB Exchange Rate by Yin-Wong Cheung,Kenneth K Chow,Fengming Qin Pdf

Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries. This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency. The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions. The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.

Author : Yinggang Zhou
Publisher : Springer Nature
Page : 120 pages
File Size : 44,9 Mb
Release : 2024-06-17
Category : Electronic
ISBN : 9789819711642

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Is China's Currency Increasingly Important? by Yinggang Zhou Pdf

Author : Anonim
Publisher : Unknown
Page : 242 pages
File Size : 50,6 Mb
Release : 1983
Category : Coinage
ISBN : UCSD:31822007694367

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A History of Chinese Currency by Anonim Pdf

Presents a vivid and systematic survey of the evolution of Chinese currency right from its very beginning.

Author : China Development Research Foundation
Publisher : Routledge
Page : 501 pages
File Size : 54,7 Mb
Release : 2014-12-05
Category : Business & Economics
ISBN : 9781317592433

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China's Exchange Rate Regime by China Development Research Foundation Pdf

The imbalance between China’s currency, the RMB, and those of other countries is widely regarded as a major problem for the world economy. There was a reform of China’s exchange rate mechanism in 2005, following which the RMB appreciated 17% against the US dollar, but many people argue that further reform is still needed. This book reports on a major research project undertaken following the 2005 reform to assess the impact on China’s economy. It considers the impact in a number of areas of the economy, including export-oriented companies, the banking industry, international trade, international capital flows, and China’s macroeconomic policy. It concludes that the policies pursued so far have been correct, and that further reform, both to the exchange rate, and to the system overall, would be desirable, but that any reform should be gradual and incremental, preserving economic stability, and integrating changes with reform in other parts of the economy.

Author : William H. Overholt,Guonan Ma,Cheung Kwok Law
Publisher : John Wiley & Sons
Page : 248 pages
File Size : 54,7 Mb
Release : 2016-02-16
Category : Business & Economics
ISBN : 9781119218968

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Renminbi Rising by William H. Overholt,Guonan Ma,Cheung Kwok Law Pdf

Critical analysis of RMB internationalization and the coming global currency shift Renminbi Rising charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system. Effective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon. Understand why a new global monetary system is needed Consider the outcomes as China emerges and the U.S. recedes Learn the context and motivations behind principal players' strategies Discover the scale of opportunities presented by the rise of the RMB It is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. Renminbi Rising offers detailed analysis of the key opportunities and threats inherent in this major economic shift.

Author : Lucy M. Brooks,Julie E. Watson
Publisher : Unknown
Page : 0 pages
File Size : 46,5 Mb
Release : 2011
Category : China
ISBN : 1612093000

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China's Currency by Lucy M. Brooks,Julie E. Watson Pdf

Over the past several years, the Chinese government has maintained a policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB) against other major currencies, especially the U.S. dollar. This policy appears to be largely intended to keep China's export industries competitive internationally and to attract foreign direct investment (FDI), which have been major factors behind China's rapid economic growth. This book provides an overview of the economic issues surrounding the current debate over China's currency policy and identifies the economic costs and benefits of China's currency policy for both China and the U.S.

Author : Joseph Edkins
Publisher : Unknown
Page : 42 pages
File Size : 55,6 Mb
Release : 1890
Category : Money
ISBN : UOM:39015077904954

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Chinese Currency by Joseph Edkins Pdf

Author : Willem Vissering
Publisher : Unknown
Page : 288 pages
File Size : 55,9 Mb
Release : 1877
Category : Money
ISBN : HARVARD:32044010056547

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On Chinese Currency by Willem Vissering Pdf