The Chinese Yuan

Author : Eswar Prasad
Publisher : Oxford University Press
Page : 345 pages
File Size : 53,9 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 : Peter G. Zhang
Publisher : John Wiley & Sons
Page : 242 pages
File Size : 42,9 Mb
Release : 2011-02-15
Category : Business & Economics
ISBN : 9780470827406

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The Chinese Yuan by Peter G. Zhang Pdf

Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward. Key topics include: Overview of current China economy and its capital market In-depth analysis on the China's banking system and foreign exchange system Extensive analysis of on-shore and off-shore financial products in China Explanation of the needs and reasons for RMB products innovation Insights into the internationalization of the RMB Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.

Author : Chen Yulu
Publisher : McGraw Hill Professional
Page : 177 pages
File Size : 52,6 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 : Robert Minikin,Kelvin Lau
Publisher : John Wiley & Sons
Page : 212 pages
File Size : 41,5 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 : Patrick Fuliang Shan
Publisher : UBC Press
Page : 332 pages
File Size : 50,9 Mb
Release : 2018-11-14
Category : History
ISBN : 9780774837811

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Yuan Shikai by Patrick Fuliang Shan Pdf

Yuan Shikai (1859–1916) has been both hailed as China’s George Washington for his role in the country’s transition from empire to republic and condemned as a counter-revolutionary. Yuan Shikai: A Reappraisal sheds new light on the controversial history of this talented administrator and modernizer who endeavoured to establish a new dynasty while serving as the first president of the republic, eventually declaring himself emperor. Drawing on untapped primary sources and recent scholarship, Patrick Fuliang Shan offers a lucid, comprehensive, and critical new interpretation of Yuan’s part in shaping modern China.

Author : Barry Eichengreen,Masahiro Kawai
Publisher : Brookings Institution Press
Page : 401 pages
File Size : 46,6 Mb
Release : 2015-02-11
Category : Political Science
ISBN : 9780815726128

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Renminbi Internationalization by Barry Eichengreen,Masahiro Kawai Pdf

A Brookings Institution Press and Asian Development Bank Institute publication 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, that is, to create an inter-national 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.

Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
Page : 347 pages
File Size : 43,9 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 : William H. Overholt,Guonan Ma,Cheung Kwok Law
Publisher : John Wiley & Sons
Page : 248 pages
File Size : 41,5 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 : Yulu Chen
Publisher : Unknown
Page : 163 pages
File Size : 41,8 Mb
Release : 2014
Category : Monetary policy
ISBN : 9814599778

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Chinese Currency and the Global Economy by Yulu Chen Pdf

Author : Peter G Zhang
Publisher : World Scientific
Page : 404 pages
File Size : 42,7 Mb
Release : 2004-10-11
Category : Business & Economics
ISBN : 9789814482240

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Chinese Yuan (Renminbi) Derivative Products by Peter G Zhang Pdf

' With the CNY revaluation perspectives, hundreds of billions of US dollars have been invested in various types of CNY-related derivative products. As a derivatives specialist with more than ten years' experience in the international financial market and with a working experience in China in the past few years, the author offers a volume on trading and other practical issues of CNY-related derivative products in the offshore marketplace. Contents: The Chinese Economy and Financial SystemForeign Exchange Market and Foreign Exchange Derivatives MarketThe Asian Financial Crisis and Financial DerivativesChinese Yuan (CNY) DerivativesFuture Development Readership: Undergraduates and graduate students in accounting studies; researchers and practitioners in derivatives finance; exporters and importers; financial risk managers. Keywords:Chinese Yuan;CNY Revaluation;Non-Deliverable Forwards;CNY Forwards;CNY Non-Deliverable Options;CNY Non-Deliverable Swaps;CNY Structured NotesKey Features:Familiarizes readers with the Chinese economy in transition and the Chinese financial market, so that they can make their own judgement as to whether or not the CNY should be revaluedPresents major foreign exchange derivatives trading in organized exchanges and the over-the-counter marketplace around the worldReviews what foreign exchange products were involved both before and during the Asian financial crisis, because many of them were used to speculate or hedge against devaluations of the Asian currenciesStudies various CNY-related derivative products and embedded derivative productsExamines the possible impacts of these derivative products on the CNY exchange rate, based on the experiences of other currencies such as the Korean won and the New Taiwan dollarReviews:“I count Peter Zhang as one of the young heroes of the field of finance and this book surely illustrates my view. He brings his extensive knowledge and experience in derivatives and the operation of markets to bear in China where the development of both, while nascent, offers great promise. In his book, he has taken a very pragmatic and thoughtful approach to contending with and managing the risks of transactions in Chinese Yuan, contributing to both the scholarship and practice of finance in the global economy. The Chinese yuan will become a major currency in the global marketplace and this book will help readers get ready.”Sharon Brown-Hruska Acting Chairman and Commissioner US Commodity Futures Trading Commission “Peter G Zhang's new book on the Chinese yuan is an important and welcome addition to the body of English language works pertaining to the development of Chinese financial markets. It offers a comprehensive overview of financial derivatives in China and as such is much more than an analysis of the issues dealing with the revaluation of the Chinese currency.”Leo Melamed Chairman Emeritus and Senior Policy Advisor Chicago Mercantile Exchange “The new book on Chinese yuan derivative products by Peter G Zhang is the most comprehensive one written so far on existing derivatives relating to the Chinese currency trading both onshore and offshore. I am sure it will prove to be of great value not only to international trade and financial participants but also for domestic Chinese financial institutions in product innovation as China further integrates into the world economy, both financially and trade-wise.”Shengman Zhang, Managing Director World Bank “Peter G Zhang's book on the Chinese yuan derivatives is a timely work analyzing the major derivative products trading in the offshore market based on systematic introduction of the Chinese economy and financial system. I highly recommend this book as it is useful for the international community with increasing trade and financial businesses with China and particularly valuable for Chinese financial institutions that began to accelerate derivatives businesses guided by the ‘Interim Rules on Derivatives Business of Financial Institutes.’”Li Fuan Deputy Director General China Banking Regulatory Commission “I commend Dr Peter G Zhang's highly readable new book on Chinese Yuan derivatives as essential reading for those who want to participate in the likely explosive growth of a sophisticated Chinese financial services industry over the next ten years. For financial practitioners China is the biggest market opportunity in the world today — but please do your homework and ignore this book at your peril!”Roy Leighton Chairman European Advisory Board, CALYON SA Chairman Futures & Options Association, London “Peter Zhang's new book on Chinese yuan derivative products is set to become essential reading for any participant in world capital markets as China continues its development towards becoming a key financial centre.”Tim Cook Regional Head Exchange Traded Derivatives — Asia Pacific, UBS “Peter Zhang's new book will be an important asset to international finance in general and to Chinese finance in particular.”Sangkee Min Professor Seoul National University, South Korea “Comprehensive and practical in its topical coverage, Peter Zhang's new book combines many years of experience working in the field of derivatives and a deep knowledge of the Chinese economic environment to provide a systematic treatment of issues surrounding the Chinese Yuan derivative products. Not only will this book be tremendously helpful for practitioners, it would also greatly benefit scholars and policy makers alike.”Jin Li Assistant Professor Harvard Business School “Peter G Zhang knows both the international and the domestic Chinese financial market. He proves this once more in his new book, Chinese Yuan (Renminbi) Derivative Products. Drawing on his more than ten years' experience in these markets he presents the international foreign exchange cash and derivative markets in a remarkably pragmatic way, easily leading the reader through the still inscrutable situation of today's Chinese derivative market.All in all, a book worth reading for all those involved in any way with this market; students and pragmatics, businessmen and risk managers, traders and investors.”Dr Jörg Franke Former CEO of Eurex “Peter Zhang's new book provides a sweeping overview of recent developments in China's economy, banking and capital markets. He uses his extensive knowledge of derivatives to review pragmatic issues related to the development of and trading in Chinese Yuan derivatives. Peter's writing style is very readable — and a must read — for any derivatives professional wishing to understand the growing role of the Chinese economy and the development and use of derivatives based on the Chinese Yuan.”William J Brodsky Chairman & Chief Executive Officer Chicago Board Options Exchange '

Author : Yin-Wong Cheung,Kenneth K Chow,Fengming Qin
Publisher : World Scientific
Page : 276 pages
File Size : 46,7 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 : Anonim
Publisher : Unknown
Page : 242 pages
File Size : 42,7 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 : Paul Jakov Smith,Richard von Glahn
Publisher : BRILL
Page : 549 pages
File Size : 49,7 Mb
Release : 2020-03-23
Category : History
ISBN : 9781684173815

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The Song-Yuan-Ming Transition in Chinese History by Paul Jakov Smith,Richard von Glahn Pdf

This volume seeks to study the connections between two well-studied epochs in Chinese history: the mid-imperial era of the Tang and Song (ca. 800-1270) and the late imperial era of the late Ming and Qing (1550-1900). Both eras are seen as periods of explosive change, particularly in economic activity, characterized by the emergence of new forms of social organization and a dramatic expansion in knowledge and culture. The task of establishing links between these two periods has been impeded by a lack of knowledge of the intervening Mongol Yuan dynasty (1271-1368). This historiographical "black hole" has artificially interrupted the narrative of Chinese history and bifurcated it into two distinct epochs. This book aims to restore continuity to that historical narrative by filling the gap between mid-imperial and late imperial China. The contributors argue that the Song-Yuan-Ming transition (early twelfth through the late fifteenth century) constitutes a distinct historical period of transition and not one of interruption and devolution. They trace this transition by investigating such subjects as contemporary impressions of the period, the role of the Mongols in intellectual life, the economy of Jiangnan, urban growth, neo-Confucianism and local society, commercial publishing, comic drama, and medical learning.

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 43,9 Mb
Release : 2010
Category : Electronic
ISBN : OCLC:1375046873

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China's Currency by Anonim 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. Critics charge that this policy constitutes a form of currency manipulation that is intended to make Chinese exports cheaper, and imports into China more expensive, than they would be under a floating exchange system. Some claim that China's currency policy is a major cause of the large U.S. trade imbalance with China and the loss of numerous U.S. jobs. Many Members of Congress have urged the Obama Administration to designate China as a "currency manipulator" in order to pressure it to let the RMB appreciate, and several bills have been introduced (including H.R. 2378, S. 1254, S. 1027, and S. 3134) which seek to address China's currency policy. On September 29, 2010, the House approved an amendment in the nature of a substitute to H.R. 2378 (by a vote of 348 to 79). The bill would attempt to apply U.S. countervailing laws to certain fundamentally undervalued currencies. From July 2005 to July 2008, the RMB was allowed to gradually appreciate against the dollar, rising by about 21% over this period. However, once the effects of the global economic crisis began to become apparent, China halted appreciation of the RMB to the dollar in an effort to limit job losses in industries dependent on trade. From July 2008 to late June 2010, China kept the exchange rate of the RMB at roughly 6.83 yuan (the base unit of the RMB) to the dollar. On June 19, 2010, the Chinese central bank stated that, based on current economic conditions, it had decided to "proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility." Events following the announcement demonstrate that a flexible RMB exchange rate could move both up and down over short periods of time. By September 23, the RMB had appreciated by about 1.9% to 6.7 yuan. Many U.S. officials have criticized the slow pace of RMB's appreciation. Many economists have argued that RMB appreciation is an important factor in helping to rebalance the world economy. They have also urged China to implement policies to make consumer demand, rather than exports and fixed investment, the main sources of economic growth. Some see RMB appreciation as a way of boosting China's imports, which could contribute to a faster global economic recovery. While Chinese officials acknowledge the need to rebalance the economy, they have strongly resisted international pressure to appreciate and reform the currency, calling it "protectionism." Some attribute this policy to concerns by the Chinese government that implementing policy changes too rapidly could lead to social instability. While the Obama Administration has pushed China to appreciate its currency, it has also encouraged it to continue purchasing U.S. Treasury securities. China is the largest foreign holder of U.S. Treasury securities, which totaled $847 billion as of July 2010. Some analysts contend that, although an appreciation of China's currency could help boost U.S. exports to China, it could also lessen China's need to buy U.S. Treasury securities, which could push up U.S. interest rates. It could result in higher prices of Chinese-made goods for U.S. consumers, as well as for Chinese-made inputs that U.S. firms use in their production. Many economists contend that, even if China significantly appreciated its currency, the United States would still need to increase its savings and reduce domestic demand (particularly the budget deficit), and China would have to lower its savings and increase consumption, in order to reduce trade imbalances in the long run.

Author : Tao YUAN
Publisher : Springer
Page : 94 pages
File Size : 45,5 Mb
Release : 2018-01-29
Category : Business & Economics
ISBN : 9789811079931

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The Dual-Center Global Financial System by Tao YUAN Pdf

This book focuses on the systematic change in the global economy accompanying the rise of China. Once China has the same huge and advanced economy as the U.S., the global economy’s current one-center system will have a chance to change: China will represent an alternative center. If it can satisfy essential criteria for the global economy such as a stable foreign exchange system, healthy international trade environment and strong support for economic development etc., China will be able to offer a viable alternative. In this constellation the two centers of the global economy and financial system, the U.S. and China, would ideally cooperate, and the global economy could benefit from having two economic and financial centers.