Skip to main content Accessibility help
×
Hostname: page-component-cd9895bd7-gvvz8 Total loading time: 0 Render date: 2024-12-25T18:03:29.153Z Has data issue: false hasContentIssue false

The RMB in the Global Economy

Published online by Cambridge University Press:  09 November 2022

Yin-Wong Cheung
Affiliation:
University of California

Summary

This Element discusses the global role of the RMB. After recapitulating its economic and trade growth experiences, we recount China's evolving exchange rate policy in the post-reform era, review the debate over whether the RMB is overvalued or undervalued, present China's policies to globalize the RMB, describe offshore RMB trading, assess the current global status of the RMB, and discuss geopolitical tensions in the last few years. Since 2009, the process of globalizing RMB has not been smooth sailing and progressed quite unevenly over time. Despite the strong performance in the early 2010s, the RMB is under-represented in the global market and its global role does not match China's economic might. The path of RMB internationalization is affected by both China's economic performance and geopolitical factors.
Get access
Type
Element
Information
Online ISBN: 9781009236461
Publisher: Cambridge University Press
Print publication: 08 December 2022

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Ahmed, S. (2009). Are Chinese Exports Sensitive to Changes in the Exchange Rate? International Finance Discussion Papers No. 987.Google Scholar
Aizenman, J. & Pasricha, G. K. (2010). Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation. International Review of Economics & Finance, 19(3), 353–65.Google Scholar
Almas, I., Grewal, M., Hvide, M., & Ugurlu, S. (2017). The PPP Approach Revisited: A Study of RMB Valuation Against the USD. Journal of International Money & Finance, 77(October), 1838.Google Scholar
Arslanalp, S., Eichengreen, B., & Simpson-Bell, C. (2022). The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies. IMF Working Paper WP/22/58.Google Scholar
Assenmacher, K., Berentsen, A., Brand, C., & Lamersdorf, N. (2021). A Unified Framework for CBDC Design: Remuneration, Collateral Haircuts and Quantity Constraints. ECBank Working Paper 2578.Google Scholar
Bank for International Settlements. (2010). Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2010. Basel: Bank for International Settlements.Google Scholar
Bank for International Settlements. (2013). Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2013. Basel: Bank for International Settlements.Google Scholar
Bank for International Settlements. (2016). Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2016. Basel: Bank for International Settlements.Google Scholar
Bank for International Settlements. (2019). Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2019. Basel: Bank for International Settlements.Google Scholar
Bank of Russia. (2019). Bank of Russia Annual Report for 2018. Moscow: Bank of Russia.Google Scholar
Bank of Russia. (2020). Bank of Russia Annual Report for 2019. Moscow: Bank of Russia.Google Scholar
Bank of Russia. (2021). Bank of Russia Annual Report for 2020. Moscow: Bank of Russia.Google Scholar
Benassy‐Quere, A., Lahreche‐Revil, A., & Valerie, M. (2008). Is Asia Responsible for Exchange Rate Misalignments within the G20? Pacific Economic Review, 13(1), 4661.Google Scholar
Benkovskis, K. & Wörz, J. (2015). “Made in China” – How Does it Affect our Understanding of Global Market Shares? ECB Working Paper 1787.Google Scholar
Bergsten, C. F. (2007). The Chinese Exchange Rate and the US Economy. Testimony before the Senate Committee on Banking, Housing & Urban Affairs, January 31. www.piie.com/commentary/testimonies/chinese-exchange-rate-and-us-economy.Google Scholar
Bineau, Y. (2010). Renminbi’s Misalignment: A Meta-Analysis. Economic Systems, 34(3), 259–69.Google Scholar
Chen, H. & Peng, W. (2010). The Potential of the Renminbi as an International Currency. In Peng, W. and Shu, C., eds., Currency Internationalization: Global Experiences and Implications for the Renminbi. London: Palgrave Macmillan, pp. 115–38.Google Scholar
Chen, H., Peng, W., & Shu, C. (2009). Renminbi as an International Currency: Potential and Policy Considerations. HKIMR Working Paper No.18/2009.Google Scholar
Chen, J. (2013). Crisis, Capital Controls and Covered Interest Parity: Evidence from China in Transformation. In Y.-W. Cheung and J. De Haan, eds., The Evolving Role of China in the Global Economy. Cambridge, MA: MIT Press, pp. 339–71.Google Scholar
Chen, J. & Qian, X. (2016). Measuring On-Going Changes in China’s Capital Controls: A De Jure and a Hybrid Index Data Set. China Economic Review, 38, 167–82.Google Scholar
Chen, X. & Cheung, Y.-W. (2011). Renminbi Going Global.. China & World Economy, 19(2), 118.Google Scholar
Cheung, Y.-W. (2015). The Role of Offshore Financial Centers in the Process of Renminbi Internationalization., In B. Eichengreen and Kawai, M., eds., Renminbi Internationalization: Achievements, Prospects, and Challenges. Washington, DC: Brookings Institution Press, pp. 207–35.Google Scholar
Cheung, Y.-W., Chinn, M. D., & Fujii, E. (2007a). The Economic Integration of Greater China: Real and Financial Linkages and the Prospects for Currency Union. Hong Kong: Hong Kong University Press.Google Scholar
Cheung, Y.-W., Chinn, M. D., & Fujii, E. (2007b). The Overvaluation of Renminbi Undervaluation. Journal of International Money & Finance, 26(5), 762–85.Google Scholar
Cheung, Y.-W., Chinn, M. D., & Nong, X. (2017). Estimating Currency Misalignment Using the Penn Effect: It is not as Simple as it Looks. International Finance, 20(3), 222–42.Google Scholar
Cheung, Y.-W., Chinn, M. D., & Pascual, A. G. (2005). Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive? Journal of International Money & Finance, 24(7), 1150–75.Google Scholar
Cheung, Y.-W., Chinn, M. D., Pascual, A. G., & Zhang, Y. (2019). Exchange Rate Prediction Redux: New Models, New Data, New Currencies. Journal of International Money & Finance, 95(September), 332–62.Google Scholar
Cheung, Y.-W., Chow, K. K. & Qin, F. (2017). The RMB Exchange Rate: Past, Current, and Future; Singapore: World Scientific Publishing Co.Google Scholar
Cheung, Y.-W., Grimm, L., & Westermann, F. (2021). The Evolution of Offshore Renminbi Trading: 2016 to 2019. Journal of International Money & Finance, 113(May), 102369.Google Scholar
Cheung, Y.-W. & He, S. (2022). RMB Misalignment: What Does a Meta-Analysis Tell Us? Review of International Economics, https://doi.org/10.1111/roie.12593.Google Scholar
Cheung, Y.-W. & Herrala, R. (2014). China’s Capital Controls – Through the Prism of Covered Interest Differentials. Pacific Economic Review, 19, 112–34.Google Scholar
Cheung, Y.-W., Hui, C.-H., & Tsang, A. (2018a). The Renminbi Central Parity: An Empirical Investigation. Pacific Economic Review, 23(2), 164–83.Google Scholar
Cheung, Y.-W., Hui, C.-H., & Tsang, A. (2018b). The RMB Central Parity Formation Mechanism: August 2015 to December 2016. Journal of International Money & Finance, 86(September), 223–43.Google Scholar
Cheung, Y.-W., Ma, G., & McCauley, R. N. (2011). Renminbising China’s Foreign Assets. Pacific Economic Review, 16(February), 117.Google Scholar
Cheung, Y.-W., Mccauley, R. N., & Shu, C. (2019). Geographic Spread of Currency Trading: The Renminbi and Other EM Currencies. China & World Economy, 27(5): 2536.Google Scholar
Cheung, Y.-W. & Qian, X. (2011). Deviations from covered interest parity: The case of China. In Y.-W. Cheung, V. Kakkar, & G. Ma, eds., The Evolving Role of Asia in Global Finance, Bingley: Emerald Group Publishing Limited, pp. 369–386.Google Scholar
Cheung, Y.-W. & Wang, W. (2020). A Jackknife Model Averaging Analysis of RMB Misalignment Estimates. Journal of International Commerce, Economics & Policy, 11(2), 2050007.Google Scholar
Cheung, Y.-W. & Yiu, M. (2017). Offshore Renminbi Trading: Findings from the 2013 Triennial Central Bank Survey. International Economics, 152(December), 920.Google Scholar
China Foreign Exchange Trade System. (2016). Public Announcement of China Foreign Exchange Trade System on Adjusting Rules for Currency Baskets of CFETS RMB Indices. www.chinamoney.com.cn/english/bmkidxrud/20161229/2050.html (updated November 2022).Google Scholar
Chinn, M. D. & Frankel, J. A. (2007). Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency? In Clarida, R. H., ed., G7 Current Account Imbalances: Sustainability and Adjustment, Chicago: University of Chicago Press, pp. 283–336.Google Scholar
Cline, W. R. (2015). Estimates of Fundamental Equilibrium Exchange Rates, May 2015. Policy Brief 15-8, Washington, DC: Peterson Institute for International Economics.Google Scholar
Cline, W. R. & Williamson, J. (2010). Estimates of fundamental equilibrium exchange rates. Peterson Institute for International Economics Policy Brief No. 10–15. Washington DC: Peterson Institute for International Economics.Google Scholar
Coudert, V. & Couharde, C. (2007). Real equilibrium exchange rate in China: Is the renminbi undervalued? Journal of Asian Economics, 18(4), 568–594.Google Scholar
Cui, L., Shu, C., & Chang, J. (2009). Exchange rate pass-through and currency invoicing in China’s exports. HKMA China Economic Issues, No. 2/09.Google Scholar
Ding, J. (1998). China’s foreign exchange black market and exchange flight: Analysis of exchange rate policy. The Developing Economies, 36(1), 2444.Google Scholar
Dooley, M. P., Folkerts-Landau, D., & Garber, P. M. (2022). US Sanctions Reinforce the Dollar’s Dominance. NBER Working Paper No. 29943.Google Scholar
Dornbusch, R. (1976). Expectations and exchange rate dynamics. Journal of Political Economy, 84(6), 11611176.Google Scholar
Dunaway, S., Leigh, L., & Li, X. (2009). How robust are estimates of equilibrium real exchange rates: The case of China. Pacific Economic Review, 14(3), 361375.Google Scholar
Economist Intelligence Unit. (2014). Renminbi Rising: Onshore and Offshore Perspectives on Chinese Financial Liberalisation. An Economic Intelligence Unit report commissioned by State Street.Google Scholar
Ehlers, T. & Packer, F. (2013). FX and derivatives markets in emerging economies and the internationalization of their currencies. BIS Quarterly Review, December, 5567.Google Scholar
Ehlers, T., Packer, F., & Zhu, F. (2016). The changing landscape of renminbi offshore and onshore markets. BIS Quarterly Review, December, 7273.Google Scholar
Eichengreen, B. (2013). Renminbi internationalization: Tempest in a teapot? Asian Development Review, 30(1), 148164.Google Scholar
Eichengreen, B. & Flandreau, M. (2009). The rise and fall of the dollar (or when did the dollar replace sterling as the leading international currency?). European Review of Economic History, 13(3), 377411.Google Scholar
Eichengreen, B. & Kawai, M. (2015). Renminbi Internationalization: Achievements, Prospects, and Challenges. Washington, DC: Brookings Institution Press.Google Scholar
Engel, C., Lee, D., Liu, C., Liu, C., & Wu, S. P. Y. (2019). The uncovered interest parity puzzle, exchange rate forecasting, and Taylor rules. Journal of International Money & Finance, 95(July), 317331.Google Scholar
European Commission. (2018). Towards a stronger international role of the euro: Commission contribution to the European Council and the Euro Summit. https://ec.europa.eu/commission/publications/towards-stronger-international-role-euro-commission-contribution-european-council-13-14-december-2018_en.Google Scholar
Fernald, J., Hsu, E., & Spiegel, M. M. (2015). Is China Fudging its Figures? Evidence from Trading Partner Data. Federal Reserve Bank of San Francisco Working Paper Series, Working Paper 2015-12.Google Scholar
Fernández-Villaverde, J., Sanches, D., Schilling, L., & Uhlig, H. (2020). Central Bank Digital Currency: Central Banking for All? NBER Working Paper No. 26753.Google Scholar
Fischer, C. & Hossfeld, O. (2014). A consistent set of multilateral productivity approach-based indicators of price competitiveness: Results for Pacific Rim economies. Journal of International Money & Finance, 49(December, Part A), 152169.Google Scholar
Franke, G. (1999). The Bundesbank and the markets. In Bundesbank, Deutsche, ed., Fifty Years of the Deutsche Mark: Central Bank and the Currency in Germany since 1948. Oxford: Oxford University Press, pp. 219267.Google Scholar
Frankel, J. A. (2006). On the yuan: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate. CESifo Economic Studies, 52(2), 246275.Google Scholar
Frankel, J. A. (2009). New estimation of China’s exchange rate regime. Pacific Economic Review, 14(3), 346360.Google Scholar
Frankel, J. A. (2012). Internationalization of the RMB and historical precedents. Journal of Economic Integration, 27(3), 329365.Google Scholar
Funke, M. & Gronwald, M. (2008). The undisclosed renminbi basket: Are the markets telling us something about where the renminbi–US dollar exchange rate is going? The World Economy, 31(12), 15811598.Google Scholar
Funke, M. & Rahn, J. (2005). Just how undervalued is the Chinese renminbi? The World Economy, 28(4), 465489.Google Scholar
Garber, P. (2017). The geopolitics of ascending global currencies. In Cheung, Y.-W. and Westermann, F., eds., International Currency Exposure. Cambridge, MA: MIT Press, pp. 289296.Google Scholar
Garcia-Herrero, A. & Xia, L. (2015). RMB bilateral swap agreements: How China chooses its partners? Asia-Pacific Journal of Accounting & Economics, 22(4), 368383.Google Scholar
Goldberg, L. S. & Tille, C. (2008). Vehicle currency use in international trade. Journal of International Economics, 76(2), 177192.Google Scholar
Goldstein, M. & Lardy, N. (2009). The Future of China’s Exchange Rate Policy. Washington, DC: Peterson Institute for International Economics.Google Scholar
Hanson, F., Currey, E. & Beattie, T. (2020). The Chinese Communist Party’s Coercive Diplomacy. Policy Brief Report No. 36/2020. Australia: International Cyber Policy Centre at Australian Strategic Policy Institute.Google Scholar
Hinkle, L. E. & Monteil, P. J. (1999). Exchange Rate Misalignment: Concepts and Measurement for Developing Countries. New York: Oxford University Press.Google Scholar
Holz, C. A. (2004). China’s statistical system in transition: Challenges, data problems, and institutional innovations. Review of Income & Wealth, 50(3), 381409.Google Scholar
Hu, F. (2008). The role of the RMB in the world economy. Cato Journal, 28(2), 219224.Google Scholar
Huang, H. & Wang, S. (2004). Exchange rate regimes: China’s experience and choices. China Economic Review, 15(3), 336342.Google Scholar
Huang, J. & Billo, A. (2015). Territorial Disputes in the South China Sea: Navigating Rough Waters. London: Palgrave Macmillan.Google Scholar
International Monetary Fund Communications Department, (2015). IMF Staff Completes the 2015 Article IV Consultation Mission to China, Press Release No. 15/237, www.imf.org/external/np/sec/pr/2015/pr15237.htm.Google Scholar
Ito, T., Koibuchi, S., Sato, K., & Shimizu, J. (2010). Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters’ invoicing behavior. NBER Working Paper No. 16231.Google Scholar
Kassam, N. (2021). The 2021 Lowy Institute Poll, https://poll.lowyinstitute.org/report/2021.Google Scholar
Kawai, M. & Liu, L.-G. (2015). Trilemma challenges for the People’s Republic of China. Asian Development Review, 32(1), 4989.Google Scholar
Kiff, J., Alwazir, J., Davidovic, S., et al. (2020). A Survey of Research on Retail Central Bank Digital Currency. IMF Working Paper WP/20/104.Google Scholar
Kissinger, H. (2011). On China. New York: Penguin Press.Google Scholar
Klein, L. & Ozmucur, S. (2003). The Estimation of China’s Economic Growth Rate unpublished manuscript, University of Pennsylvania.Google Scholar
Koch-Weser, I. N. (2013). The Reliability of China’s Economic Data: An Analysis of National Output, US–China Economic & Security Review Commission Staff Research Project.Google Scholar
Korhonen, I. & Ritola, M. (2011). Renminbi misaligned: Results from meta-regressions. In Cheung, Y.-W. and Ma, G., eds., Asia and China in the Global Economy. Singapore: World Scientific Publishing Company, pp. 97122.Google Scholar
Lai, E. (2021). One Currency, Two Markets: China’s Attempt to Internationalize the Renminbi. Cambridge: Cambridge University Press.Google Scholar
Lee, J.-W. (2014). Will the Renminbi emerge as an international reserve currency? The World Economy, 37(1), 4262.Google Scholar
Liao, S. & McDowell, D. (2015). Redback rising: China’s bilateral swap agreements and renminbi internationalization. International Studies Quarterly, 59(3), 401422.Google Scholar
Liew, L. H. & Wu, H. X. (2007). The Making of China’s Exchange Rate Policy. Cheltenham: Edward Elgar.Google Scholar
Lin, G. & Schramm, R. M. (2003). China’s foreign exchange policies since 1979: A review of developments and an assessment. China Economic Review, 14(3), 246280.Google Scholar
Lin, Z., Zhan, W., & Cheung, Y-W. (2016). China’s bilateral currency swap lines. China & World Economy, 24(6), 1942.Google Scholar
Lu, Y. & Wang, Y. (2019). Determinants of Currency Composition of Reserves: A Portfolio Theory Approach with an Application to RMB. IMF Working Paper WP/19/52.Google Scholar
Ma, G. & McCauley, R. (2008). Efficacy of China’s capital controls: Evidence from price and flow data. Pacific Economic Review, 13 (1), 104123.Google Scholar
Ma, G. & McCauley, R. (2011). The evolving renminbi regime and implications for Asian currency stability. Journal of the Japanese and International Economies, 25(1), 23–38.Google Scholar
Mavroidis, P. C. & Sapir, A. (2021). China and the WTO: Why Multilateralism Still Matters. Princeton: Princeton University PressGoogle Scholar
Meese, R. A. & Rogoff, K. (1983). Empirical exchange rate models of the seventies: Do they fit out of sample? Journal of International Economics, 14(1–2), 324.Google Scholar
Ministry of Finance of Japan. (2003). Promotion of the Internationalization of the Yen. Chairpersons’ Report of Study Group on the Promotion of the Internationalisation of the Yen.Google Scholar
Miyashita, T. (1966). The Currency and Financial System of Mainland China. Seattle: University of Washington Press.Google Scholar
Morrison, W. M. & Labonte, M. (2013). China’s currency policy: An analysis of the economic issues. Congressional Research Service.Google Scholar
Obstfeld, M. (2007). The Renminbi’s dollar peg at the crossroads. Monetary and Economic Studies, 25(S1), 2955.Google Scholar
OECD. (2005). OECD Economic Surveys – China 2005. Paris: Organization for Economic Cooperation and Development.Google Scholar
People’s Bank of China. (2005). Public Announcement of the People’s Bank of China on Reforming the RMB Exchange Rate Regime, www.pbc.gov.cn/english/130721/2831438/index.html.Google Scholar
People’s Bank of China. (2010). Further Reform the RMB Exchange Rate Regime and Enhance the RMB Exchange Rate Flexibility, www.pbc.gov.cn/english/130721/2845862/index.html.Google Scholar
People’s Bank of China. (2015). The PBC Announcement on Improving Quotation of the Central Parity of RMB against US Dollar, www.pbc.gov.cn/english/130721/2941603/index.html.Google Scholar
People’s Bank of China. (2017). 2017 RMB Internationalization Report, People’s Bank of China.Google Scholar
People’s Bank of China. (2020). 2020 RMB Internationalization Report, People’s Bank of China.Google Scholar
People’s Bank of China. (2021). 2021 RMB Internationalization Report, People’s Bank of China.Google Scholar
Pethokoukis, J. (2014). Sorry, China, the US is still the world’s leading economic power. AEIdeas, April 30, 2014. www.aei.org/publication/sorry-china-the-us-is-still-the-worlds-leading-economic-power/.Google Scholar
Prasad, E. S. (2016). The renminbi’s ascendance in international finance. In Glick, R. and Spiegel, M. M., eds., Policy Challenges in a Diverging Global Economy, San Francisco: Federal Reserve Bank of San Francisco, pp. 207256.Google Scholar
Prasad, E. S. (2017). Gaining Currency: The Rise of the Renminbi. New York: Oxford University Press.Google Scholar
Prasad, E. S. & Wei, S.-J. (2007). China’s approach to capital inflows: Patterns and possible explanations. In Edwards, S., ed., Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences. Chicago, IL: University of Chicago Press, pp. 421480.Google Scholar
Rawski, T. (2001). What is happening to China’s GDP statistics? China Economic Review, 12(4), 347354.Google Scholar
Rawski, T. (2002). Measuring China’s Recent GDP Growth: Where Do We Stand? China Economic Quarterly, 2 (1), 53–62.Google Scholar
Rebucci, A. & Ma, M. (2019). Capital Controls: A Survey of the New Literature, NBER Working Paper No. 26558Google Scholar
Rosen, D. (1999). Behind the Open Door: Foreign Enterprises in the Chinese Marketplace, Washington, DC: Institute for International Economics.Google Scholar
Rossi, B. (2013). Exchange rate predictability. Journal of Economic Literature, 51(4), 10631119.Google Scholar
Ruoen, R. & Kai, C. (1995). China’s GDP in US Dollars Based on Purchasing Power Parity. Policy Research working paper no. 1415, Washington, DC: World Bank.Google Scholar
Schnabl, G. (2013). The role of the Chinese dollar peg for macroeconomic stability in China and the world economy. In Cheung, Y.-W. and J. de Haan, eds., The Evolving Role of China in the Global Economy. Cambridge, MA: MIT Press, pp. 5382.Google Scholar
Schnatz, B. (2011). Global imbalances and the pretence of knowing fundamental equilibrium exchange rates. Pacific Economic Review, 16(5), 604615.Google Scholar
Shi, Lei 石雷. (1998). Renminbi shi hua (人民币史话). Beijing: Zhongguo Jinrong Chubanshe.Google Scholar
Silver, L., Devlin, K. & Huang, C. (2021). Large Majorities Say China Does Not Respect the Personal Freedoms. of Its People. Washington, DC: Pew Research Center.Google Scholar
Smith, R. C. (2016). Is China the next Japan? The Independent Review, 21(2), 275–98.Google Scholar
Song, K. & Xia, L. (2020). Bilateral swap agreement and renminbi settlement in cross-border trade. Economic and Political Studies, 8(3), 355373.Google Scholar
Bank, Standard Chartered. (2012). CNH – Introducing the Renminbi Globalization Index. Standard Chartered Bank: Global Research, November 14.Google Scholar
Bank, Standard Chartered. (2021). Offshore Renbinbi – Subtle reassurance. Standard Chartered Bank: Global Research, November 16.Google Scholar
State Administration of Foreign Exchange of China. (2003a). Exchange Regulation for Border Trade (bianjing maoyi waihui guanli banfa) www.safe.gov.cn/model_safe/laws/law_detail.jsp?ID=80100000000000000,14&id=4.Google Scholar
State Administration of Foreign Exchange of China. (2003b). Notice for Issues relating to Domestic Institutions Using RMB as Denominated Currency in Foreign Trade (guanyu jingneijigou duiwaimaoyi zhong yi renminbi zuowei jijiahuobi youguanwenti de tongzhi) www.safe.gov.cn/model_safe/laws/law_detail.jsp?ID=80800000000000000,40&id=4.Google Scholar
State Administration of Foreign Exchange of China. (2019a). Abolish Restrictions on the Investment Quota of Qualified Foreign Investors (QFII/ RQFII) and Further Expand the Opening up of Financial Markets. www.safe.gov.cn/en/2019/0910/1552.html.Google Scholar
State Administration of Foreign Exchange of China. (2019b). State Administration of Foreign Exchange 2018 Annual Report. www.safe.gov.cn/en/2019/0905/1549.html.Google Scholar
State Administration of Foreign Exchange of China. (2020). State Administration of Foreign Exchange 2019 Annual Report. www.safe.gov.cn/en/2020/1221/1779.html.Google Scholar
State Administration of Foreign Exchange of China. (2021). State Administration of Foreign Exchange 2020 Annual Report. www.safe.gov.cn/en/2020/1221/1779.html.Google Scholar
Stokes, B. (2015). How Asia-Pacific Publics See Each Other and Their National Leaders. Washington, DC: Pew Research Centre.Google Scholar
Su, G. & Qian, J. (2021). Structural changes in the renminbi exchange rate mechanism. China & World Economy, 29(2), 123.Google Scholar
Subacchi, P. (2016). The People’s Money: How China Is Building a Global Currency. New York: Columbia University Press.Google Scholar
Subramanian, A. (2011a). Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition. Peterson Institute for International Economics Working Paper No. 11–14.Google Scholar
Subramanian, A. (2011b). Eclipse: Living in the Shadow of China’s Economic Dominance. Washington, DC: Institute of International Economics.Google Scholar
SWIFT. (2012). RMB Tracker – January 2012. SWIFT.Google Scholar
SWIFT, (2013). RMB Tracker – April 2013. SWIFT.Google Scholar
SWIFT. (2015). RMB Tracker – September 2015. SWIFT.Google Scholar
SWIFT. (2022). RMB Tracker – January 2022. SWIFT.Google Scholar
Sun, J. (2010). Retrospect of the Chinese exchange rate regime after reform: Stylized facts during the period from 2005 to 2010. China & World Economy, 18(6), 1935.Google Scholar
Takagi, S. (2011). Internationalizing the yen, 1984–2003: Unfinished agenda or mission impossible? In Cheung, Y.-W. and Ma, G., eds., Asia and China in the Global Economy. Singapore: World Scientific Publishing Company, pp. 219244.Google Scholar
The Economist (2014). Catching the eagle. The Economist, August 22, 2014. www.economist.com/blogs/graphicdetail/2014/08/chinese-and-american-gdp-forecasts.Google Scholar
Trian, N. (2020). Will souring China–Australia relations force a rethink on trade? France24, September 8, 2020. www.france24.com/en/20200908-could-souring-china-australia-relations-force-a-rethink-on-trade.Google Scholar
United States Department of the Treasury. (1992). Report to the Congress – Report to Congress on International Economic and Exchange Rate Policies, May 1992. US Department of the Treasury, Office of International Affairs.Google Scholar
United States Department of the Treasury. (1994). Interim Report to the Congress on International Economic and Exchange Rate Policies, July 1994. US Department of the Treasury, Office of International Affairs.Google Scholar
United States Department of the Treasury. (2006). Report to the Congress – Report to Congress on international economic and exchange rate policies, December 2006. US Department of the Treasury, Office of International Affairs.Google Scholar
United States Department of the Treasury. (2018). Report to the Congress – Macroeconomic and foreign exchange policies of major trading partners of the United States, October 2018. US Department of the Treasury, Office of International Affairs.Google Scholar
United States Department of the Treasury. (2019). Report to the Congress – Macroeconomic and foreign exchange policies of major trading partners of the United States, May 2019. US Department of the Treasury, Office of International Affairs.Google Scholar
Wang, Y., Hui, X., & Soofi, A. S. (2007). Estimating renminbi (RMB) equilibrium exchange rate. Journal of Policy Modeling, 29(3), 417429.Google Scholar
Westermann, F. (2021). On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB. HKIMR Working Paper No. 25/2021Google Scholar
Working Group on E-CNY Research and Development of the People’s Bank of China. (2021). Progress of Research & Development of E-CNY in China. www.pbc.gov.cn/en/3688110/3688172/4157443/4293696/2021071614584691871.pdf.Google Scholar
World Bank. (2013a). China 2030. Washington, DC: World Bank.Google Scholar
World Bank. (2013b). Measuring the Real Size of the World Economy. Washington, DC: World Bank.Google Scholar
World Bank. (2018). Commodity Markets Outlook (October). Washington, DC: World Bank.Google Scholar
Wu, N. & Chen, Q. (2002). Renminbi huilü yanjiu—xiudingben (人民币汇率研 究 – 修订本). Beijing: Zhongguo Jinrong Chubanshe.Google Scholar
Xu, Y. (2000). China’s exchange rate policy. China Economic Review, 11, 262–277.Google Scholar
Yi, G. (2020). The IMF should turn to special drawing rights in its Covid-19 response. Financial Times – Opinion, July 16. www.ft.com/content/e7efef20-3960-46e7-922b-112dba8f2def.Google Scholar
Yu, Y. & Gao, H. (2011). Internationalisation of the renminbi. In Cheung, Y.-W. and Ma, G., eds., Asia and China in the Global Economy. Singapore: World Scientific Publishing Company, pp. 191217.Google Scholar
Zhou, X. (2009). Reform the international monetary system. BIS Review, March 23. www.bis.org/review/r090402c.pdf.Google Scholar

Save element to Kindle

To save this element to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

The RMB in the Global Economy
Available formats
×

Save element to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

The RMB in the Global Economy
Available formats
×

Save element to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

The RMB in the Global Economy
Available formats
×