Renminbi Internationalization: Achievements, Prospects, and Challenges
- ISBN-10
- 0815726120
- ISBN-13
- 9780815726128
- Category
- Political Science
- Pages
- 388
- Language
- English
- Published
- 2015-02-11
- Publisher
- Brookings Institution Press
- Authors
- Barry Eichengreen, Masahiro Kawai
Description
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.
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