Currency Internationalization: Global Experiences and Implications for the Renminbi

1. Front Matter

   Pages i-xxi

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2. International Experiences

   1. Front Matter

      Pages 1-1

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   2. Global Roles of Currencies

      • Christian Thimann

      Pages 3-41

   3. External Use of the South African Rand

      • Johan van den Heever

      Pages 42-55

   4. Internationalizing the Australian Dollar

      • Robert N. McCauley

      Pages 56-77

   5. Foreign Exchange Liberalization and Its Implications: The case of the Korean Won

      • Kyungsoo Kim, Chi-Young Song

      Pages 78-111

3. Issues on International Use of the Renminbi

   1. Front Matter

      Pages 113-113

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   2. The Potential of the Renminbi as an International Currency

      • Hongyi Chen, Wensheng Peng

      Pages 115-138

   3. Pros and Cons of International Use of the RMB for China

      • Wen Hai, Hongxin Yao

      Pages 139-166

   4. RMB Internationalization: Empirical and Policy Analysis

      • David Daokui Li, Linlin Liu

      Pages 167-185

   5. Effects of RMB Internationalization on China’s Finance Industry

      • Shusong Ba, Bo Wu, Ping Yuan, Miao Wang, Zhuqing Yin

      Pages 186-208

   6. Internationalization of the Renminbi and Its Implications for Monetary Policy

      • Haihong Gao

      Pages 209-220

   7. Impact of the Renminbi Exchange Rate on Asian Currencies

      • Chang Shu

      Pages 221-235

4. Back Matter

   Pages 236-242

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This is the first book to collect academic studies examining issues related to the potential internationalization of the Renminbi. It considers policy implications, documents the rising regional importance of the Renminbi and discusses key issues in the increasing use of the Renminbi in international trade and finance.

• China
• international trade
• internationalization
• monetary policy
• banking

WENSHENG PENG is Head of China Research in Barclays Capital, responsible for macroeconomic and financial market research on China.

CHANG SHU leads a team monitoring and researching into macroeconomic, monetary and financial issues on Mainland China for the Hong Kong Monetary Authority.

Policies and ethics