Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/101266 
Year of Publication: 
2014
Series/Report no.: 
ADBI Working Paper No. 477
Publisher: 
Asian Development Bank Institute (ADBI), Tokyo
Abstract: 
Domestic financial market development is a key determinant of a currency's international status, and financial depth and market liquidity are two essential attributes for an international currency. This paper discusses the status of the People's Republic of China's (PRC) financial markets and their depth and liquidity conditions. The paper also compares the PRC's financial markets with those in developed and emerging economies, contemporaneously and historically. The paper finds that the PRC's financial markets are not as deep and liquid as those in developed economies, and are much less so than those with international currencies. To support the internationalization of the renminbi, the PRC needs to remove several major obstacles to deepen its financial markets and improve their liquidity conditions.
Subjects: 
RMB internationalization
financial depth
bond markets
stock market
money markets
JEL: 
E4
E5
Document Type: 
Working Paper

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