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dc.contributor.authorPrasad, Eswaren_US
dc.contributor.authorYe, Leien_US
dc.date.accessioned2012-05-08en_US
dc.date.accessioned2012-06-15T07:55:51Z-
dc.date.available2012-06-15T07:55:51Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:101:1-201205026008-
dc.identifier.urihttp://hdl.handle.net/10419/58835-
dc.description.abstractWe analyze three related but distinct concepts concerning the renminbi's role in the global monetary system: (i) internationalization of the currency; (ii) currency convertibility; and (iii) reserve currency status. Their sequencing in relation to other policy goals such as financial sector reforms and exchange rate flexibility will affect their benefit-risk tradeoffs. We describe the measures taken and progress attained in each of these areas, and discuss the implications of these changes for the balance and sustainability of China's own economic development as well as the associated implications for the global monetary system. While China is actively promoting the internationalization of its currency, it is a long way from attaining full convertibility or meeting other prerequisites for achieving reserve currency status. Ultimately, China will proceed with capital account convertibility in its own controlled and gradual manner, with the goal being an open capital account but with significant administrative and other soft controls. The renminbi will play an increasingly important role in the international monetary system but is unlikely to displace the U.S. dollar anytime soon.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesDiscussion Paper series, Forschungsinstitut zur Zukunft der Arbeit 6335en_US
dc.subject.jelF3en_US
dc.subject.ddc330en_US
dc.subject.keywordinternational monetary systemen_US
dc.subject.keywordreserve currencyen_US
dc.subject.keywordcapital account liberalizationen_US
dc.subject.keywordconvertibilityen_US
dc.subject.keywordexchange rate flexibilityen_US
dc.subject.stwRenminbien_US
dc.subject.stwInternationales Währungssystemen_US
dc.subject.stwKonvertibilitäten_US
dc.subject.stwReservewährungen_US
dc.subject.stwWelten_US
dc.subject.stwChinaen_US
dc.titleThe renminbi's role in the global monetary systemen_US
dc.typeWorking Paperen_US
dc.identifier.ppn715374338en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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