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dc.contributor.authorPrasad, Eswaren
dc.contributor.authorYe, Leien
dc.date.accessioned2012-05-08-
dc.date.accessioned2012-06-15T07:55:51Z-
dc.date.available2012-06-15T07:55:51Z-
dc.date.issued2012-
dc.identifier.piurn:nbn:de:101:1-201205026008en
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x6335en
dc.subject.jelF3en
dc.subject.ddc330en
dc.subject.keywordinternational monetary systemen
dc.subject.keywordreserve currencyen
dc.subject.keywordcapital account liberalizationen
dc.subject.keywordconvertibilityen
dc.subject.keywordexchange rate flexibilityen
dc.subject.stwRenminbien
dc.subject.stwInternationales Währungssystemen
dc.subject.stwKonvertibilitäten
dc.subject.stwReservewährungen
dc.subject.stwWelten
dc.subject.stwChinaen
dc.titleThe renminbi's role in the global monetary system-
dc.typeWorking Paperen
dc.identifier.ppn715374338en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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