Renminbi Going Global

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 08/2011

China & World Economy, Volume 19, Issue 2, pages 1–18, March-April 2011

27 Pages Posted: 29 Mar 2011 Last revised: 31 Oct 2022

Date Written: March 28, 2011

Abstract

This working paper was written by Xiaoli Chen (Shandong University) and Yin-Wong Cheung (University of California, Santa Cruz).

The paper assesses the international status of the Chinese currency renminbi (RMB) by recounting and reviewing the recent polices China instituted to promote the use of the RMB in the global market. The evidence suggests that the RMB is gaining acceptance overseas. However, compared with the size of the Chinese economy, the current scale of the use of the RMB is quite small. The path to a fully fledged international RMB will be a distant goal.

Keywords: RMB Internationalization, Off-Shore RMB Market, Cross-Border Trade Settlement, Panda Bonds

JEL Classification: F02, F31, F33

Suggested Citation

Institute for Monetary and Financial Research, Hong Kong, Renminbi Going Global (March 28, 2011). Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 08/2011, China & World Economy, Volume 19, Issue 2, pages 1–18, March-April 2011, Available at SSRN: https://ssrn.com/abstract=1797464 or http://dx.doi.org/10.2139/ssrn.1797464

Hong Kong Institute for Monetary and Financial Research (Contact Author)

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