The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China

25 Pages Posted: 9 Feb 2015 Last revised: 24 Mar 2023

See all articles by Joshua Aizenman

Joshua Aizenman

University of Southern California - Department of Economics

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Date Written: February 2015

Abstract

This paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of exported growth, benefiting from learning by doing, and by adopting foreign know-how, supported by a complex industrial policy. While the resultant growth has been spectacular, it comes with hidden but growing costs and distortions. The Chinese export-led growth path has been challenged by its own success, and the Global Financial Crisis forced China toward rebalancing, which is a work in progress. Reflecting on the internationalization of the CNY, one expects the rapid accelerating of the commercial internationalization of the CNY.

Suggested Citation

Aizenman, Joshua, The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China (February 2015). NBER Working Paper No. w20943, Available at SSRN: https://ssrn.com/abstract=2562233

Joshua Aizenman (Contact Author)

University of Southern California - Department of Economics ( email )

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Los Angeles, CA 90089
United States

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