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Author: Eswar Prasad Publisher: Oxford University Press ISBN: 0190631058 Category : Business & Economics Languages : en Pages : 345
Book Description
China's currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its way to becoming a significant international currency, one that is used widely in international trade and finance. This book documents the RMB's impressive rise, with China successfully adopting a unique playbook for promoting its currency. China's growing economic might, expanding international influence, and the rise of its currency are all intricately connected. The book documents how China's government has tied these goals together, enabling faster progress towards each of them. But there are many pitfalls ahead, both for China's economy and its currency. The book shows how the government has so far navigated its way around domestic and international dangers, but enormous risks still lie ahead. The International Monetary Fund has elevated the RMB to the status of an official reserve currency, a currency that foreign central banks use to keep their rainy day funds. If China plays its cards right, with reforms that put its economy and financial markets on the right track, the RMB is going to become an important reserve currency that could rival some of the traditional reserve currencies such as the euro and the Japanese yen. But this book argues that there are limits to the RMB's ascendance-the hype about its inevitable rise to global dominance is overblown. The Chinese leadership's apparent commitment to financial sector and other market-oriented reforms-coupled with unambiguous repudiation of political, legal, and institutional reforms-sets the RMB on a clear course. It will attain the status of a reserve currency over time but has essentially given up its claim of being seen as a safe haven currency, one that investors turn to for safety. The RMB will erode but not seriously challenge the U.S. dollar's dominance in international finance.--
Author: Eswar Prasad Publisher: Oxford University Press ISBN: 0190631058 Category : Business & Economics Languages : en Pages : 345
Book Description
China's currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its way to becoming a significant international currency, one that is used widely in international trade and finance. This book documents the RMB's impressive rise, with China successfully adopting a unique playbook for promoting its currency. China's growing economic might, expanding international influence, and the rise of its currency are all intricately connected. The book documents how China's government has tied these goals together, enabling faster progress towards each of them. But there are many pitfalls ahead, both for China's economy and its currency. The book shows how the government has so far navigated its way around domestic and international dangers, but enormous risks still lie ahead. The International Monetary Fund has elevated the RMB to the status of an official reserve currency, a currency that foreign central banks use to keep their rainy day funds. If China plays its cards right, with reforms that put its economy and financial markets on the right track, the RMB is going to become an important reserve currency that could rival some of the traditional reserve currencies such as the euro and the Japanese yen. But this book argues that there are limits to the RMB's ascendance-the hype about its inevitable rise to global dominance is overblown. The Chinese leadership's apparent commitment to financial sector and other market-oriented reforms-coupled with unambiguous repudiation of political, legal, and institutional reforms-sets the RMB on a clear course. It will attain the status of a reserve currency over time but has essentially given up its claim of being seen as a safe haven currency, one that investors turn to for safety. The RMB will erode but not seriously challenge the U.S. dollar's dominance in international finance.--
Author: Barry Eichengreen Publisher: Brookings Institution Press ISBN: 0815726120 Category : Political Science Languages : en Pages : 401
Book Description
Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
Author: Patrick Fuliang Shan Publisher: UBC Press ISBN: 0774837810 Category : History Languages : en Pages : 332
Book Description
Yuan Shikai (1859–1916) has been both hailed as China’s George Washington for his role in the country’s transition from empire to republic and condemned as a counter-revolutionary. Yuan Shikai: A Reappraisal sheds new light on the controversial history of this talented administrator and modernizer who endeavoured to establish a new dynasty while serving as the first president of the republic, eventually declaring himself emperor. Drawing on untapped primary sources and recent scholarship, Patrick Fuliang Shan offers a lucid, comprehensive, and critical new interpretation of Yuan’s part in shaping modern China.
Author: Peter G. Zhang Publisher: John Wiley & Sons ISBN: 0470827408 Category : Business & Economics Languages : en Pages : 242
Book Description
Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward. Key topics include: Overview of current China economy and its capital market In-depth analysis on the China's banking system and foreign exchange system Extensive analysis of on-shore and off-shore financial products in China Explanation of the needs and reasons for RMB products innovation Insights into the internationalization of the RMB Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.
Author: Chen Yulu Publisher: McGraw Hill Professional ISBN: 0071829903 Category : Business & Economics Languages : en Pages : 177
Book Description
From ancient “knife money” to the Renminbi—a fascinating history of Chinese currency Chinese Currency and the Global Economy is an all-encapsulating study of the Chinese monetary system from the historical perspective of global economy and finance. From economic infrastructure to the cultural system and from world events to the domestic scene, author Chen Yulu describes the metamorphosis of the Chinese currency and examines what is entailed in the globalization of Renminbi against the background of world economic multi-polarization. Chen Yulu is an Eisenhower senior visiting fellow and a Fulbright senior scholar. He serves concurrently as president of Renmin University of China, vice-chairman of the China International Finance Association, and deputy secretary general and executive director of the China Society for Finance and Banking.
Author: Paola Subacchi Publisher: Columbia University Press ISBN: 0231543263 Category : Business & Economics Languages : en Pages : 252
Book Description
Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
Author: Richard von Glahn Publisher: Univ of California Press ISBN: 0520917456 Category : History Languages : en Pages : 322
Book Description
The most striking feature of Wutong, the preeminent God of Wealth in late imperial China, was the deity’s diabolical character. Wutong was perceived not as a heroic figure or paragon but rather as an embodiment of greed and lust, a maleficent demon who preyed on the weak and vulnerable. In The Sinister Way, Richard von Glahn examines the emergence and evolution of the Wutong cult within the larger framework of the historical development of Chinese popular or vernacular religion—as opposed to institutional religions such as Buddhism or Daoism. Von Glahn’s study, spanning three millennia, gives due recognition to the morally ambivalent and demonic aspects of divine power within the common Chinese religious culture. Surveying Chinese religion from 1000 BCE to the beginning of the twentieth century, The Sinister Way views the Wutong cult as by no means an aberration. In Von Glahn’s work we see how, from earliest times, the Chinese imagined an enchanted world populated by fiendish fairies and goblins, ancient stones and trees that spring suddenly to life, ghosts of the unshriven dead, and the blood-eating spirits of the mountains and forests. From earliest times, too, we find in Chinese religious culture an abiding tension between two fundamental orientations: on one hand, belief in the power of sacrifice and exorcism to win blessings and avert calamity through direct appeal to a multitude of gods; on the other, faith in an all-encompassing moral equilibrium inhering in the cosmos.
Author: Paul Jakov Smith Publisher: BRILL ISBN: 1684173817 Category : History Languages : en Pages : 549
Book Description
This volume seeks to study the connections between two well-studied epochs in Chinese history: the mid-imperial era of the Tang and Song (ca. 800-1270) and the late imperial era of the late Ming and Qing (1550-1900). Both eras are seen as periods of explosive change, particularly in economic activity, characterized by the emergence of new forms of social organization and a dramatic expansion in knowledge and culture. The task of establishing links between these two periods has been impeded by a lack of knowledge of the intervening Mongol Yuan dynasty (1271-1368). This historiographical "black hole" has artificially interrupted the narrative of Chinese history and bifurcated it into two distinct epochs. This book aims to restore continuity to that historical narrative by filling the gap between mid-imperial and late imperial China. The contributors argue that the Song-Yuan-Ming transition (early twelfth through the late fifteenth century) constitutes a distinct historical period of transition and not one of interruption and devolution. They trace this transition by investigating such subjects as contemporary impressions of the period, the role of the Mongols in intellectual life, the economy of Jiangnan, urban growth, neo-Confucianism and local society, commercial publishing, comic drama, and medical learning.
Author: Timothy Brook Publisher: Harvard University Press ISBN: 0674072537 Category : History Languages : en Pages : 337
Book Description
The Mongol takeover in the 1270s changed the course of Chinese history. The Confucian empireÑa millennium and a half in the makingÑwas suddenly thrust under foreign occupation. What China had been before its reunification as the Yuan dynasty in 1279 was no longer what it would be in the future. Four centuries later, another wave of steppe invaders would replace the Ming dynasty with yet another foreign occupation. The Troubled Empire explores what happened to China between these two dramatic invasions. If anything defined the complex dynamics of this period, it was changes in the weather. Asia, like Europe, experienced a Little Ice Age, and as temperatures fell in the thirteenth century, Kublai Khan moved south into China. His Yuan dynasty collapsed in less than a century, but Mongol values lived on in Ming institutions. A second blast of cold in the 1630s, combined with drought, was more than the dynasty could stand, and the Ming fell to Manchu invaders. Against this backgroundÑthe first coherent ecological history of China in this periodÑTimothy Brook explores the growth of autocracy, social complexity, and commercialization, paying special attention to ChinaÕs incorporation into the larger South China Sea economy. These changes not only shaped what China would become but contributed to the formation of the early modern world.
Author: Eswar Prasad
Author: Eswar Prasad
Author: Barry Eichengreen
Author: Patrick Fuliang Shan
Author: Peter G. Zhang
Author: Edwin L.-C. Lai
Author: Chen Yulu
Author: Paola Subacchi
Author: Richard von Glahn
Author: Paul Jakov Smith
Author: Timothy Brook