Renminbi rising : a new global monetary system emerges / William H. Overholt, Guonan Ma, Cheung Kwok Law.

Format:

Book

Author/Creator:

Overholt, William H., author.

Ma, Guonan, author.

Luo, Xiangguo, author.

Language:

English

Subjects (All):

Renminbi.

Finance--China.

Finance.

China--Foreign economic relations.

China.

Physical Description:

1 online resource (233 p.)

Edition:

1st ed.

Place of Publication:

Chichester, England : Wiley, 2016.

Language Note:

English

Summary:

Critical analysis of RMB internationalization and the coming global currency shift Renminbi Rising charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system. Effective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon. * Understand why a new global monetary system is needed * Consider the outcomes as China emerges and the U.S. recedes * Learn the context and motivations behind principal players' strategies * Discover the scale of opportunities presented by the rise of the RMB It is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. Renminbi Rising offers detailed analysis of the key opportunities and threats inherent in this major economic shift.

Contents:

Intro

Title Page

Copyright

Dedication

List of Figures

List of Tables

Foreword

Acknowledgments

About the Authors

Chapter 1: Internationalizing the RMB

The Conditions for Becoming a Global Currency

Business and RMB

RMB-Product Markets

Reserve Currency

The Emerging Monetary Order

Chapter 2: The Rise and Fall of Currencies - Historical Lessons for the RMB

Risks in International Monetary System Transitions

The Role of Eurodollars in the 2008 Global Financial Crisis

2008: Year Zero for a New International Monetary System?

Conditions for Currency Internationalization: Market Demand and Institutional Supply

Institutional Inertia and Disruptive Events

Offshore Currencies and International Liquidity

Current International Reactions to the RMB's Rise

RMB Internationalization

Conclusion

References

Chapter 3: Economic and Institutional Foundations for the Rise of the RMB

Economic Foundation

Surprises

New Growth Engines

Capital-Account Liberalization

Institutional Quality

Chapter 4: Can the Chinese Bond Market Support a Potential Global Renminbi?

Overview of the Chinese Bond Market

Chinese Treasury Market in International Perspective

A Dilemma and a Bold Public-Debt Consolidation Scheme

Government-Backed Debt Securities

Chapter 5: Waxing and Waning of the Chinese Stock and Banking Markets

Chinese Stock Market: Growing Despite Immaturity Flaws

A Massive Chinese Banking Market Opening

Chapter 6: Rising Fx Turnover of the RMB

Could the Market Accommodate More Global Currencies?

What Determines the FX Liquidity of the RMB?

Potential for Rising RMB Turnover by Market Segment

Chapter 7: A Spreading Global Network for RMB Trade.

The RMB's International Position

Hong Kong Still the Dominant Offshore RMB Center

More Offshore Centers Catch Up to Spread A Global Network

Prospects for Offshore RMB Centers

Chapter 8: Brief Examples of Business Use of the Internationalizing RMB

Samsung's Use of RMB to Reduce Foreign Exchange Conversion Costs

Alstom's Use of RMB as Corporate Treasury Currency

Chinese Importers' Profit Incentives from use of RMB Trade Settlement: Changhong

Reference

Chapter 9: The RMB as a Reserve Currency

Global Perspectives

Scale of RMB Holdings

Drivers of Change

Exchanging RMB in a Crisis

Onshore and Offshore Access

Offshore Alternatives

Conservatives Change Course

Roadblocks Ahead?

RMB Inclusion in SDR

Capital-Account Reform

Chapter 10: Concluding Reflections

Appendix A: China RMB Financial Statistics and Forecasts by Other Institutions

Glossary

Index

End User License Agreement.

Notes:

Description based upon print version of record.

Includes bibliographical references at the end of each chapters and index.

Description based on print version record.

ISBN:

9781119218982

1119218985

9781119218975

1119218977

OCLC:

935252002