China's efforts to expand the international use of the renminbi / Eswar S. Prasad.

Format:

Book

Government document

Author/Creator:

Prasad, Eswar S., 1965- author.

Contributor:

U.S.-China Economic and Security Review Commission

Language:

English

Subjects (All):

China--Foreign economic relations.

China.

Renminbi.

Monetary policy--China.

Monetary policy.

Money--Political aspects.

Money.

International finance.

International economic relations.

Physical Description:

1 online resource (138 pages) : color illustrations

Place of Publication:

[Washington, DC] : [U.S.-China Economic and Security Review Commission], 2016.

Summary:

This report analyzes three related but distinct aspects of the renminbi's (RMB) role in the global monetary system and describes the Chinese government's actions in each of these areas: Internationalization: Its use in denominating and settling cross-border trade and financial transactions, that is, its use as an international medium of exchange ; Capital account convertibility: The country's level of restrictions on inflows and outflows of financial capital ; Reserve currency: Whether the RMB is held by foreign central banks as protection against balance of payments crises.

Contents:

Executive summary.

Introduction and overview.

Capital account opening.

The exchange rate regime.

China's domestic financial markets.

International use of the RMB.

The RMB;s role as a reserve currency.

Implications of the RMB's inclusion in the IMF's SDR basket.

Sequencing and transnational risks.

The RMB's impact ion the world.

Conclusion.

Appendices.

References.

Notes:

"Report prepared for the U.S.-China Economic and Security Review Commission."

"February 4, 2016."

Includes bibliographical references (pages 134-138).

Online resource, PDF version; title from title page (USCC, viewed February 23, 2022).

OCLC:

939531003