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Internationalization of the Renminbi: Developments, Problems and Influences

Tuesday, 3 March 2015
publication
Ming Zhang
Due to the 2008-2009 global financial crisis, the Chinese government began to promote renminbi (RMB) internationalization in order to raise its international status, decrease reliance on the US dollar and advance domestic structural reform. This internationalization has achieved progress not only in cross-border trade settlement, but also in the offshore RMB markets. However, the rampant cross-border arbitrage and the relatively slow development of RMB invoicing compared to RMB settlement are becoming increasingly problematic.

Changing Global Financial Governance: International Financial Standards and Emerging Economies since the Global Financial Crisis

Friday, 27 February 2015
publication
Hyoung-kyu Chey
One of the most remarkable changes in global financial governance since the 2008-2009 crisis has been the primary forums that establish international standards extending their memberships to include emerging economies. There are two disparate perspectives in the literature on the impact of this change on international financial regulation: the weakening cooperation view, which sees an attenuation of international cooperation due to this change, and the enduring status quo view, which sees the domination of global financial governance by advanced economies persisting even despite it. This paper presents an alternative — more positive — perspective.

The Risk of OTC Derivatives: Canadian Lessons for Europe and the G20

Friday, 20 February 2015
publication
Over-the-counter (OTC) derivatives played an important role in the buildup of systemic risk in financial markets before 2007 and in spreading volatility throughout global financial markets during the crisis. In recognition of the financial and economic benefits of derivatives products, the G20 moved to regulate the use of OTC derivatives. Attention has been drawn to the detrimental effects of the United States and the European Union to coordinate OTC reform, but this overlooks an important aspect of the post-crisis process: the exemption of non-financial operators from OTC derivative regulatory requirements.

China’s G-20 Moment

Wednesday, 4 February 2015
article
The world caught a break in 2009. The G-20, an assembly of the world’s largest developed and major emerging economies – which had thus far failed to make a serious mark on the world stage – was meeting in Pittsburgh to formulate a response to the global financial crisis. US President Barack Obama, having gotten the message that the G-7 could no longer oversee the global economy on its own, led a summit that made the G-20 the primary body for coordinating global economic policy. It was a highpoint for American leadership.

IMF credibility has reached a crossroads

Monday, 12 January 2015
article
Finance ministers from the Group of 20 are scheduled to gather for the first time in 2015 early next month in Istanbul. It will be an important meeting for them. They will be showing the world whether they should be taken seriously.

The G20 showed in Brisbane that it is back, but for how long?

Monday, 17 November 2014
blog
Like many others, I was down on the Group of 20 on the eve of the Brisbane summit. After a few pleasant surprises on the weekend, the group has earned a reprieve from questions about its relevancy. However, leaders did less than they could have on trade and economic growth, setting up 2015 as a defining year in the G20’s ability to deliver.

A Commitment to Corporate Taxation?

Sunday, 16 November 2014
blog
The G20 meetings in Brisbane included discussions on strengthening the tax systems and the final communique included the commitment that "profits should be taxed where economic activities deriving the profits are performed and where value is created".

Experts: China to promote world economic growth

Saturday, 15 November 2014
article
"The principle item at the G20 is to talk about how to boost economic growth by two percent, an additional two percent, and obviously China has a leading role to play, whether that includes things like domestic spending on infrastructure which is an important item that is part of how to do this two percent GDP growth rate increase," says Bessma Momani, Senior Fellow at the Centre for International Governance Innovation.

G20 all talk, no action on growth

Saturday, 15 November 2014
blog
If the G20 Summit this weekend had a buzz phrase, it was growing the world economy by an additional 2 per cent of collective GDP. The Australian presidency of the G20 focussed on this target as its hallmark diplomatic success. With the objective backed by two studies – from the International Monetary Fund and the Organisation for Economic Co-operation and Development – the Australians want the G20 summit to feature this goal at the expense of all other issues, like climate change, combatting Ebola, conflict in Ukraine or the war on ISIS.

Koala out of place at G20 media centre

Friday, 14 November 2014
blog
So far, among six media centres I've seen at successive G20 summits, this is the only one that featured a koala bear. Let’s look back, for a moment. The media centre at Toronto’s Exhibition Place in June 2010 was most famous for its “fake lake,” giving international journalists a mock Canadian backdrop furnished with Muskoka chairs and supplied with craft Ontario beers.
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