Enter the Dragon: China in the International Financial System brings together experts from both inside and outside of the People’s Republic of China to explore issues regarding the internationalization of the renminbi (RMB). This volume tackles questions surrounding the process being used to attempt to achieve internationalization of the RMB, the broader issues related to the country’s financial integration with the rest of the world, and issues concerning China’s role in global financial governance.
Table of Contents
Preface – Domenico Lombardi and Hongying Wang
Acronyms and Abbreviations
Introduction – Domenico Lombardi and Hongying Wang
Part One: RMB Internationalization
China’s Power and the International Use of the RMB
Juan Carlos Martinez Oliva
The Political Logic of RMB Internationalization: A Unique Journey to a Major Global Currency
Alex He
Sequencing RMB Internationalization
Barry Eichengreen
Assessing the Potential of RMB Trade Settlement
Qiyuan Xu
The Political Limits to RMB Internationalization
Randall Germain and Herman Mark Schwartz
Part Two: China’s Financial Internationalization
Constraints of Currency Intervention on China’s Monetary Policy
Hailong Jin, Domenico Lombardi and Coby Hu
China’s Rise as an International Creditor: Sign of Strength?
Stuart S. Brown and Hongying Wang
The Domestic Political Sources of China’s International Financial Policies
David A. Steinberg
Internationalization of China’s Bond Market, Development of Offshore RMB Centres and Provision of Global Safe Assets
Liu Dongmin
Part Three: China in International Financial Governance
China at the IMF
Bessma Momani
China at the G20: Review, Expectation, Strategy and Agenda
Alex He
China’s Role in Financial Standard Setting after the 2007–2009 Financial Crisis: The Case of Basel III and Shadow Banking Reform
David Kempthorne
China’s Engagement in Minilateral Financial Cooperation: Motivations and Implications
Hongying Wang
Conclusion
Domenico Lombardi and Hongying Wang
Contributors
