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Is China's currency increasingly important? = new evidence from renminbi exchange rates /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Is China's currency increasingly important?/ by Yinggang Zhou, Xin Cheng.
Reminder of title:	new evidence from renminbi exchange rates /
Author:	Zhou, Yinggang.
other author:	Cheng, Xin.
Published:	Singapore :Springer Nature Singapore : : 2024.,
Description:	ix, 114 p. :ill., digital ;24 cm.
[NT 15003449]:	Chapter 1 Introduction -- Chapter 2 Literature Review -- Chapter 3 Is RMB Becoming Systemically Important? -- Chapter 4 Why is RMB Systemically Important? -- Chapter 5 Is RMB a Safe Haven Currency? -- Chapter 6 Conclusions -- References.
Contained By:	Springer Nature eBook
Subject:	Renminbi - Evaluation. -
Online resource:	https://doi.org/10.1007/978-981-97-1164-2
ISBN:	9789819711642

Is China's currency increasingly important? = new evidence from renminbi exchange rates /
Zhou, Yinggang.

Is China's currency increasingly important?new evidence from renminbi exchange rates /[electronic resource] :by Yinggang Zhou, Xin Cheng. - Singapore :Springer Nature Singapore :2024. - ix, 114 p. :ill., digital ;24 cm.

Chapter 1 Introduction -- Chapter 2 Literature Review -- Chapter 3 Is RMB Becoming Systemically Important? -- Chapter 4 Why is RMB Systemically Important? -- Chapter 5 Is RMB a Safe Haven Currency? -- Chapter 6 Conclusions -- References.

China's economic achievements laid solid foundations for RMB's international standing. By the end of 2022, China accounted for 18.6% of the global economy and 14.4% of world exports. However, there is a huge gap between the yuan's growing prominence and its global use. RMB remains underutilized compared to the U.S. dollar. This book attempts to fill this gap from the view of the systemic importance of the RMB exchange rate, an angle that could be easily overlooked. We argue that pricing is too important to be relegated to an afterthought. The change of RMB exchange rate could have a systemic impact on the global financial system. Furthermore, we present substantial evidence that RMB is gaining importance globally and regionally as an anchor currency and safe-haven currency, indicating that RMB is becoming systemically important despite its relatively limited international use. It is important to understand in depth that the force that has helped fuel China's rapid economic growth over the past few decades has been globalization and that market reform and opening up are the pillars of RMB internationalization. Currently, the new trends of anti-globalization and de-financialization have emerged. The global monetary and financial system must be reframed according to the financial needs of socially sustainable activities to prevent systemic instability and system-wide economic/social catastrophes. Against this backdrop, further internationalization of RMB should serve the real sectors in high-quality economic development.

ISBN: 9789819711642

Standard No.: 10.1007/978-981-97-1164-2doiSubjects--Topical Terms:

3717475
Renminbi
--Evaluation.

LC Class. No.: HG3978 / .Z46 2024

Dewey Class. No.: 332.450951

Is China's currency increasingly important? = new evidence from renminbi exchange rates /
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520 $a China's economic achievements laid solid foundations for RMB's international standing. By the end of 2022, China accounted for 18.6% of the global economy and 14.4% of world exports. However, there is a huge gap between the yuan's growing prominence and its global use. RMB remains underutilized compared to the U.S. dollar. This book attempts to fill this gap from the view of the systemic importance of the RMB exchange rate, an angle that could be easily overlooked. We argue that pricing is too important to be relegated to an afterthought. The change of RMB exchange rate could have a systemic impact on the global financial system. Furthermore, we present substantial evidence that RMB is gaining importance globally and regionally as an anchor currency and safe-haven currency, indicating that RMB is becoming systemically important despite its relatively limited international use. It is important to understand in depth that the force that has helped fuel China's rapid economic growth over the past few decades has been globalization and that market reform and opening up are the pillars of RMB internationalization. Currently, the new trends of anti-globalization and de-financialization have emerged. The global monetary and financial system must be reframed according to the financial needs of socially sustainable activities to prevent systemic instability and system-wide economic/social catastrophes. Against this backdrop, further internationalization of RMB should serve the real sectors in high-quality economic development.
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