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Meet the next global currency: the Chinese renminbi, or the ""redback."" Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar.
Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
| Published | Feb 11 2015 |
|---|---|
| Format | Paperback |
| Edition | 1st |
| Extent | 402 |
| ISBN | 9780815726111 |
| Imprint | Brookings Institution Press |
| Dimensions | 234 x 156 mm |
| Publisher | Bloomsbury Publishing |
