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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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The internationalization of the renminbi

The internationalization of the renminbi

(p.109) 15 The internationalization of the renminbi
The Oxford Companion to the Economics of China

Dong He

Oxford University Press

This chapter addresses the following questions regarding the internationalization of the renminbi: Why do non-Chinese residents have incentives to hold renminbi-denominated assets and liabilities? How do non-Chinese residents acquire renminbi-denominated assets and liabilities? Does this not require convertibility of the renminbi under the capital account of the balance of payments? What are the roles of official policies and market forces in driving the process of renminbi internationalization? The chapter concludes that facilitating the internationalization of the renminbi requires a deliberate pace of institutional reforms and policy liberalization.

Keywords:   Chinese yuan, currency, assets, liabilities, monetary policies, balance of payments

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