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Rising China's Influence in Developing Asia$
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Evelyn Goh

Print publication date: 2016

Print ISBN-13: 9780198758518

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780198758518.001.0001

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China’s Influence in Asian Monetary Policy Affairs

China’s Influence in Asian Monetary Policy Affairs

(p.217) 10 China’s Influence in Asian Monetary Policy Affairs
Rising China's Influence in Developing Asia

John D. Ciorciari

Oxford University Press

This chapter asks whether China has managed to exert significant influence over Asian states within the increasingly important arena of monetary policy. It highlights China’s structural influence, understood as its ‘ability to shape the institutional and normative spaces in which other policy actors interact or set “rules of the game”.’ The chapter focuses on investigating China’s accumulation of structural power at different levels: shares, votes, and norm-setting in the International Monetary Fund; shaping the content and conditions of regional financial institutions and regulations; and using its monetary tools to bring about others’ actions through bilateral exhortation or inducement. It finds that China suffers from an ‘influence gap’ in the monetary realm. Indeed, China’s greatest impact on other states’ monetary policies has been indirect and unintentional—for example, the unintended increasing currency-pegging to the RMB in the region, which is not to China’s commercial advantage.

Keywords:   China, monetary policy, International Monetary Fund, ASEAN + 3, Chiang Mai Initiative, currency, internationalization, structural power, influence gap, unintentional outcomes

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