International Monetary Institute’s authoritative research of the RMB global convertibility
Drawing upon the latest government data, Internationalization of the RMB: 2013 Annual Report is a firsthand look at China’s current RMB policy and goals for full Renminbi (RMB) convertibility in the near-future.
The work of International Monetary Institute (IMI), this book provides a clear picture of the RMB Internationalization Index (RII), offers recommendations and insights into the direction of China’s currency reform, and explains the Triffin Dilemma and its connection to China’s path for full internationalization of the RMB.
Internationalization of the RMB: 2013 Annual Report is the first book to examine the history of China’s drive for RMB internationalization as well as the current status of RMB convertibility.
"For those who want a serious, comprehensive status report on the internationalization of the yuan, there is no better read than The Internationalization of the RMB: 2013 Report. According to The Economist, the 'Buzz about the rise of China’s currency has run far ahead of sedate reality.' This volume increases the signal-to-buzz ratio."
--Prof. Steve H. Hanke, The Johns Hopkins University
Chapter 1 The RMB Internationalization Index (RII)
Chapter 2 Current Situation of RMB Internationalization
Chapter 3 RMB Internationalization in the Eyes of the World
Chapter 4 The Impact of Changes in International Trade Patterns on International Currency Substitution
Chapter 5 Trade Balance and RMB Internationalization: A Review of the Triffin Dilemma
Chapter 6 Changes in International Trade Patterns and the Share of Cross-Border RMB Trade Settlements
Chapter 7 Why the Share of RMB Trade Settlements is Low?
Chapter 8 Conclusions and Policy Implications
Appendix I Survey of RMB Internationalization
Appendix II Timeline of Cross-Border RMB Banking Business Regulations
About the Authors
Established in 2009, the International Monetary Institute is a non-profit academic institution affiliated with the School of Finance of Renmin University and the China Financial Policy Research Center. Using a macro finance model, the Institute follows the principle of including both Chinese and Western concepts along with a precise and practical academic spirit. Aiming to build a world-class monetary financial think-tank focusing on the study of international financial theory, strategy, and policy in an international and professional manner, the Institute is dedicated to cutting-edge theoretical research on the internationalization of the RMB, reform of the international monetary system, regional monetary and financial cooperation, China's international financial strategies, and other macro-financial theories and policies.
The Institute's Advisory Board includes:
Mr. Su Ning, former deputy-governor of the People s Bank of China and the Chairman of China UnionPay
Mr. Pan Gongsheng, Deputy-Governor of the People's Bank of China
Professor Robert A. Mundell, 1999 Nobel Economics Laureate and professor at Columbia University
Mr. Yam Chi Kwong, former president of the Hong Kong Monetary Authority
Professor Ronald I. McKinnon, economist and professor of Stanford University
Professor Steve H. Hanke, economist and co-director of the Institute for Applied Economics and the Study of Business Enterprise at Johns Hopkins University