China faces single Asian currency dilemma

ZHANG Yuyan

Research Fellow, World Economic and Political Research Institute, Chinese Academy of Social Sciences (CASS)

Abstract:

Since the outbreak of the global financial crisis, doubt has been cast upon the dollar-centered international currency regime, and there have been calls for reform. Chinese economists have begun to deliberate the role of the renminbi in the future international currency system. Having surveyed papers and articles of the past two to three years, we find that most favor internationalization of the renminbi, though some are against it or remain skeptical. For the time being, the ultimate role of the renminbi in the future global currency system is highly path-dependent.

Key Words:

renminbi’s internationalization, Asian monetary cooperation, international monetary system, path dependence.

¥0.01加入购物车