Renminbi Internationalization and China’s Financial Development
Robert N. McCauley
Bank for International Settlements (BIS)
December 12, 2011
BIS Quarterly Review, December 2011
For now, effective capital controls allow the Chinese authorities to retain regulated deposit and lending rates, quantitative credit guidance and bond market rationing. Relaxation of the capital controls would put these policies at risk. Reserve requirements can be extended to bank inflows from the offshore market, but only at a price.
Number of Pages in PDF File: 16
JEL Classification: E4, E5, F3, G1, O16, P2Accepted Paper Series
Date posted: December 12, 2011
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