Renminbising China's Foreign Assets

27 Pages Posted: 17 Apr 2010

See all articles by Yin-Wong Cheung

Yin-Wong Cheung

City University of Hong Kong - Department of Economics & Finance; University of California, Santa Cruz - Department of Economics; University of California at Santa Cruz - Department of Economics

Guonan Ma

Bruegel

Robert N. McCauley

Bank for International Settlements (BIS)

Multiple version iconThere are 2 versions of this paper

Date Written: April 2010

Abstract

Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects of internationalising the renminbi from the perspective of the currency composition of China’s international assets and liabilities. These factors include, among others, underlying valuation and management of the renminbi.

Keywords: renminbi internationalisation, net international asset position, convertibility, exchange rate uncertainty, dollar peg

JEL Classification: F30, F31, F33, O24

Suggested Citation

Cheung, Yin-Wong and Ma, Guonan and McCauley, Robert N., Renminbising China's Foreign Assets (April 2010). CESifo Working Paper Series No. 3009. Available at SSRN: https://ssrn.com/abstract=1590130

Yin-Wong Cheung (Contact Author)

City University of Hong Kong - Department of Economics & Finance ( email )

83 Tat Chee Avenue
Kowloon
Hong Kong

University of California, Santa Cruz - Department of Economics ( email )

435 Engineering 2
Santa Cruz, CA 95064
United States
831-459-4247 (Phone)
831-459-5077 (Fax)

University of California at Santa Cruz - Department of Economics ( email )

1156 High Street
Santa Cruz, CA 95064
United States

Guonan Ma

Bruegel ( email )

Rue de la Charité 33
B-1210 Brussels Belgium
Belgium

Robert N. McCauley

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

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