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Renminbi Going Global

HKIMR Working Paper No.08/2011

27 Pages Posted: 29 Mar 2011  

Xiaoli Chen

affiliation not provided to SSRN

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

Date Written: March 28, 2011

Abstract

The paper assesses the international status of the Chinese currency renminbi (RMB) by recounting and reviewing the recent polices China instituted to promote the use of the RMB in the global market. The evidence suggests that the RMB is gaining acceptance overseas. However, compared with the size of the Chinese economy, the current scale of the use of the RMB is quite small. The path to a fully fledged international RMB will be a distant goal.

Keywords: RMB Internationalization, Off-Shore RMB Market, Cross-Border Trade Settlement, Panda Bonds

JEL Classification: F02, F31, F33

Suggested Citation

Chen, Xiaoli and Cheung, Yin-Wong, Renminbi Going Global (March 28, 2011). HKIMR Working Paper No.08/2011. Available at SSRN: https://ssrn.com/abstract=1797464 or http://dx.doi.org/10.2139/ssrn.1797464

Xiaoli Chen

affiliation not provided to SSRN ( email )

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

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