Renminbi Internationalization and China’s Financial Development

16 Pages Posted: 6 Sep 2012

See all articles by Robert N. McCauley

Robert N. McCauley

Bank for International Settlements (BIS)

Date Written: December 12, 2011

Abstract

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.

JEL Classification: E4, E5, F3, G1, O16, P2

Suggested Citation

McCauley, Robert N., Renminbi Internationalization and China’s Financial Development (December 12, 2011). BIS Quarterly Review, December 2011. Available at SSRN: https://ssrn.com/abstract=1971147

Robert N. McCauley (Contact Author)

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

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