Bringing Down the Great Wall? Global Implications of Capital Account Liberalisation in China

13 Pages Posted: 15 Jan 2014

See all articles by John Hooley

John Hooley

International Monetary Fund (IMF)

Date Written: December 20, 2013

Abstract

Capital account liberalisation in China and internationalisation of the renminbi would have a large impact on the global financial system. An illustrative thought experiment suggests China’s gross international investment position could increase from around 5% to 30% of world GDP by 2025. The UK financial system is likely to be particularly affected. The Bank is working with the People’s Bank of China to ensure a successful and stable development of renminbi activity in London.

Suggested Citation

Hooley, John, Bringing Down the Great Wall? Global Implications of Capital Account Liberalisation in China (December 20, 2013). Bank of England Quarterly Bulletin 2013 Q4, Available at SSRN: https://ssrn.com/abstract=2379351

John Hooley (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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