Rising Renminbi and the Neo-Global Financial Governance in the Context of 'One Belt One Road' Initiative: A Changing Game or Minor Supplement?
(2017) 32(1) Journal of International Banking Law and Regulation 10-21
22 Pages Posted: 5 Dec 2016
Date Written: December 2, 2016
China announced its “one belt one road” initiatives, that is, “the Silk Road Economic Belt and the 21st Century Maritime Silk Road” Initiatives, in September 2014, right before the APEC summit held in Beijing in the same year. The Initiative has been interpreted as China’s version of Marshall Plan. The alternative understanding of this Initiative is to view it as one of the key pillars that counter the US-led Bretton Woods system. This article tries to understand if the Initiative can be used to solidify China’s efforts to frame a renminbi-centered global financial governance regime along with its aggressive stance in internationalising renminbi. From a realistic perspective, deepening China’s financial connections with the countries covered by the One Belt One Road Initiative as well as the IMF is critically important for broadening the use of renminbi in the global markets.
Keywords: Renminbi internationalisation, OBOR, Global Financial Governance
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