Reform of Global Reserve System and RMB Internationalization
|
|
- Meagan Rose
- 5 years ago
- Views:
Transcription
1 Reform of Global Reserve System and RMB Internationalization Dr. Liqing Zhang Professor and Dean School of Finance, Central University of Finance and Economics October 23-24, 2014, University of Birmingham
2 Outline 1. Reform of the GRS: Proposals, Viability and Policy Agenda 2. RMB Internationalization
3 Reform of the GRS: Proposals, Viability and Policy Agenda
4 The main feature of the Current GRS
5 The US dollar centered reserve system is not only instable but also unequal Triffin Dilemma Dollar s Exorbitant Privilege Capital Flows from poor countries to rich countries
6 Main Proposals and their Viability 1) Return to golden standard Good at discipline, but totally unrealistic. 2) World single currency and world central bank World single currency should be issued by world central bank and backed by a single monetary policy (Cooper 1987). In the transitional period, other periphery countries may peg their exchange rates to the major international currencies. Eventually, the unification of major currencies may evolve into a single currency. Good for overcoming the problems that current system is facing with. The institutional construction is the key condition, which will be largely depend on the political will of the major economies.
7 3) SDR based reserve currency system More recently proposed, SDR should play as a global reserve currency in parallel with other major international currencies, and gradually replace US dollar as a dominant reserve currency (Zhou 2009, Stiglitz 2010) Similar to the world single currency proposal. But it is supposed to be realized under the IMF framework and does not need an establishment of new institution. US has no incentive to push SDR approach. So it will hardly get support from IMF unless it can successfully be reformed.
8 4) Multi-polar reserve currency system Several reserve currencies (most likely, US dollar, euro and RMB/YEN/ACU) play equally important roles in the global reserve system. (Eichengreen, 2009) Competition among the world s major reserve currencies can make the macroeconomic policy in reserve currency countries more disciplined. But, for realizing it, The euro needs to develop a solid sovereign backbone through forming common fiscal policy. RMB, the Chinese currency s international usage and/or the Asian monetary integration needs to be developed ASAP.
9 5) New dollar standard US dollar continues to play a dominant role in global reserve system; Fed provides sufficient liquidity to the rest of the world during the international financial crisis. Compared with the current system, US should strictly maintain non-inflationary growth and fiscal sustainability domestically. The US and non-reserve currency countries should timely pursue policy adjustments to correct persistent current account imbalances. If US economic policy could be more disciplined, the New Dollar Standard might be the easiest way of reform. However, it would be very difficult for US to give up the freedom of policy-making. And actually, neither the non-reserve currency countries would give up.
10 In Conclusion, None of the proposals can be easily realized. The world single currency approach and SDR approach are most ideal, but it can only be reached in the long run. The new dollar standard is also good if US can be fully disciplined in policymaking. But it seems to be of very limited possibility, neither in the short run nor in the long run. The multi polar reserve currency system could be a realistic and second-best choice, but it takes time.
11 At global level, Policy Agenda Enhancing the role of SDR by issuing and allocating it annually, with an equivalence of USD 200 billion each year. Though it will only be reachable in LR, it does not mean we should give up efforts from now on. Strengthen IMF surveillance over systemically important economies. Making G-20 summit a productive mechanism for macroeconomic policy coordination. In the near future, it would be important to having the G20 Mutual Assessment Process really work.
12 At national level By returning to normal monetary policy, fiscal consolidation and various structural reforms, US and other deficit countries should avoid possible rebound of current account deficits. Through persistent efforts of enlarging domestic demand and various structural adjustments, including switch to a more flexible exchange rate regime, China and other surplus countries should avoid fundamental external disequilibrium.
13 At regional level, EU countries should strengthen its mechanism of macroeconomic policy coordination, including creating common fiscal policy and bank union, in order to defense its outcome of regional monetary integration. Although not very optimistic, Asia countries should gradually push forward the its monetary and financial integration process, by strengthening the role of AMRO and making CMIM more effective.
14 RMB Internationalization
15 Main Development Since 2009
16
17
18
19
20 Currency Swap Agreements in RMB
21 Reasons Behind the Rapid Development of RMBI Rapid economic growth and increase of cross-border trade are the fundamental reasons. The appreciation of RMB is an important factor. International financial instability since 2009 has created a strong need of currency swap among central banks. Given that the IMF is not active, bilateral and regional arrangement become increasingly important. The RMBI is basically a market driven process, institutional changes did play some role: liberalization of financial sector, including the trade settlement arrangement (in 2009) and the capital flows (RQFII)
22 Benefits and Pitfalls of RMBI Benefits: Globally, When more currency competitions are present, the main reserve currency issuing county may become more careful with its monetary policy, particularly the abuse of ease monetary policy. If RMB eventually becomes a part of the multireserve currency regime, the problem with Triffin Dilemma could be alleviated in some degree.
23 Regionally, RMBI is likely to be a new vehicle of the Asian monetary and financial integration. While more and more intra-regional trade and investment are denominated in RMB, Asian countries will have an increasingly strong motivation to keep their currencies pegged to RMB and eventually make RMB a reserve currency in this area. When RMB becomes an important currency for denomination, pricing and store in value in this area, the chance for Asian countries to create a fixed exchange regime or single currency zoo may increase.
24 Nationally, China may gain certain benefits Chinese firms may reduce exchange rate risks and costs in their external trade and investment. RMBI may benefit the expansion of overseas business of Chinese enterprises, including financial institutions. RMBI may push forward China s domestic economic reform, because a more opened economic structure would request more domestic reform. RMBI may push forward China s financial development, as our early study shows (Zhang and Tao, 2014). By RMBI, China may collect certain seigniorage. RMBI may reduce China s demand for US dollar reserves.
25 Pitfalls: The main pitfall of RMB s internationalization will complicate the environment of China s monetary policy; the domestic interest rate may largely affected by international factors. RMBI may create strong demand for RMB denominated assets in both onshore and offshore market, which may induce asset bubble and financial instability. Strong demand for RMB denominated assets may lead to further appreciation and hurt China s real economy. Mistakes in pushing forward RMBI, such as recklessly accelerating liberalization of capital account, may trigger macroeconomic and financial. Most of the risks are transitional and may become less important in the LR.
26 Future of the RMBI RMBI will take time, owing to the fact that China s domestic financial market is still undeveloped and its capital account is not fully opened. But it is wrong to argue RMBI is unlikely to make further progress before China fully liberalize its capital account. In the coming years, RMBI will continue to increase and mainly develop through offshore market (HK, Tokyo, Singapore, London,.) The target of building up Shanghai into an international finance center may be a vehicle to realize the RMBI through onshore market. The competition from other currencies, including USD and other currencies, may certainly play a role in the process of RMBI.
27 Thank You!
Reform of Global Reserve System and RMB Internationalization 1
Reform of Global Reserve System and RMB Internationalization 1 Liqing Zhang Professor and Dean, School of Finance, Central University of Finance and Economics, Beijing Email: zhlq@cufe.edu.cn Abstract
More informationReform of Global Reserve System and China s Choice 1
Reform of Global Reserve System and China s Choice 1 Liqing Zhang Professor and Dean, School of Finance, Central University of Finance and Economics, Beijing Email: zhlq@cufe.edu.cn 1. Why the Regime should
More informationThe Rise of China and the International Monetary System
The Rise of China and the International Monetary System Masahiro Kawai Asian Development Bank Institute Macro Economy Research Conference China and the Global Economy Hosted by the Nomura Foundation Tokyo,
More informationCHINA AND INDIA: SUSTAINING HIGH QUALITY GROWTH
CHINA AND INDIA: SUSTAINING HIGH QUALITY GROWTH New Delhi March 19-20, 2012 Session V: Coping with Global Financial Instability Internationalizing the RMB: Pros and Cons Zhang Yuyan Presentation Internationalizing
More informationThe Role of Asian Currencies in the International Monetary System
The Role of Asian Currencies in the International Monetary System Masahiro Kawai Asian Development Bank Institute The Global Monetary and Financial System and Its Governance Tokyo Club Foundation for Global
More informationInternational Monetary System Reform and Asian Monetary and Financial Cooperation
International Monetary System Reform and Asian Monetary and Financial Cooperation Dr. Zong Liang Deputy General Manager Strategic Development Department Bank of China New Delhi, March 20, 2012 0 Contents
More informationInternationalization of the RMB: Developments, Problems and Policies
Internationalization of the RMB: Developments, Problems and Policies 23 October 2015 Zheng Liansheng Outline Introduction The development of RMB internationalization RMB Offshore markets The problems behind
More informationThe Impacts of RMB Cross-border Settlement on China's Economy 1
Policy discussion No. 2016.002 Feb.4 2016 XU Qiyuan xuqiy@163.com The Impacts of RMB Cross-border Settlement on China's Economy 1 In Tokyo, I have frequently been asked about two renminbi (RMB) internationalization
More informationAsian Monetary Cooperation: Perspective of RMB Asianalization
Asian Monetary Cooperation: Perspective of RMB Asianalization ZHANG Runlin Shanxi University of Finance and Economics, 030006, China zhlinsx@sohu.com Abstract: RMB will inevitably play an important role
More informationThe RMB Internationalization and the Reform of the International Monetary System
The RMB Internationalization and the Reform of the International Monetary System GAO HAIHONG Institute of World Economics and Politics, Chinese Academy of Social Sciences No. 5 Jianguomennei Dajie, Beijing
More informationThe LBMA Bullion Market Forum June The World Needs New Reserve Currency: from the perspective of global liquidity
The World Needs New Reserve Currency: from the perspective of global liquidity Yao Yudong People s Bank of China 215-6-25 Outline 1 Global liquidity provision: History and Status quo 2 Global liquidity
More informationThe Possible Use of Asian Monetary Unit - Differences between euro and AMU-
The Possible Use of Asian Monetary Unit - Differences between euro and AMU- Japan-China-Korea (A3) Conference: Monetary and Financial Cooperation in the Region 24 May 2012, RIETI, Tokyo Objectives The
More informationEconomic Interaction
Beijing Review Vol. 49, No. 40 (October 5, 2006) Economic Interaction At a hearing before the U.S.-China Economic and Security Review Commission on August 22, 2006, James A. Dorn, Vice President for Academic
More informationRMB Internationalization Status and Its Implications
International Finance RMB Internationalization Status and Its Implications Hansoo Kim, Research Fellow* 1) China announced the RMB internationalization policy in 2009 and has carried forward many initiatives
More informationExchange Rate Regimes and Structural Realignment of Global Economies. Comments from an Asian perspective
Exchange Rate Regimes and Structural Realignment of Global Economies Comments from an Asian perspective Yozo Nishimura Institute for International Monetary Affairs November 17, 2009 Tokyo IIMA 1 Main points
More informationChief Economist, BOC Cao Yuanzheng June 12, 2012 本材料仅供收件人参考未经中国银行允许, 不得以任何方式复印, 分发或传阅他人
Chief Economist, BOC Cao Yuanzheng June 12, 2012 本材料仅供收件人参考未经中国银行允许, 不得以任何方式复印, 分发或传阅他人 Content Origination of RMB Internationalization RMB Cross-boarder Trade Settlement Hong Kong RMB Offshore Market
More informationHistory and Current Situation Policies Adopted Opinions Conclusion
LOGO Group 8 The Exchange Rate Regime & International Trade in China over a long run Leith Ben Anne Luna Camille Daniel A short video =D Contents 1 History and Current Situation 2 Policies Adopted 3 Opinions
More informationRegional Financial Cooperation in Asia and its impact to the Global Monetary System
Regional Financial Cooperation in Asia and its impact to the Global Monetary System Jan 22, 2013 Ji-Young Choi Ministry of Strategy and Finance Republic of Korea Contents Ⅰ. Background of Asian Regional
More informationThe New Global Economic Order Multilateral Institutions and the New Regionalism
The New Global Economic Order Multilateral Institutions and the New Regionalism India Global Forum, New Delhi, 9 November 2014 Klaus Regling, Managing Director, European Stability Mechanism Over the past
More informationThe Development of the Offshore. Bonds. Peter J. Morgan, PhD Senior Consultant for Research Asian Development Bank Institute
The Development of the Offshore Market of the Yuan-Denominated Bonds Peter J. Morgan, PhD Senior Consultant for Research Asian Development Bank Institute ADBI-OECD Roundtable on Capital Market Reform in
More informationTwenty-First Meeting April 24, 2010
International Monetary and Financial Committee Twenty-First Meeting April 24, 2010 Statement by ZHOU Xiaochuan Governor, People s Bank of China On behalf of the People s Republic of China Statement by
More information5. Openness in Goods and Financial Markets: The Current Account, Exchange Rates and the International Monetary System
Fletcher School of Law and Diplomacy, Tufts University 5. Openness in Goods and Financial Markets: The Current Account, Exchange Rates and the International Monetary System Macroeconomics Prof. George
More informationThe Economics of International Financial Crises 3. An Introduction to International Macroeconomics and Finance
Fletcher School of Law and Diplomacy, Tufts University The Economics of International Financial Crises 3. An Introduction to International Macroeconomics and Finance Prof. George Alogoskoufis Scope of
More informationOctober 2012 Hong Kong Sustainable Development Research Institute Edmund Ho
Featured Article: Role of Hong Kong as a RMB Offshore Center October 2012 Hong Kong Sustainable Development Research Institute Edmund Ho Introduction The economy of China developed rapidly after the open
More informationRMB internationalization:
RMB internationalization: Recent Development and headwinds Alicia Garcia-Herrero Chief Economist for Emerging Markets, BBVA Key points 1 Why is China pushing to internationalize the RMB? 2 Recent development
More informationThe Financial Crisis, Global Imbalances, and the
The Financial Crisis, Global Imbalances, and the International Monetary System David Vines Oxford University, Australian National University, and CEPR ICRIER-CEPII-BRUEGEL Conference on International Cooperation
More informationThe Chiang Mai Initiative Multilateralisation: Origin, Development and Outlook
The Chiang Mai Initiative Multilateralisation: Origin, Development and Outlook by Chalongphob Sussangkarn Presented at a conference on Regionalism and Reform of the Global Monetary & Financial System:
More informationOpen Economy AS/AD: Applications
Open Economy AS/AD: Applications Econ 309 Martin Ellison UBC Agenda and References Trilemma Jones, chapter 20, section 7 Euro crisis Jones, chapter 20, section 8 Global imbalances Jones, chapter 29, section
More informationCurrency Asymmetry, Global Imbalance, and the Needed Reform of Global Monetary System
Currency Asymmetry, Global Imbalance, and the Needed Reform of Global Monetary System FAN Gang National Economic Research Institute China Reform Foundation May 2006 1.China s trade balance In most of past
More informationA Thought on Internationalizing the Won and the Yuan
A Thought on Internationalizing the Won and the Yuan Hyun, Suk The leaders of Korea and China recently agreed on concrete measures to facilitate the use of the Chinese yuan, including the establishment
More informationPresentation. The Boom in Capital Flows and Financial Vulnerability in Asia
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationChristopher Balding Assistant Professor HSBC School of Business Peking University Graduate School Shenzhen
Christopher Balding Assistant Professor HSBC School of Business Peking University Graduate School Shenzhen Introduction Though potential opportunities for international institutional or policy coordination
More informationEvaluating the international monetary system and the availability to move towards one single global currency
Faculty of Commerce Graduate Studies Economics Department A Thesis Summary: Evaluating the international monetary system and the availability to move towards one single global currency Submitted by: Mohammed
More informationInternational currencies and the macroeconomy. Richard Portes London Business School and CEPR
International currencies and the macroeconomy Richard Portes London Business School and CEPR Ministry of the Economy and Finance Rome 23-24 July 2009 Road map I: the fundamentals Determinants of international
More informationOffshore Renminbi (CNH) Market: Opportunities Continue to Expand Silicon Valley Bank. January 13, 2012
Offshore Renminbi (CNH) Market: Opportunities Continue to Expand Silicon Valley Bank January 13, 2012 1 Panelists Ed Sauve, Senior Advisor GFS, Silicon Valley Bank Mark Noble, Senior Foreign Exchange Trader,
More informationThe$Renmibi$Internationalization$and$Central$Banks$ $ Comments$on$recent$evolutions.$
The$Renmibi$Internationalization$and$Central$Banks$ Jean% %Pierre%Landau% RemarksattheConferenceon"China'sFinancialStabilityandMonetaryPolicy" OrganizedbyCHINAFINANCE40FORUM,TheBrookingsInstitutionandEuro50Group
More informationComment on David Vines Fiscal Policy in the Eurozone after the Crisis
Comment on David Vines Fiscal Policy in the Eurozone after the Crisis Masahiro Kawai, ADBI Macro Economy Research Conference Fiscal Policy in the Post-Crisis World Nomura Foundation for Global Studies
More informationStrong Asian Growth. Asian Bond Markets Initiative
Strong Asian Growth and Asian Bond Markets Initiative OECD-ADBI 11 th Roundtable on Capital Market Reform in Asia 22-23 February 2010 Tokyo, Japan Takehiko Nakao Director-General, International Bureau
More informationThe Case for an Asian Currency?
The Case for an Asian Currency? Robert Mundell Columbia University Institute for International Monetary Affairs (IIMA) Tokyo, Japan November 12, 2004 Topics Lessons from the Euro China and the RMB Issue
More informationAsian Economic Integration: Challenges and Opportunities
Asian Economic Integration: Challenges and Opportunities 7 th Hitachi Young Leaders Initiative Kuala Lumpur, July 11-15, 2005 Balancing People, Planet & Profit in Asia s Future Masahiro KAWAI Professor
More informationDynamics of Financial Markets China
Dynamics of Financial Markets China Henry Li April 14, 2017 Shanghai Tranquill Asset Management Introduction 1. Capital markets at high growth 2. Structural challenges 3. Impacting elements 4. Capital
More informationPOST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, Barry Bosworth
POST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, 2010 Barry Bosworth I. Economic Rise of Asia Emerging economies of Asia have performed extremely
More informationBretton Woods and the IMS in a Multipolar World? Keynote Speech
Jacques de Larosière Former Managing Director International Monetary Fund I would like to thank the organizers of this conference for having asked so many eminent experts to focus on a subject the International
More informationThe Emergence of Economic Regionalism in Asia
The Emergence of Economic Regionalism in Asia Trends and Prospects Giovanni Capannelli Asian Development Bank 28 August 2008 Lecture at the GIARI Summer Institute Waseda University, Tokyo The Emergence
More informationA Basket Currency for the EAC: Possible Advantages and Issues
A Basket Currency for the EAC: Possible Advantages and Issues By Paul R. Masson, Monetary Union Advisor, Rwanda, funded by TradeMark East Africa September 24, 2012 I. Introduction Creating a monetary union
More informationConference on international
Conference on international cooperation in times of global l crisis i Session 4: can the international monetary system be reformed? A few remarks Michel Aglietta University Paris West (EconomiX) and Cepii
More information12 ECB GLOBAL IMBALANCES: RECENT DEVELOPMENTS AND POLICY REQUIREMENTS
Box 1 GLOBAL IMBALANCES: RECENT DEVELOPMENTS AND POLICY REQUIREMENTS The diverging pattern of current account positions that have been observed at the global level for a number of years raises two important
More informationChi on China Renminbi Gran Turismo (Part 3 of 3): The Rising Yuan in Seoul
For professional investors 22 October 2014 1 Chi on China Renminbi Gran Turismo (Part 3 of 3): The Rising Yuan in Seoul SUMMARY After Beijing assigned two offshore renminbi (RMB) clearing banks in London
More informationCommuniqué of G-7 Finance Ministers and Central Bank Governors February 20, 1999 Petersberg, Bonn
Communiqué of G-7 Finance Ministers and Central Bank Governors February 20, 1999 Petersberg, Bonn 1. We, the Finance Ministers and Central Bank Governors of the G7- countries and Wim Duisenberg, President
More informationINTERNATIONAL RESERVES: IMF ADVICE AND COUNTRY PERSPECTIVES ISSUES PAPER FOR AN EVALUATION BY THE INDEPENDENT EVALUATION OFFICE (IEO)
INTERNATIONAL RESERVES: IMF ADVICE AND COUNTRY PERSPECTIVES ISSUES PAPER FOR AN EVALUATION BY THE INDEPENDENT EVALUATION OFFICE (IEO) September 20, 2011 I. BACKGROUND AND MOTIVATION 1. The IEO will undertake
More informationChi on China Renminbi Gran Turismo (Part 3 of 3): The Rising Yuan in Seoul
For professional investors 22 October 2014 1 Chi on China Renminbi Gran Turismo (Part 3 of 3): The Rising Yuan in Seoul SUMMARY After Beijing assigned two offshore renminbi (RMB) clearing banks in London
More informationReconsidering the International Monetary System
Reconsidering the International Monetary System John Lipsky I am honored to have this opportunity to discuss prospects for strengthening the international monetary system. The topic is both timely and
More informationAEPR series. This is the pre-peer- reviewed version of the following article: The Boom and Bust of the RMB's Internationalization:
JCER Working Paper AEPR series No. 2016-2-3 This is the pre-peer- reviewed version of the following article: The Boom and Bust of the RMB's Internationalization: A Perspective from Cross-Border Arbitrage,
More informationIan J Macfarlane: Payment imbalances
Ian J Macfarlane: Payment imbalances Presentation by Mr Ian J Macfarlane, Governor of the Reserve Bank of Australia, to the Chinese Academy of Social Sciences, Beijing, 12 May 2005. * * * My talk today
More informationEmerging market central banks investment strategies: Tailwind for the euro?
Economic Research Allianz Group Dresdner Bank Working Paper No.:38, 11.04.2005 Autor: Dr. R. Schäfer Emerging market central banks investment strategies: Tailwind for the euro? The euro has appreciated
More informationGovernor's Statement No. 30 October 7, Statement by the Hon. ZHOU XIAOCHUAN, Governor of the Fund for the PEOPLE'S REPUBLIC OF CHINA
Governor's Statement No. 30 October 7, 2016 Statement by the Hon. ZHOU XIAOCHUAN, Governor of the Fund for the PEOPLE'S REPUBLIC OF CHINA Statement by the Hon. ZHOU Xiaochuan, Governor of the Fund for
More informationChapter Eleven. The International Monetary System
Chapter Eleven The International Monetary System Introduction 11-3 The international monetary system refers to the institutional arrangements that govern exchange rates. Floating exchange rates occur when
More informationRENMINBI INTERNATIONALISATION: THE NEXT STEP AND BEYOND
RENMINBI INTERNATIONALISATION: THE NEXT STEP AND BEYOND Presentation to the Budapest Renminbi Initiative Conference CHI LO, SENIOR ECONOMIST Budapest 5 April 2017 1 RENMINBI INTERNATIONALISATION 2 First
More informationRenminbi Internationalisation The Journey Begins
Treasury Division Renminbi Monitor January 2013 Joanne Yim Chief Economist joanneyim@hangseng.com Renminbi Internationalisation The Journey Begins After decades of rapid growth, mainland China has become
More informationHong Kong s s Expanding Role as an Offshore RMB Centre
Hong Kong s s Expanding Role as an Offshore RMB Centre Goldman Sachs Global Macro Conference Peter Pang Deputy Chief Executive Hong Kong Monetary Authority 22 February 211 Mainland s s Phenomenal Growth
More informationThe Future of the International Monetary System
9 The Future of the International Monetary System John Williamson A vinash Persaud (2005) has argued that the world never has room for more than one key currency at a time. I find his argument convincing
More informationCentral Bank of Iceland. Overcoming a financial crisis and taking the road forward: the case of Iceland
Central Bank of Iceland Overcoming a financial crisis and taking the road forward: the case of Iceland Már Gudmundsson Governor, Central Bank of Iceland European Economics and Financial Centre, Palace
More informationLESSONS OF THE EUROPEAN CRISIS FOR REGIONAL MONETARY AND FINANCIAL INTEGRATION IN EAST ASIA
LESSONS OF THE EUROPEAN CRISIS FOR REGIONAL MONETARY AND FINANCIAL INTEGRATION IN EAST ASIA Ulrich Volz, German Development Institute 8 August 2012, United Nations Economic and Social Commission for Asia
More informationChina at the Crossroad: Creating the Asian Single Currency or Internationalizing RMB
China at the Crossroad: Creating the Asian Single Currency or Internationalizing RMB Author*: Zhang YUYAN Abstract: I am going to concentrate my concern on the discussion of the diversification of the
More informationLessons from the Asian Currency Crisis
Lessons from the Asian Currency Crisis Is East Asia an optimum currency area? - Issues for East Asian Currency Cooperation Eiji Ogawa and Kentaro Kawasaki Graduate School of Commerce and Management, Hitotsubashi
More informationRMB Internationalization Policies & Trade Finance Services. Xi Jingjing April 2017
RMB Internationalization Policies & Trade Finance Services Xi Jingjing April 2017 Contents China-Hungary Relationship Status quo and Future of RMB Internationalization BOC s Financial Services 2 China-Hungary
More informationCRS Report for Congress
Order Code RS21625 Updated March 17, 2006 CRS Report for Congress Received through the CRS Web China s Currency: A Summary of the Economic Issues Summary Wayne M. Morrison Foreign Affairs, Defense, and
More informationThe Macro-economy and the Global Financial Crisis
The Macro-economy and the Global Financial Crisis Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Global economic
More informationChina Development Bank Financial Research Centre. Off-shore Renminbi Market
China Development Bank Financial Research Centre Off-shore Renminbi Market by Joseph Yam Working Paper No. 2 July 2010 Institute of Global Economics and Finance The Chinese University of Hong Kong 13/F,
More informationChina s Securities Market Development: Lessons from Hong Kong and Other Asian Markets. Xiao Geng 1
China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets Xiao Geng 1 Draft: 15 January 2003 Achievements of China s securities market In a little more than a decade s time,
More informationUniversity of Leipzig Institute for Economic Policy
University of Leipzig Institute for Economic Policy Prof. Dr. Gunther Schnabl Experiences with the Current EU Economic Governance Framework European Parliament Committee on Economic and Monetary Affairs
More informationRutgers University Spring Econ 336 International Balance of Payments Professor Roberto Chang. Problem Set 1. Name:
Rutgers University Spring 2013 Econ 336 International Balance of Payments Professor Roberto Chang Problem Set 1 Name: 1. When the exchange value of the euro rises in terms of the U.S. dollar, U.S. residents
More informationAgainst the Consensus Reflections on the Great Recession. Justin Yifu Lin National School of Development Peking University
Against the Consensus Reflections on the Great Recession Justin Yifu Lin National School of Development Peking University Contents What caused the global crisis A win-win path to recovery Can developing
More informationRMB Internationalization at Half-time: Retrospect and Prospect
RMB Internationalization at Half-time: Retrospect and Prospect The Asian Financial Leaders Program Dr. Guan Tao Senior Fellow at China Finance 40 Forum Beijing, May 25, 2017 Main Contents 1 2 3 Historical
More informationThe Joint Statement of the 15 th ASEAN+3 Finance Ministers and Central Bank Governors' Meeting
The Joint Statement of the 15 th ASEAN+3 Finance Ministers and Central Bank Governors' Meeting 3 May 2012, Manila, the Philippines I. Introduction 1. We, the Finance Ministers and Central Bank Governors
More informationDG INTERNAL POLICIES DIRECTORATE FOR ECONOMIC & SCIENTIFIC POLICIES Economic Governance Support Unit
DG INTERNAL POLICIES DIRECTORATE FOR ECONOMIC & SCIENTIFIC POLICIES Economic Governance Support Unit o o o o o Member State Reference year which triggered ongoing EDP 1 Current deadline for deficit
More informationCHINA FOCUS II AIMING FOR THE SDR BASKET
AIMING FOR THE SDR BASKET With its rising economic size and position as a top trading nation, China is aiming for the RMB to be included into the SDR basket of currencies at the 2015 IMF review, which
More informationThe International Monetary System
The International Monetary System Eiteman et al., Chapter 2 Winter 2004 Outline of the Chapter Currency Terminology History of the International Monetary System Contemporary Currency Regimes Emerging Markets
More informationRIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA
A MEMBER OF THE UNIVERSITY OF HONG KONG GROUP 香港大學機構成員 AMY YIP ROY ZHOU RIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA Our vision at HKEx is to reshape the global market landscape
More informationGlobal Overview of Containerboard ICCA/WCO May 23, 2011
Global Overview of Containerboard ICCA/WCO May 23, 2011 Dr. Lynn O. Michaelis Executive Adviser, RISI President, Strategic Economic Analysis Today s Agenda Global Economic outlook the major issues/concerns
More informationRegional Monetary Cooperation in East Asia against Asymmetric Responses to the US Dollar Depreciation 1)
THE JOURNAL OF THE KOREAN ECONOMY, Vol. 5, No. 2 (Fall 2004), Regional Monetary Cooperation in East Asia against Asymmetric Responses to the US Dollar Depreciation 1) Eiji Ogawa In this paper we consider
More informationThe Future of International Monetary System for Asia (Annual Seminar on Macroeconomic and Financial Policy Issues)
The Future of International Monetary System for Asia (Annual Seminar on Macroeconomic and Financial Policy Issues) Jointly organized by Hitotsubashi University and the IMF Regional Office for Asia and
More informationFlash Notes. China: Aiming for the SDR Basket
UOB Global Economics and Markets Research Company Reg No. 193500026Z Suan Teck Kin Thursday, 30 April 2015 Suan.TeckKin@UOBgroup.com Flash Notes China: Aiming for the SDR Basket With its rising economic
More informationExchange Rate Regimes and Monetary Policy: Options for China and East Asia
Exchange Rate Regimes and Monetary Policy: Options for China and East Asia Takatoshi Ito, University of Tokyo and RIETI, and Eiji Ogawa, Hitotsubashi University, and RIETI 3/19/2005 RIETI-BIS Conference
More informationAsian Regional Policy Coordination
293 Commentary Asian Regional Policy Coordination Dong He Introduction Let me first thank the organizers for inviting me to be part of this very important and interesting conference, and for giving me
More informationVítor Constâncio: Economic reforms European and Chinese challenges
Vítor Constâncio: Economic reforms European and Chinese challenges Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at The Hamburg Summit: China meets Europe, Hamburg, 25 November
More informationOffshore RMB Market Update
Offshore RMB Market Update Ricky Li Economics and Strategic Planning Department Bank of China (Hong Kong) Limited November 2014 Offshore RMB Market Update A. Offshore RMB Bond Market Update B. RMB Internationalization
More informationTHE GOING OUT OF CHINESE BANKS
THE GOING OUT OF CHINESE BANKS JUNE 11, 2012 Rafael Gil-Tienda Chairman, Asia-Pacific Oliver Wyman Slow Integration of cross-border liquidity Rapid We have translated these regulatory uncertainties into
More informationChapter 19 (8) International Monetary Systems: An Historical Overview
Chapter 19 (8) International Monetary Systems: An Historical Overview Preview Goals of macroeconomic policies internal and external balance Gold standard era 1870 1914 International monetary system during
More informationFTSE WPU: Frequently Asked Questions
FTSE WPU: Frequently Asked Questions 1. What is FTSE WPU? Wealth Preservation Unit (WPU) is a basket of eleven currencies and two commodities, Gold and Oil. FTSE WPU is designed to protect global investors
More informationPeriod 3 MBA Program January February MACROECONOMICS IN THE GLOBAL ECONOMY Core Course. Professor Ilian Mihov
Period 3 MBA Program January February 2008 MACROECONOMICS IN THE GLOBAL ECONOMY Core Course Professor SOLUTIONS Final Exam February 25, 2008 Time: 09:00 12:00 Note: These are only suggested solutions.
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 IMFC Statement by Taro Aso Deputy Prime Minister Japan Statement by the Honorable Taro Aso Deputy Prime Minister
More informationFinancing the U.S. Trade Deficit
Order Code RL33274 Financing the U.S. Trade Deficit Updated September 4, 2007 James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Financing the U.S.
More informationThe Internationalization of the RMB: A Treasury Perspective
ctc guide to The Internationalization of the RMB: A Treasury Perspective Executive Summary Underwritten by: CTC GUIDE: The Internationalization of the RMB: A Treasury Perspective Executive Summary The
More informationThe IMF s Unmet Challenges By Barry Eichengreen and Ngaire Woods, Journal of Economic Perspectives, Winter 2015 Introduction There is an important
The IMF s Unmet Challenges By Barry Eichengreen and Ngaire Woods, Journal of Economic Perspectives, Winter 2015 Introduction There is an important role for the IMF to play in solving information, commitment
More informationSecond wind for offshore RMB market
Citi OpenInvestor September 2012 7 Globalization Citi OpenInvestor presents: Second wind for offshore RMB market In just one year, the internationalization of the renminbi has seen a thriving market in
More informationIUMI 2014 Hong Kong Conference Building Expertise for a Changing World
IUMI 2014 Hong Kong Conference Building Expertise for a Changing World Keynote Address by the Hon Mrs Laura Cha Chairman of Financial Services Development Council, Hong Kong 22 September 2014 The Shift
More informationBuilding Global and Regional Financial Safety Nets
Building Global and Regional Financial Safety Nets February 2016 Yung Chul Park Korea University 1. Need for Global and Regional Financial Safety Nets: Market Failure Financial markets are highly susceptible
More informationCapital account management in China. Yu Yongding CAFRAL Conference, New Delhi, Jan 12, 2014
Capital account management in China Yu Yongding CAFRAL Conference, New Delhi, Jan 12, 2014 China now is more sympathetic with capital account liberalization, but why? since 2003, and especially since 2009
More informationPublic Information Notice (PIN) No. 03/124 FOR IMMEDIATE RELEASE October 17, 2003 International Monetary Fund 700 19 th Street, NW Washington, D. C. 20431 USA IMF Concludes 2003 Article IV Consultation
More information