Internationalization of the Renminbi: History, Theories and Policies

Overview

This series explores the relationship between Chinese banking system reform, regionalization and internationalization of the Renminbi, as well as the possible cooperation between the Renminbi, the Yen, and other Asian currencies. Additionally, the series provides the first comprehensive study of Renminbi internationalization by experts in China and analyzes the currency reform that China will undertake in the current global economy. Volume 1 Internationalization of the Renminbi: History, Theories and Policies: 1....
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Overview

This series explores the relationship between Chinese banking system reform, regionalization and internationalization of the Renminbi, as well as the possible cooperation between the Renminbi, the Yen, and other Asian currencies. Additionally, the series provides the first comprehensive study of Renminbi internationalization by experts in China and analyzes the currency reform that China will undertake in the current global economy. Volume 1 Internationalization of the Renminbi: History, Theories and Policies: 1. Trading Structure, Frequency and Monetary Standard; 2. The Micro-Financial Foundation of China’s High Monetization; 3. Special Banking System Structure and Renminbi “Exogeneity”; 4. The Dilemma between Trade Expansion and the Renminbi Exchange Rate Regime; 5. Commercialization of the Banking System and the Logic of Renminbi Internationalization
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Product Details

Meet the Author

Zhang Jie is a Professor and Deputy Head of the School of Finance, and the Head of the International Currency Research Institute at Renmin University of China. His research areas include financial systems and China’s financial system and development. He is the author of the titles The Structure and Development of China's Financial System, Financial Intermediaries and State-Owned Banks In China's Financial Reform, etc.
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Read an Excerpt

Within the framework of Marxian economics, exchange is linked with overproduction. Division of labor contributed to the enhancement of productivity and expansion of social surplus, and increased the necessity of exchange. The initial exchange is an occasional, scattered exchange of goods. However, exchange becomes an inevitable and frequent activity as the division of labor becomes professional and the over-production increases over time. Money, as the universal equivalent, emerges on the horizon to reduce trading cost. We can see from the above analysis that the rise in monetary demand is closely related to the expansion in trading scale and frequency which largely relies on the increase in over-production, that is the increase in disposable wealth.

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Table of Contents

Preface Zhang Jie vii

Chapter 1 Trading Structure, Frequency and Monetary Standard 1

Chapter 2 The Dilemma of China's Currency Standard 33

Chapter 3 The Micro-Financial Foundation of China's High Monetization 85

Chapter 4 Special Banking System Structure and Renminbi "Exogeneity" 113

Chapter 5 The Dilemma between Trade Expansion and the Renminbi Exchange Rate Regime 159

Chapter 6 Commercialization of the Banking System and the Logic of Renminbi Internationalization 201

Notes 225

References 233

Index 251

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