Internationalization of the Renminbi: History, Theories and Policies
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Internationalization of the Renminbi: History, Theories and Policies

by Jie Zhang
     
 

With the continuous rise in the status and importance of China in regional and global economies, the influence of the Renminbi grows proportionately. Currency Reform has become a crucial and inevitable policy choice for China. Based on recent theoretical frameworks and quantitative analyses, this book explores the necessity, feasibility and specific pathway and…  See more details below

Overview

With the continuous rise in the status and importance of China in regional and global economies, the influence of the Renminbi grows proportionately. Currency Reform has become a crucial and inevitable policy choice for China. Based on recent theoretical frameworks and quantitative analyses, this book explores the necessity, feasibility and specific pathway and measures of the transformation of the currency system, as well as the influences of the Banking System and the expansion of trade versus the appreciation of the Renminbi.
This book investigates whether the reform of China's banking system is compatible with the reform of currency system. It argues that the former has a direct impact on whether the internationalization of the Renminbi can succeed. The book also identifies the relationship between two systems and helps formulate the appropriate reform policies.

Product Details

ISBN-13:
9789814298735
Publisher:
Enrich Professional Publishing
Publication date:
03/01/2011
Series:
Enrich Series on Chinese Currency Reform
Pages:
266
Product dimensions:
7.10(w) x 10.10(h) x 0.80(d)

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.

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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