Abstract
The article provides information about renminbi internationalization stages, actions taken by Chinese authorities in this field as well as suggests possible ways for further increasing usage of the currency in international operations. The analysis is based on international currency criteria used by IMF and SWIFT and well as suggestions of Russian and foreign researchers. Launching the process of renminbi internationalization China was looking to achieve a number of economic and political goals. Usage on the national currency in international operations increases the country’s prestige in the world, facilitates international transaction for domestic economic actors and allows influencing foreign counterparts. China achieved significant success in internationalizing its national currency in the past decade. Yuan has been part of IMF reserve currencies for more than three years. However, the share of renminbi in global settlements and investments is still moderate and does not correspond to the size of the country’s economy. The USA maintains their dominant role in the world’s financial system and is not interested in allowing China to increase its global influence. China is inviting its key trading partners to create yuan based international transactions system as an alternative to the US dollar. Despite the scale of the economy, volume of foreign investments and size of the internal securities market – international participants show relatively low interest for renminbi usage. Comparison of the anticipated goals and actions taken and with the current outcomes allows suggesting conceding amendments to the strategy of increasing renminbi usage in the world. This can be achieved by removing restrictions for international capital movements and facilitating access to yuan liquidity and instruments for international participants.
Highlights
actions taken by Chinese authorities in this field
The analysis is based on international currency criteria used by
Renminbi internationalisation: stuck in mid-river – for now
Summary
В статье рассматривается процесс интернационализации юаня и реализуемые властями КНР в этой связи меры, а также возможные предпосылки расширения использования китайской валюты в международных операциях. Для анализа соответствия статусу международной валюты используются критерии МВФ и SWIFT, а также предложения российских и зарубежных исследователей. Для целей настоящей работы применялись критерии интернационализации валюты сообщества всемирных межбанковских телекоммуникаций SWIFT, характеристики свободно используемой в мире валюты Международного валютного фонда (МВФ), предложения российских и зарубежных учёных. По мнению американских специалистов [Gjoza 2018], среди факторов, влияющих на интернационализацию юаня, можно выделить: – доступ иностранных инвестиций на локальный фондовый рынок; – долю юаня в резервах иностранных центральных банков; – использование китайской валюты для финансирования зарубежных инфраструктурных проектов; – международную экспансию национальных платёжных систем; Об усилении роли КНР в формирующемся мировом порядке, о новых центрах силы см.: [Шаклеина 2019; Богатуров 2019]. Таблица 1 Объём торгов валютного рынка ПАО Московская Биржа, млрд руб
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.