Abstract
There exist dual features of internationalization and regionalization in the current international monetary system, and the U.S. dollar is still in a dominant position in the system. A lack of relevant institutional constraints has led to institutional deficiencies and systematic risks in the international monetary system, and resulted in the frequent financial crises in the world in recent years. As an emerging economy closely related to the current international monetary system, China has responsibilities and obligations to participate actively in international monetary system reform and push forward international monetary system reform through institutional supply.
Highlights
The international monetary system is a relatively broad concept: generally speaking, it usually refers to the sum of the international currency systems, the international financial institutions, and the established international monetary order which is formed from the habits and history of humankind (He 2006, p. 290)
The international monetary system generally includes the following: (1) which currency will be used in international communication—the gold standard or inconvertible credit currency; (2) exchange rate arrangements among countries, pegging a currency or allowing exchange rates to be changed according to demand and supply; and (3) how to adjust the imbalance of foreign exchange receipts and payments
From the gold standard system to the Bretton Woods system, each of the international monetary systems has played an important role in a certain historical period, and been destroyed by its own shortcomings
Summary
The international monetary system is a relatively broad concept: generally speaking, it usually refers to the sum of the international currency systems, the international financial institutions, and the established international monetary order which is formed from the habits and history of humankind (He 2006, p. 290). Since the East Asian financial crisis in 1997, the different problems triggered by the international monetary system have become the concern of international society. The maladjustment between the current international monetary system and the development of the global real economy has led to a necessity for international monetary system reform With the deepening of the reform and opening-up policy, China has an increasingly strong interdependence with the world; the current international monetary system may have a substantial impact on China. The global financial crisis may be regarded as a good opportunity for international monetary system reform, and the world may have concerns over how China grasps this opportunity to take part in reforming the international monetary system. How can China find the best solution for reform when the international monetary system is related to China itself, and related to changes in the current international monetary structure?
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
