Since initiating market reforms in 1978, China has experienced rapid economic development. After China’s entry into World Trade Organization(WTO) in 2001, China has increased its role in global trade. China is now the second largest economy and the largest trading nation of the world.
When the ...
Since initiating market reforms in 1978, China has experienced rapid economic development. After China’s entry into World Trade Organization(WTO) in 2001, China has increased its role in global trade. China is now the second largest economy and the largest trading nation of the world.
When the global financial crisis hit in 2008, the current international monetary system dominated by the U.S. dollar has exposed a lot of defects. In addition, the European debt crisis in 2010, it has accelerated the drop in the euro’s value. Under these circumstances, the internationalization of RMB(Chinese currency: renminbi) has been attracting more and more attention, and has become a very important issue related to the future of the global monetary system.
Depending on three different functions of an international currency, it can reach settlement currency status, investment currency status and reserve currency status. For this purpose, this thesis mainly studies the determinants of RMB internationalization as an international currency.
This main content of this thesis is divided into seven chapters. Chapter Ⅰ is introduction. It mainly states the research background, research purpose and difference. ChapterⅡ is literature review. Based on the perspective of three different function of an international currency, this chapter summarizes on the existing literature of the determinants of currency internationalization.
Chapter Ⅲ is a case of main international currencies internationalization and comparison of RMB internationalization. First, this chapter analyses the differences among the paths of main international currencies such as British Pound, U.S. Dollar, Japanese Yen and Euro. Second, it summarizes strategies, measures, development level of RMB internationalization. Third, the comparison of RMB with main international currencies show that currency internationalization requires some necessary preconditions.
Chapter Ⅳ covers the determinants of RMB internationalization from the view of settlement currency function. Based on the report from global transaction service provider SWIFT, the RMB was the fifth most-used currency for international payments in December 2018. The proportion of international currency payments denominated in RMB increased to 2.07% in December 2018 form 1.61% in December 2017. This chapter analyses the determinants of RMB internationalization as settlement currency by using the time series data of 2012.1-2018.12 and VAR model.
Chapter Ⅴ focuses on the determinants of RMB internationalization from the view of investment currency function. In January 2007, China launched a pilot programme allowing financial institutions to issue RMB bonds in Hong Kong. In 2018, more than ¥116 billion RMB denominated bonds have been issued. Since China Launched a number of pilot programmes(RMB FDI, RQFII, Shanghai-Hong Kong/Shenzhen-Hong Kong Stock Connect and China-Hong Kong Bond Connect), RMB is increasingly being used in China’s domestic capital markets. This chapter analyses the determinants of RMB internationalization as invest currency by using panel data between China and its 33 major partners.
Chapter Ⅵ probes into the determinants of RMB internationalization from the view of reserve currency function. Since formal entry to IMF’s SDR currency basket in October 2016, RMB becomes the fifth international reserve currency after U.S. Dollar, British Pound, Japanese Yen and Euro. RMB’s weight in the basket is 10.92%, lower than that of the U.S. Dollar and Euro, but higher than that of the Japanese Yen and British Pound. In addition, there were 38 countries which had already signed currency swap agreements with China by the end of 2018. This chapter analyses the determinants of RMB internationalization as reserve currency by using binary logit model from 2009 to 2018.
Chapter Ⅶ is conclusion and implication.
Since initiating market reforms in 1978, China has experienced rapid economic development. After China’s entry into World Trade Organization(WTO) in 2001, China has increased its role in global trade. China is now the second largest economy and the largest trading nation of the world.
When the global financial crisis hit in 2008, the current international monetary system dominated by the U.S. dollar has exposed a lot of defects. In addition, the European debt crisis in 2010, it has accelerated the drop in the euro’s value. Under these circumstances, the internationalization of RMB(Chinese currency: renminbi) has been attracting more and more attention, and has become a very important issue related to the future of the global monetary system.
Depending on three different functions of an international currency, it can reach settlement currency status, investment currency status and reserve currency status. For this purpose, this thesis mainly studies the determinants of RMB internationalization as an international currency.
This main content of this thesis is divided into seven chapters. Chapter Ⅰ is introduction. It mainly states the research background, research purpose and difference. ChapterⅡ is literature review. Based on the perspective of three different function of an international currency, this chapter summarizes on the existing literature of the determinants of currency internationalization.
Chapter Ⅲ is a case of main international currencies internationalization and comparison of RMB internationalization. First, this chapter analyses the differences among the paths of main international currencies such as British Pound, U.S. Dollar, Japanese Yen and Euro. Second, it summarizes strategies, measures, development level of RMB internationalization. Third, the comparison of RMB with main international currencies show that currency internationalization requires some necessary preconditions.
Chapter Ⅳ covers the determinants of RMB internationalization from the view of settlement currency function. Based on the report from global transaction service provider SWIFT, the RMB was the fifth most-used currency for international payments in December 2018. The proportion of international currency payments denominated in RMB increased to 2.07% in December 2018 form 1.61% in December 2017. This chapter analyses the determinants of RMB internationalization as settlement currency by using the time series data of 2012.1-2018.12 and VAR model.
Chapter Ⅴ focuses on the determinants of RMB internationalization from the view of investment currency function. In January 2007, China launched a pilot programme allowing financial institutions to issue RMB bonds in Hong Kong. In 2018, more than ¥116 billion RMB denominated bonds have been issued. Since China Launched a number of pilot programmes(RMB FDI, RQFII, Shanghai-Hong Kong/Shenzhen-Hong Kong Stock Connect and China-Hong Kong Bond Connect), RMB is increasingly being used in China’s domestic capital markets. This chapter analyses the determinants of RMB internationalization as invest currency by using panel data between China and its 33 major partners.
Chapter Ⅵ probes into the determinants of RMB internationalization from the view of reserve currency function. Since formal entry to IMF’s SDR currency basket in October 2016, RMB becomes the fifth international reserve currency after U.S. Dollar, British Pound, Japanese Yen and Euro. RMB’s weight in the basket is 10.92%, lower than that of the U.S. Dollar and Euro, but higher than that of the Japanese Yen and British Pound. In addition, there were 38 countries which had already signed currency swap agreements with China by the end of 2018. This chapter analyses the determinants of RMB internationalization as reserve currency by using binary logit model from 2009 to 2018.
Chapter Ⅶ is conclusion and implication.
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