000			02780nam a2200409 i 4500
001			CR9781108647236
003			UkCbUP
005			20240913182131.0
006			m|||||o||d||||||||
007			cr||||||||||||
008			180619s2021||||enk o ||1 0|eng|d
020			_a9781108647236 (ebook)
020			_z9781108491686 (hardback)
020			_z9781108740586 (paperback)
040			_aUkCbUP _beng _erda _cUkCbUP
043			_aa-cc---
050	0	0	_aHG1285 _b.L35 2021
082	0	0	_a332.4/50951 _223
100	1		_aLai, Edwin L.-C., _eauthor.
245	1	0	_aOne currency, two markets : _bChina's attempt to internationalize the renminbi / _cEdwin L.-C. Lai, Hong Kong University of Science and Technology.
264		1	_aCambridge, United Kingdom ; New York, NY : _bCambridge University Press, _c2021.
300			_a1 online resource (xxxvii, 307 pages) : _bdigital, PDF file(s).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
500			_aTitle from publisher's bibliographic system (viewed on 18 Jun 2021).
505	0		_aIntroduction -- China's aversion to a floating exchange rate -- Why does China want to internationalize the RMB? -- China's strategy of internationalizing the RMB -- The importance of capital account liberalization -- The importance of financial sector reform -- The importance of the offshore RMB market -- The potential of the RMB as a payment currency -- The prospects of RMB internationalization.
520			_aThis book is for anyone who is interested in the economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB. It points out the unsustainability of the dollar standard in the long run, that China has unique incentives to internationalize its currency, and how Hong Kong plays an important role. It explains the real reasons for China to internationalize its currency, including using external commitments to force financial sector reforms ('daobi' in Chinese). It applies economic theories accessible to laymen to establish that financial development and openness are crucial for RMB internationalization to succeed, and that greater exchange rate volatility is inevitable due to the 'open-economy trilemma'. Employing the 'gravity model', the book predicts quantitatively that the RMB is likely to be a distant third payment currency after the USD and the euro, but surpassing the Japanese yen in the next decade.
650		0	_aRenminbi.
650		0	_aFinance _zChina.
650		0	_aCapital market _zChina.
650		0	_aForeign exchange _zChina.
650		0	_aMoney _zChina.
776	0	8	_iPrint version: _z9781108491686
856	4	0	_uhttps://doi.org/10.1017/9781108647236
942			_2ddc _cEB
999			_c9485 _d9485