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Internationalization of the Renminbi Currency : Economic Factors Analysis, a Comparison with the Yen and German Mark and America’s Supporting Role

Helbing, Joseph Ritchey
http://rave.ohiolink.edu/etdc/view?acc_num=osu1367461677

Abstract Details

, Master of Arts, Ohio State University, East Asian Languages and Literatures.
The internationalization of the RenMinBi is a very complex and long-term process. According to standard international monetary theory, the RMB has still not fulfilled the requirements to be called an international currency. Use of the RMB has expanded from mainland China to Hong Kong and some neighbouring countries, but has not yet reached a level of internationalization similar to that of the Euro, let alone, as some speculate, as a possible replacement for the dollar. RMB current level of internationalization, to a large extent, can be attributed to China’s growing political and economic influence, rather than any initiatives by the Chinese government. In order to achieve the internationalization of the RMB, the Chinese government must now carefully design appropriate policies to promote the regionalization and internationalization of the RMB. There is no "off-the-shelf" internationalization model for the RMB. China’s economic development does not ensure smooth internationalization of the RMB. China must continue to promote reform of it’s domestic financial sector, in order to establish a stable foundation for the development of the RMB. Hong Kong has become an effective agent for RMB internationalisation. As early as 1989, the Chinese government decided to begin promoting an offshore RMB market in Hong Kong. In 2007, Hong Kong founded the first offshore RMB bond market. At present, Hong Kong has become the world’s most important offshore RMB trading platform. Hong Kong is the first stop for internationalization of RMB, and one of the most important. As of yet, China has not implemented the necessary monetary liberalization policies but through a coordinated Sino-US policy of internationalization the RMB can become one of the global monetary system’s foundational currencies. The United States has an opportunity to coordinate with China in promoting the development of the next iteration of the international monetary system in a way that protects the interests of both countries.
Jianqi Wang (Advisor)
Xiaobin Jian (Committee Member)
Sunny Zong (Committee Member)
Galal Walker (Committee Chair)
Economic History; Economic Theory; Economics

Recommended Citations

Citations

  • Helbing, J. R. (n.d.). Internationalization of the Renminbi Currency : Economic Factors Analysis, a Comparison with the Yen and German Mark and America’s Supporting Role [Master's thesis, Ohio State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=osu1367461677

    APA Style (7th edition)

  • Helbing, Joseph. Internationalization of the Renminbi Currency : Economic Factors Analysis, a Comparison with the Yen and German Mark and America’s Supporting Role. Ohio State University, Master's thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=osu1367461677.

    MLA Style (8th edition)

  • Helbing, Joseph. "Internationalization of the Renminbi Currency : Economic Factors Analysis, a Comparison with the Yen and German Mark and America’s Supporting Role." Master's thesis, Ohio State University. Accessed APRIL 18, 2024. http://rave.ohiolink.edu/etdc/view?acc_num=osu1367461677

    Chicago Manual of Style (17th edition)

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