Details

Renminbi Rising


Renminbi Rising

A New Global Monetary System Emerges
1. Aufl.

von: William H. Overholt, Guonan Ma, Cheung Kwok Law

30,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 15.12.2015
ISBN/EAN: 9781119218982
Sprache: englisch
Anzahl Seiten: 248

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Beschreibungen

<b>Critical analysis of RMB internationalization and the coming global currency shift</b> <p><i>Renminbi Rising</i> charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system. <p>Effective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon. <ul> <li>Understand why a new global monetary system is needed</li> <li>Consider the outcomes as China emerges and the U.S. recedes</li> <li>Learn the context and motivations behind principal players' strategies</li> <li>Discover the scale of opportunities presented by the rise of the RMB</li> </ul> <p>It is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. <i>Renminbi Rising</i> offers detailed analysis of the key opportunities and threats inherent in this major economic shift.
<p>List of Figures xi</p> <p>List of Tables xiii</p> <p>Foreword xv</p> <p>Acknowledgments xvii</p> <p>About the Author xix</p> <p><b>CHAPTER 1 Internationalizing the RMB 1</b></p> <p>The Conditions for Becoming a Global Currency 2</p> <p>Business and RMB 10</p> <p>RMB-Product Markets 11</p> <p>Reserve Currency 14</p> <p>The Emerging Monetary Order 16</p> <p><b>CHAPTER 2 The Rise and Fall of Currencies – Historical Lessons for the RMB 21</b></p> <p>Risks in International Monetary System Transitions 23</p> <p>The Role of Eurodollars in the 2008 Global Financial Crisis 26</p> <p>2008: Year Zero for a New International Monetary System? 27</p> <p>Conditions for Currency Internationalization: Market Demand and Institutional Supply 30</p> <p>Institutional Inertia and Disruptive Events 35</p> <p>Offshore Currencies and International Liquidity 36</p> <p>Current International Reactions to the RMB’s Rise 41</p> <p>RMB Internationalization 44</p> <p>Conclusion 46</p> <p>References 47</p> <p><b>CHAPTER 3 Economic and Institutional Foundations for the Rise of the RMB 49</b></p> <p>Economic Foundation 49</p> <p>Surprises 58</p> <p>New Growth Engines 60</p> <p>Capital-Account Liberalization 62</p> <p>Institutional Quality 68</p> <p>Conclusion 80</p> <p>References 81</p> <p><b>CHAPTER 4 Can the Chinese Bond Market Support a Potential Global Renminbi? 83</b></p> <p>Overview of the Chinese Bond Market 84</p> <p>Chinese Treasury Market in International Perspective 91</p> <p>A Dilemma and a Bold Public-Debt Consolidation Scheme 98</p> <p>Government-Backed Debt Securities 103</p> <p>Conclusion 107</p> <p>References 107</p> <p><b>CHAPTER 5 Waxing and Waning of the Chinese Stock and Banking Markets 109</b></p> <p>Chinese Stock Market: Growing Despite Immaturity Flaws 109</p> <p>A Massive Chinese Banking Market Opening 125</p> <p>Conclusion 133</p> <p>References 133</p> <p><b>CHAPTER 6 Rising FX Turnover of the RMB 135</b></p> <p>Could the Market Accommodate More Global Currencies? 135</p> <p>What Determines the FX Liquidity of the RMB? 138</p> <p>Potential for Rising RMB Turnover by Market Segment 143</p> <p>Conclusion 149</p> <p>References 150</p> <p><b>CHAPTER 7 A Spreading Global Network for RMB Trade 151</b></p> <p>The RMB’s International Position 152</p> <p>Hong Kong Still the Dominant Offshore RMB Center 155</p> <p>More Offshore Centers Catch Up to Spread a Global Network 158</p> <p>Prospects for Offshore RMB Centers 164</p> <p>Conclusion 169</p> <p>References 169</p> <p><b>CHAPTER 8 Brief Examples of Business Use of the Internationalizing RMB 171</b></p> <p>Samsung’s Use of RMB to Reduce Foreign Exchange Conversion Costs 171</p> <p>Alstom’s Use of RMB as Corporate Treasury Currency 173</p> <p>Chinese Importers’ Profit Incentives from Use of RMB Trade Settlement: Changhong 175</p> <p>Conclusion 178</p> <p>Reference 178</p> <p><b>CHAPTER 9 The RMB as a Reserve Currency 179</b></p> <p>Global Perspectives 179</p> <p>Scale of RMB Holdings 181</p> <p>Drivers of Change 182</p> <p>Exchanging RMB in a Crisis 190</p> <p>Onshore and Offshore Access 190</p> <p>Offshore Alternatives 191</p> <p>Conservatives Change Course 192</p> <p>Roadblocks Ahead? 193</p> <p>RMB Inclusion in SDR 195</p> <p>Capital-Account Reform 197</p> <p>Conclusion 198</p> <p>References 199</p> <p><b>CHAPTER 10 Concluding Reflections 201</b></p> <p>Appendix A: China RMB Financial Statistics and Forecasts by Other Institutions 207</p> <p>Glossary 213</p> <p>Index 215</p>
<p><b>WILLIAM OVERHOLT</b> is a Senior Fellow at Harvard University's Asia Center and is the former President of the Fung Global Institute in Hong Kong. He is the author of <i>Asia, America and the Transformation of Geopolitics</i> and <i>The Rise of China</i>. <p><b>GUONAN MA</b> is a Fellow of Bruegel, the Belgian think tank and advisor to several central banks, and has served as senior economist at the Bank for International Settlements and major investment banks. <p><b>CHEUNG KWOK LAW</b> is an economist at the Chinese University in Hong Kong and a veteran economist of several major investment banks.
<p><b>A CRITICAL ANALYSIS OF RMB INTERNATIONALIZATION FROM A TEAM OF NOTED EXPERTS</b> <p>"In <i>Renminbi Rising</i>, Overholt, Ma and Law, shine a bright light on the causes and consequences of the growing international use of the Chinese currency, the RMB, in trade and investment, and explore the future coevolution of the RMB and the international monetary system. They present a superbly detailed and nuanced account of the Chinese economy, its financial system, its capital markets, its risks, and its growing external impact. It is crucial reading for anyone seeking an insight into the future of the Chinese and Global economies and financial systems."<br/> <b>—Michael Spence,</b> Winner of the 2001 Nobel Prize in Economic Science <p>"The Overholt, Ma and Law book <i>Renminbi Rising</i> adds significantly to our understanding of the evolutionary role of the Renminbi (RMB) in international transactions and investment. This book is particularly timely with the addition of the RMB into the SDR basket. I enjoyed the book's economic insights coupled with its detailed discussion of institutional considerations such as the current and future development of Chinese markets. There are myriad lessons to internalize from this excellent book."<br/> <b>—Myron S. Scholes,</b> Winner of the 1997 Nobel Prize in Economic Science <p><i>Renminbi Rising</i> is a vital resource that tracks the emergence of China's internationalizing currency and offers expert analysis of the global repercussions. Noted economics researchers—William Overholt, Guonan Ma and Cheung Kwok Law—describe the circumstances that enabled the emergence of this new global monetary system and clearly show why China's Renminbi has become the next in line system as the leadership of the United States diminishes. <p>The authors offer economic policymakers and regulators a thorough examination of the changes driving the shift to this new currency. In addition, financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the worldwide economy. <p><i>Renminbi Rising</i> covers a range of essential topics including the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the predicted transformation of the global financial system.

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