The Sluggish Internationalization of the Renminbi
During the last twenty years the Chinese yuan (officially known as renminbi - RMB) has travelled the road from unconvertible currency to international currency accepted in the world trade and finance. This was achieved both under the pressure from foreign trading partners as well as through adjusting China's monetary policy to the changes in major currencies and international capital flows. As China's economy is so heavily dependent on trade, particularly with its largest trading partners, the United States and the European Union, tensions with the US administration over the undervalued renminbi could be very costly for the Chinese economy and might involve the potential loss of its biggest export market. The dilemma between trade expansion and the renminbi exchange rate regime have not, so far, been resolved. China has to allow the market to play a more decisive role in exchange-rate formation and to further enhance the flexibility of the RMB exchange rate. (original abstract)
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