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2017 | 53 | nr 1 | 35--52
Tytuł artykułu

China's Monetary Power: A Case Study of the Chinese Method of Currency Internationalization

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The article aims to analyse the monetary power of the PRC in terms of influence and autonomy in international relations. The object of the analysis is the int ernationalization of the yuan. The article attempts to answer the following questions: do the Chinese authorities keep a consistent policy of liberalization in order to increase the internationalization of the RMB? And if so, did they abandon their policy in the years 2015-2016? The author also analyses how the Chinese authorities are trying to reconcile the internationalization of the currency with maintaining control over capital account, the financial markets and the exchange rate, which is defined in the article as 'the Chinese method of currency internationalization'. (original abstract)
Rocznik
Tom
53
Numer
Strony
35--52
Opis fizyczny
Twórcy
  • Uniwersytet Warszawski
Bibliografia
  • Cf. J. Kirshner, Currency and Coercion: The Political Economy of International Monetary Power, Princeton: Princeton University Press, 1995
  • D. Andrews (ed.), International Monetary Power, Ithaca: Cornell University Press, 2006.
  • T.G. Grosse, 'Monetary Power in Transatlantic Relations. Study of the relationship between economic policy and geopolitics in the European Union', Natolin Papers, No. 35, Warsaw: Natolin European Centre, 2009.
  • A. Hirschman, National Power and the Structure of Foreign Trade, Berkeley: University of California Press, 1980.
  • Y. Jiang, 'The limits of China's monetary diplomacy', [in:] E. Helleiner, J. Kirshner (eds), The Great Wall of Money. Power and Politics in China's International Monetary Relations, Ithaca: Cornell University Press, 2014, pp. 156-183 [177-178].
  • B. Cohen, 'The international monetary system: Diffusion and ambiguity', "International Affairs", 2008, No. 84 (3), pp. 453-470.
  • Cf. R. McKinnon, G. Schnabl, 'China's exchange rate and financial repression: The conflicted emergence of the RMB as an international currency', "China & World Economy", 2014, Vol. 22, No. 3, pp. 1-35.
  • T.G. Grosse, 'Geoekonomia jako paradygmat zarządzania rozwojem - przykład Chin', "Zarządzanie Publiczne", 2014, No. 2 (24), pp. 15-31.
  • Y. Jiang, 'Response and responsibility: China in East Asian financial cooperation', "The Pacific Review", 2010, Vol. 23, No. 5, pp. 603-623 [617].
  • The People's Bank of China. Annual Report 2015, Beijing 2016, p. 73.
  • Cf. J.M. Fiszer (ed.), Unia Europejska - Chiny. Dziś i w przyszłości, Warszawa: ISP PAN, 2014.
  • Q. Xu, F. He, 'Influence of RMB cross-border settlement on the Chinese economy', "China & World Economy", 2016, Vol. 24, No. 1, pp. 104-122.
  • D. Shambaugh, China Goes Global: The Partial Power, Oxford-New York: Oxford University Press, 2013.
  • BIS Quarterly Review. International Banking and Financial Market Developments, Basel: Bank for International Settlements, December 2016, p. 72.
  • RMB Internationalisation Stalls in 2016, SWIFT, La Hulpe 2017, p. 1.
  • RMB Internationalization Report 2015, Beijing: International Monetary Institute, Renmin University of China, 2015, p. 26.
  • Cf. C.R. Henning, S.N. Katada, 'Cooperation without institutions. The case of East Asian currency arrangements', [in:] S.M. Pekkanen (ed.), Asian Designs, Ithaca-London: Cornell University Press, 2016, pp. 59-74 [65, 71].
  • E. Kwon, 'China's monetary power: Internationalization of the Renminbi', "Pacific Focus", 2015, Vol. XXX, No. 1, pp. 78-102 [97].
  • Cf. R.C. Henning, 'Choice and coercion in East Asian exchange rate regimes', [in:] B.J. Cohen, E.M.P. Chiu (eds), Power in a Changing World Economy: Lessons from East Asia, London: Routledge, 2014, pp. 89-110.
  • Currency Composition of Official Foreign Exchange Reserves, The International Monetary Fund, http://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4 (accessed on 27.02.2017).
  • Triennial Central Bank Survey. Foreign Exchange Turnover in April 2016, Basel: Bank for International Settlements, September 2016, p. 3.
  • World Trade Statistical Review 2016, Geneva: World Trade Organization, 2017, p. 94.
  • R.N. McCauley, 'Renminbi internationalization and the China's financial development', "Journal of Chinese Economic and Business Studies", 2013, Vol. 11, No. 2, pp. 101-115.
  • T.G. Grosse, 'Geoeconomic relations between the EU and China: The lessons from the EU weapon embargo and from Galileo', "Geopolitics", 2014, Vol. 19, No. 1, pp. 40-65.
  • 'Chinese investment in EU dwarfs flow going other way', "Financial Times", 11 January 2017, p. 4.
  • 'China groups pump record amount into US', "Financial Times", 3 January 2017, p. 4.
  • 'Foreign transactions worth $75bn scrapped amid Beijing crackdown', "Financial Times", 6 February 2017, p. 1.
  • 'China weighs outbound deal curbs to buoy renminbi', "Financial Times", 30 November 2016, p. 1.
  • 'China's war on capital flight hits trade', "Financial Times", 25 January 2017, p. 2.
  • 'China closes capital controls loophole by banning net outflows from banks', "Financial Times", 23 January 2017, p. 1.
  • 'China halts overseas investment schemes', "Financial Times", 29 February 2016, p. 3.
  • 'Chinese investors shrug off forex scrutiny', "Financial Times", 4 January 2017, p. 4.
  • 'China limits gold imports and renminbi outflows', "Financial Times", 1 December 2016, p. 2.
  • 'Beijing offers renminbi securities sop to US funds', "Financial Times", 8 June 2016, p. 5.
  • 'China poised for subprime-type sale of packaged bad loans to global investors', "Financial Times", 4 March 2016, p. 1.
  • W.W. Grimes, Currency and contest in East Asia. The great power politics of financial regionalism, Ithaca-London: Cornell University Press, 2009, pp. 204-217.
  • 'China's $1tn Project raise bank risk fears', Financial Times, 26 January 2017, p. 6.
  • 'Beijing-led bank to gain 25 more members', Financial Times, 25 January 2017, p. 5.
  • T.G. Grosse, 'G20 jako barometr słabnięcia Zachodu', "Rzeczy Wspólne", 2013, No. 11 (1), pp. 156-163.
  • R. Xiao, 'A reform-minded status quo power? China, the G20, and reform of the international financial system', "Third World Quarterly", Vol. 36, No. 11, pp. 2023-2043.
  • Zhou Xiaochuan, Reform the International Monetary System, Governor of the People's Bank of China, 23 March 2009, http://www.bis.org (accessed on 27.02.2017).
  • 'Congress ends foot-dragging on IMF reform', Financial Times, 21 December 2015, p. 4.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171580254

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