Cover image not available
List of Figures
List of Tables
Foreword
Acknowledgments
About the Authors
Chapter 1: Internationalizing the RMB
The Conditions for Becoming a Global Currency
Business and RMB
RMB-Product Markets
Reserve Currency
The Emerging Monetary Order
Chapter 2: The Rise and Fall of Currencies – Historical Lessons for the RMB
Risks in International Monetary System Transitions
The Role of Eurodollars in the 2008 Global Financial Crisis
2008: Year Zero for a New International Monetary System?
Conditions for Currency Internationalization: Market Demand and Institutional Supply
Institutional Inertia and Disruptive Events
Offshore Currencies and International Liquidity
Current International Reactions to the RMB’s Rise
RMB Internationalization
Conclusion
References
Chapter 3: Economic and Institutional Foundations for the Rise of the RMB
Economic Foundation
Surprises
New Growth Engines
Capital-Account Liberalization
Institutional Quality
Conclusion
References
Chapter 4: Can the Chinese Bond Market Support a Potential Global Renminbi?
Overview of the Chinese Bond Market
Chinese Treasury Market in International Perspective
A Dilemma and a Bold Public-Debt Consolidation Scheme
Government-Backed Debt Securities
Conclusion
References
Chapter 5: Waxing and Waning of the Chinese Stock and Banking Markets
Chinese Stock Market: Growing Despite Immaturity Flaws
A Massive Chinese Banking Market Opening
Conclusion
References
Chapter 6: Rising FX Turnover of the RMB
Could the Market Accommodate More Global Currencies?
What Determines the FX Liquidity of the RMB?
Potential for Rising RMB Turnover by Market Segment
Conclusion
References
Chapter 7: A Spreading Global Network for RMB Trade
The RMB’s International Position
Hong Kong Still the Dominant Offshore RMB Center
More Offshore Centers Catch Up to Spread a Global Network
Prospects for Offshore RMB Centers
Conclusion
References
Chapter 8: Brief Examples of Business Use of the Internationalizing RMB
Samsung’s Use of RMB to Reduce Foreign Exchange Conversion Costs
Alstom’s Use of RMB as Corporate Treasury Currency
Chinese Importers’ Profit Incentives from Use of RMB Trade Settlement: Changhong
Conclusion
Reference
Chapter 9: The RMB as a Reserve Currency
Global Perspectives
Scale of RMB Holdings
Drivers of Change
Exchanging RMB in a Crisis
Onshore and Offshore Access
Offshore Alternatives
Conservatives Change Course
Roadblocks Ahead?
RMB Inclusion in SDR
Capital-Account Reform
Conclusion
References
Chapter 10: Concluding Reflections
Appendix A: China RMB Financial Statistics and Forecasts by Other Institutions
Glossary
Index
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Renminbi rising : a new global monetary system emerges by William H. Overholt. ISBN 9781119218982. Published by John Wiley & Sons, Inc. in 2016. Publication and catalogue information, links to buy online and reader comments.