China is steadily building financial infrastructures to promote the renminbi's transnationalisation,in line with its official claims.Despite limited quantitative success,Beijing is creating a comprehensive financial s...
The internationalisation of the renminbi has made significant strides,thanks in large part to the policies,programmes and infrastructure introduced by China over the years to promote the widespread usage of the currency.
Hong Kong's offshore renminbi foreign exchange market has become an integral part of the international foreign exchange market after years of development.The market will continue to facilitate Hong Kong as an internat...
This article provides a new framework to evaluate the status of Renminbi internationalization.It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency’s position i...
To identify the macroeconomic environment that has enabled China's industrial upgrading during a period of persistent renminbi appreciation,we construct a two-country New Keynesian model of industrial upgrading with a...
We explore how China's geographically targeted policies impact RMB overseas use individually or in combination.The policies include swap agreements,clearing banks,investment quotas,and direct trading between Chinese r...
When the 11-year Renminbi(RMB)internationalization process confronts the current international situation,which has been profoundly changed by the COVID-19 pandemic,it will surely face opportunities and challenges.Whic...
The China–US trade war during 2018–2019 has attracted attentions from academics,policy makers,businesses and investors around the world.Unlike previous researches which are mainly based on hypothetical scenarios,thi...
This paper investigates the effects of the renminbi(RMB)exchange rate on trade prices and volumes in selected Belt and Road Initiative(BRI)countries in comparison with the effects of the US dollar.The stylized facts s...
A global renminbi(RMB)needs to be backed by a large,deep and liquid RMB market with a world-class Chinese government bond(CGB)market as its core.It also needs the support from a bigger and more open domestic stock mar...