Renminbi Going Global

China and World Economy

Volumn 19, Issue 2, 2011, Pages 1-18

  Chen, Xiaoli ^a   Cheung, Yin Wong ^b  

^a SHANDONG UNIVERSITY   (China)

^b UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

Cross border trade settlement; Off shore RMB market; Panda bonds; RMB internationalization

Indexed keywords

EID: 79953321198     PISSN: 16712234     EISSN: 1749124X     Source Type: Journal    
DOI: 10.1111/j.1749-124X.2011.01232.x     Document Type: Article

References (35)

1. Aizenman, Joshua and Jaewoo Lee, 2010, "Real exchange rate, mercantilism and the learning by doing externality, " Pacific Economic Review, Vol. 15, No. 3, pp. 324-35.
2. Bank for International Settlements, 2010, Triennial Central Bank Survey: Foreign Exchange and Derivative Market Activity in 2010, Basel Bank for International Settlements.
3. Brown, Kevin, Robert Cookson and Geoff Dyer, 2009, "Malaysia adds renminbi bonds to its reserves, " Financial Times (20 September), p. 9.
4. Chen, Hongyi and Wensheng Peng, 2007, "The potential of the renminbi as an international currency, " China Economic Issues, No. 7/07, Hong Kong Monetary Authority, Hong Kong.
5. Cheung, Yin-Wong, Guonan Ma, Robert N. McCauley, 2011, "Renminbising China's foreign assets, " Pacific Economic Review, Vol. 16, No. 1, pp. 1-17.
6. Chinn, Menzie and Jeffrey Frankel, 2005, "Will the euro eventually surpass the dollar as leading international reserve currency?" National Bureau of Economic Research Working Paper No. 11510, National Bureau of Economic Research, Cambridge, MA.
7. Cohen, Benjamin J., 1971, The Future of Sterling as an International Currency, London Macmillan.
8. Cui, Li, Chang Shu and Jian Chang, 2009, "Exchange rate pass-through and currency invoicing in China's Exports, " China Economic Issues, No. 2/09, Hong Kong Monetary Authority.
9. Deloitte China Research and Insight Center, 2009, "The RMB abroad, " Measuring Value, No. 2, Deloitte, Beijing.
10. Dobson, Wendy and Paul R. Masson, 2009, "Will the renminbi become a world currency?" China Economic Review, No. 20, No. 1, pp. 124-35.
11. European Central Bank, 2010, The International Role of the Euro [online; cited January 2011]. Availabler from
12. Gauthier-Villars, David, 2011, "France proposes way to raise yuan, " Wall Street Journal, 25 January, p. A9.
13. Genberg, Hans, 2009, "Currency internationalisation: Analytical and policy issues, " HKIMR Working Paper No. 31, Hong Kong Institute for Monetary Research, Hong Kong.
14. Goldberg, Linda S., and Cédric Tille, 2008, "Vehicle currency use in international trade, " Journal of International Economics, Vol. 76, No. 2, pp. 177-92.
15. He, Dong and Robert N. McCauley, 2010, "Offshore markets for the domestic currency: Monetary and financial stability issues, " paper presented at the 2010 CESifo Venice Summer Institute on "The evolving role of China in the global economy" in Venice.
16. Hong Kong Monetary Authority, 2010, "Renminbi (RMB) cross-border trade settlement and net open position, " [online; cited January 2011]. Available from
17. Hu, Fred, 2008, "The role of the RMB in the world economy, " Cato Journal, Vol. 28, No. 2, pp. 219-24.
18. Huang, Yiping, 2010, "Renminbi policy and the global currency system, " China Center for Economic Research, Peking University, Beijing.
19. IMF, 2010, "IMF determines new currency weights for SDR valuation basket, " Press Release, No. 10/434, IMF, Washington, DC.
20. Ito, Takatoshi, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu, 2010, "Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese exporters' invoicing behavior, " National Bureau of Economic Research Working Paper No. 16231, National Bureau of Economic Research, Cambridge, MA.
21. Jaeger, Markus, 2010, "Yuan as a reserve currency, " Research Briefing, Deutsche Bank Research, Berlin.
22. Kenen, Peter, 1983, "The role of the dollar as an international currency, " Occasional Papers No. 13, Group of Thirty, New York.
23. Krugman, Paul, 1984, "The international role of the dollar: Theory and prospect, " in John Bilson and Richard Marston, eds, Exchange Rate Theory and Practice, Chicago University of Chicago Press, pp. 261-78.
24. Lee, Jong-Wha, 2010, "Will the renminbi emerge as an international reserve currency?" in Jeffrey D. Sachs, Masahiro Kawai, Jong-Wha Lee and Wing Thye Woo, eds, The Future Global Reserve System -An Asian Perspective, Manila Asian Development Bank.
25. McCauley, Robert N., 2011, "The internationalisation of the renminbi" [online; cited January 2011]. Available from: http://www.hkimr.org/cms/upload/news_app/news_0_56_McCauley_speech_HKIMR_14Jan2011.pdf
26. Murphy, Melissa and Wen Jin Yuan, 2009, "Is China ready to challenge the dollar?" Center for Strategic and International Studies, Washington, DC.
27. People's Bank of China and IMF, 2009, "Note purchase agreement between the People's Bank of China and the International Monetary Fund" [online; cited January 2011]. Available from
28. People's Bank of China, the Ministry of Finance, the National Development and Reform Commission, and the China Securities Regulatory Commission, 2010, "Provisional administration rules on RMB bond issuance by international development institutions" [online; cited January 2011]. Available from: (in Chinese).
29. State Administration of Foreign Exchange, 2003, "Measures for managing border trade foreign exchanges" [online; cited January 2011]. Available from: (in Chinese).
30. Stier Olaf, Kerstin Bernoth and Alexander Fisher, 2010, "Internationalization of the Chinese renminbi: An opportunity for China, " Weekly Report, No. 17/2010, German Institute for Economic Research, Berlin.
31. Strategy, Policy and Review Department, IMF, 2010, Reserve Accumulation and International Monetary Stability: Supplementary Information, Washington, DC IMF.
32. Wei, Lingling, 2011, "New move to make yuan a global currency, " Wall Street Journal, 12 January, p. A1.
33. Wenzhou Foreign Trade and Economic Cooperation Bureau, 2011, "Measures for managing Wenzhou city individual's foreign direct investment (trial)" [online; cited January 2011]. Available from: (in Chinese).
34. Wu, Friedrich, Rongfang Pan and Di Wang, 2010, "Renminbi's potential to become a global currency, " China & World Economy, Vol. 18, No. 1, pp. 63-81.
35. Zhou, Xiaochuan, 2009, "Reform the international monetary system, " People's Bank of China [online; cited January 2011]. Available from:http://www.pbc.gov.cn