2011
DOI: 10.2139/ssrn.1935891
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China's Dominance Hypothesis and the Emergence of a Tri-Polar Global Currency System

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Cited by 18 publications
(5 citation statements)
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“…Overall, it can be concluded that although the U.S. dollar and euro still play important roles as anchor currencies, the RMB anchor effect has also improved considerably. The regional heterogeneity shown in the result is consistent with the findings of Fratzscher and Mehl (2014), which put forward that the international monetary system was developing toward tri‐polarization in terms of exchange rate anchors at the regional level.…”
Section: Empirical Results and Discussionsupporting
confidence: 90%
“…Overall, it can be concluded that although the U.S. dollar and euro still play important roles as anchor currencies, the RMB anchor effect has also improved considerably. The regional heterogeneity shown in the result is consistent with the findings of Fratzscher and Mehl (2014), which put forward that the international monetary system was developing toward tri‐polarization in terms of exchange rate anchors at the regional level.…”
Section: Empirical Results and Discussionsupporting
confidence: 90%
“…Several empirical papers found that the impact of the renminbi on other Asian currencies increased in the last decade. By employing a factor model, Fratzscher and Mehl (2011) found that the RMB had been a key driver of currency movements in Asia since as early as the mid-2000s, and claimed that the international monetary system is now tripolar: the RMB is the third most influential currency after the USD and the EUR. Shu et al (2014) were more cautious with their findings: although they noted that both onshore and offshore renminbi had an impact on regional currency movements, they argued that the persistence of this influence depended on the progress in liberalizing the Chinese capital account.…”
Section: The Internationalization Of the Rmb And Its Exchange Rate Re...mentioning
confidence: 99%
“…Its international standing is likely to decline, however, due largely to a rise of the renminbi in Asia, while the euro's international role does not change considerably. The system will therefore be an uneven multiple currency system, in which the euro and the renminbi play significant roles as regional currencies in Europe and in 52 One remarkable example is a study by the ECB (Fratzscher and Mehl 2011) that sees the international monetary system as a tripolar system already, with the renminbi making up one pole alongside the dollar and the euro. 53 For a domestic study, see Helleiner and Malkin (2012), and for a systemic study see Chey (2013).…”
Section: Assessment Of the Competing Prospectsmentioning
confidence: 99%