The People′s or the World′s: RMB Internationalisation in Longer Historic Perspective

Horesh, Niv

doi:10.1155/2011/161074

Cited by 5 publications

(3 citation statements)

References 33 publications

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“…This is not only conducive to promoting the frequency of renminbi use in international trade, but also conducive to increasing the number of renminbi reserves in the world, thereby promoting the internationalization of the renminbi. [5]…”

Section: 3normalization Of Rmb Swapsmentioning

confidence: 99%

Current Status of RMB Cross-border Trade Settlement and an Empirical Analysis of the Influencing Factors of Its Scale

Wang¹

2022

Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

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This article starts with the current status of RMB cross-border trade settlement, combined with data analysis, and summarizes the share of RMB cross-border payment in the global market, the coverage of RMB cross-border trade settlement system, the normalization of RMB swaps, and the new growth of RMB cross-border service trade Points. In order to explore the influencing factors of RMB cross-border trade settlement, this paper selects 72 periods of time series data from January 2015 to December 2020 to carry out the research. By constructing a VAR model, it analyzes the impact of factors that affect the RMB settlement of cross-border trade from the long-term and short-term.

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Section: 3normalization Of Rmb Swapsmentioning

confidence: 99%

Current Status of RMB Cross-border Trade Settlement and an Empirical Analysis of the Influencing Factors of Its Scale

Wang¹

2022

Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

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“…Chinese coins even circulated in India and Ceylon between the 7th and 14th centuries. Moreover, rather like today, financial assets long flowed into China from the west in the face of substantial Chinese trade surpluses [4]. The question of how soon, and to what extent, China's currency will regain its former pre-eminence in the region is heavily dependent upon the authorities' willingness to further relax capital controls and, most likely, accept additional Renminbi appreciation.…”

Section: A Global Role For the Renminbi?mentioning

confidence: 99%

The Renminbi as an Emerging World Currency

Burdekin¹

2014

J Stock Forex Trad

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Although capital controls ensure that worldwide use of China's currency, the Renminbi, has lagged far behind the nation's influence on world markets, China's currency is seeing greatly increased use in cross-border trade as a vehicle currency. This trend accelerated in the aftermath of the global financial crisis amidst successive agreements with neighbouring countries such as Japan and Russia to move away from the dollar in favour of using their own currencies for bilateral trade. Other key steps include the establishment of a full offshore Renminbi market in Hong Kong in 2010 and the September 2013 establishment of the Shanghai free-trade zone. Meanwhile, offshore Renminbi bond issuance not only reached a cumulative total of nearly RMB 400 billion in Hong Kong by the third quarter of 2013 but also was being joined by such new offshore Renminbi bond centres as Singapore, Taiwan and London. It is no longer so farfetched to imagine the greenback being replaced by a new 'redback' standard in the long run.

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“…Hence, in International Monetary System, US dollar is treated as dominant or hegemonic currency that is widely accepted by all the countries. Horesh (2011) described that during Tang and Song dynasty (CE 960-1279) Chinese copper coins were widely used in Japan, North and South East Asia, South Asia, as currency and in mid12th century Japan imported Chinese copper coins. During 7-14 th century, Chinese copper coins were exchanged in India, Ceylon, South India and in East Africa respectively.…”

Section: Introductionmentioning

confidence: 99%

Impact of Macroeconomic Indicators on the Yuan-SDR Exchange Rate

Bhowmik

2021

5004

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The paper endeavours to explore the macroeconomic impact on the Yuan SDR exchange rate of China during 2017m1-2021m6 to justify the internationalization of RMB which had entered into the SDR basket of IMF in October 2016.To evaluate the impact ,the paper used the methodology of Johansen (1988) cointegration and vector error correction model considering monthly Yuan per SDR as dependent variable and monthly GDP, inflation rate, foreign exchange reserves, export and import as the independent macro-economic variables. The pattern of trendline of Yuan per SDR is found nonlinear having cyclical fluctuations and seasonal variations according to Hamilton (2018). The paper also found that Yuan per SDR has significant long run causalities with export, import, inflation rate, GDP and foreign exchange rate of China during the specified period. Even, Yuan per SDR has significant short run causality with export only. The cointegrating equation converged towards the equilibrium with the speed of adjustment 11.83% per month significantly. The impulse response function of import to Yuan per SDR showed significantly convergent. The VECM contains autocorrelation problem and unit root for which it is non-stationary.

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The People′s or the World′s: RMB Internationalisation in Longer Historic Perspective

Cited by 5 publications

References 33 publications

Current Status of RMB Cross-border Trade Settlement and an Empirical Analysis of the Influencing Factors of Its Scale

Current Status of RMB Cross-border Trade Settlement and an Empirical Analysis of the Influencing Factors of Its Scale

The Renminbi as an Emerging World Currency

Impact of Macroeconomic Indicators on the Yuan-SDR Exchange Rate

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