Renminbi rising : a new global monetary system emerges
著者
書誌事項
Renminbi rising : a new global monetary system emerges
John Wiley & Sons, 2016
大学図書館所蔵 全8件
  青森
  岩手
  宮城
  秋田
  山形
  福島
  茨城
  栃木
  群馬
  埼玉
  千葉
  東京
  神奈川
  新潟
  富山
  石川
  福井
  山梨
  長野
  岐阜
  静岡
  愛知
  三重
  滋賀
  京都
  大阪
  兵庫
  奈良
  和歌山
  鳥取
  島根
  岡山
  広島
  山口
  徳島
  香川
  愛媛
  高知
  福岡
  佐賀
  長崎
  熊本
  大分
  宮崎
  鹿児島
  沖縄
  韓国
  中国
  タイ
  イギリス
  ドイツ
  スイス
  フランス
  ベルギー
  オランダ
  スウェーデン
  ノルウェー
  アメリカ
注記
Includes bibliographical references and index
内容説明・目次
内容説明
Critical analysis of RMB internationalization and the coming global currency shift Renminbi Rising charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system.
Effective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon.
Understand why a new global monetary system is needed
Consider the outcomes as China emerges and the U.S. recedes
Learn the context and motivations behind principal players' strategies
Discover the scale of opportunities presented by the rise of the RMB
It is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. Renminbi Rising offers detailed analysis of the key opportunities and threats inherent in this major economic shift.
目次
List of Figures xi
List of Tables xiii
Foreword xv
Acknowledgments xvii
About the Author xix
CHAPTER 1 Internationalizing the RMB 1
The Conditions for Becoming a Global Currency 2
Business and RMB 10
RMB-Product Markets 11
Reserve Currency 14
The Emerging Monetary Order 16
CHAPTER 2 The Rise and Fall of Currencies - Historical Lessons for the RMB 21
Risks in International Monetary System Transitions 23
The Role of Eurodollars in the 2008 Global Financial Crisis 26
2008: Year Zero for a New International Monetary System? 27
Conditions for Currency Internationalization: Market Demand and Institutional Supply 30
Institutional Inertia and Disruptive Events 35
Offshore Currencies and International Liquidity 36
Current International Reactions to the RMB's Rise 41
RMB Internationalization 44
Conclusion 46
References 47
CHAPTER 3 Economic and Institutional Foundations for the Rise of the RMB 49
Economic Foundation 49
Surprises 58
New Growth Engines 60
Capital-Account Liberalization 62
Institutional Quality 68
Conclusion 80
References 81
CHAPTER 4 Can the Chinese Bond Market Support a Potential Global Renminbi? 83
Overview of the Chinese Bond Market 84
Chinese Treasury Market in International Perspective 91
A Dilemma and a Bold Public-Debt Consolidation Scheme 98
Government-Backed Debt Securities 103
Conclusion 107
References 107
CHAPTER 5 Waxing and Waning of the Chinese Stock and Banking Markets 109
Chinese Stock Market: Growing Despite Immaturity Flaws 109
A Massive Chinese Banking Market Opening 125
Conclusion 133
References 133
CHAPTER 6 Rising FX Turnover of the RMB 135
Could the Market Accommodate More Global Currencies? 135
What Determines the FX Liquidity of the RMB? 138
Potential for Rising RMB Turnover by Market Segment 143
Conclusion 149
References 150
CHAPTER 7 A Spreading Global Network for RMB Trade 151
The RMB's International Position 152
Hong Kong Still the Dominant Offshore RMB Center 155
More Offshore Centers Catch Up to Spread a Global Network 158
Prospects for Offshore RMB Centers 164
Conclusion 169
References 169
CHAPTER 8 Brief Examples of Business Use of the Internationalizing RMB 171
Samsung's Use of RMB to Reduce Foreign Exchange Conversion Costs 171
Alstom's Use of RMB as Corporate Treasury Currency 173
Chinese Importers' Profit Incentives from Use of RMB Trade Settlement: Changhong 175
Conclusion 178
Reference 178
CHAPTER 9 The RMB as a Reserve Currency 179
Global Perspectives 179
Scale of RMB Holdings 181
Drivers of Change 182
Exchanging RMB in a Crisis 190
Onshore and Offshore Access 190
Offshore Alternatives 191
Conservatives Change Course 192
Roadblocks Ahead? 193
RMB Inclusion in SDR 195
Capital-Account Reform 197
Conclusion 198
References 199
CHAPTER 10 Concluding Reflections 201
Appendix A: China RMB Financial Statistics and Forecasts by Other Institutions 207
Glossary 213
Index 215
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