Description
The Brookings Institution Renminbi Internationalization by Barry Eichengreen
China's major monetary policy goal is the internationalization of the renmimbi - to create an international role for its currency akin to the international role currently played by the US dollar.Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and onto the larger process of economic and financial reform. Successfully internationalizing the currency will require rebalancing the Chinese economy. It will require developing the country's financial markets. It will require opening those markets to the rest of the world and, inter alia, moving to a more flexible exchange rate. In other words, it is a monetary and financial issue with much broader, supra-monetary and financial implications.This book provides a window into the larger issues of economic, financial and social reform in what will eventually be the world's largest economy.