The renminbi bloc is here: Asia down, the rest of the world to go?

Arvind Subramanian, Martin Kessler 27 October 2012

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The staggering economic rise of China in the last three decades leads to the question of the potential internationalisation of its currency, the renminbi (RMB). Internationalisation has different dimensions. An international currency is widely used in financial and trade transactions, and crucially it is used as a store of value. Some, like Eichengreen (2011) and Frankel (2011) see a potential global role for the RMB, provided important ancillary reforms to the domestic financial system and to the financial account first take place.

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Topics:  Global economy International trade

Tags:  China, renminbi, global currency

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