Chinese Domestic Politics and the Internationalization of the Renminbi

Bibliographic Data

ID4858201
AuthorsHyoung-Kyu Chey, Hyoung‐kyu Chey (0000-0002-2392-3997, National Graduate Institute for Policy Studies), Yu Wai Vic Li (0000-0002-8771-537X, Education University of Hong Kong)
Year2020
Volume135
Issue1
Pages37-65
Publication date2020-03-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenuePolitical Science Quarterly (JOURNAL)
Journal identifiersISSN: 0032-3195 • E-ISSN: 1538-165X
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1002/polq.12999
OpenAlexW3012559916
LanguageEN
Citations received6

ONE OF THE MOST NOTABLE DEVELOPMENTS in contemporary international monetary affairs is undoubtedly the internationalization of the Chinese currency, the renminbi (RMB), which has progressed significantly since the global financial crisis of 2008–2009. Although RMB internationalization (henceforth RMBI) has slowed somewhat since mid-2015, and its future has as a consequence become more uncertain, the RMB’s position as a global payment currency did rise to fourth in the world once according to the global payment services provider SWIFT (Society for Worldwide Interbank Financial Telecommunication), in August 2015 when it even overtook the Japanese yen.1 Moreover, in reflection of the RMB’s increased international status, the International Monetary Fund (IMF) in November of that year decided to include the RMB, from October of the following year, in the currency basket of the special drawing right (SDR)—an international reserve asset issued by the IMF—along with the U.S. dollar, the euro, the yen, and the British pound

Business · China · Citation · International trade · Internationalization · Library science · Political science · Politics · Renminbi · Asian Studies and History · Chinese history and philosophy · Computer Science · Law · Socioeconomic Development in Asia

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