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One Currency, Two Markets - China's Attempt to Internationalize the Renminbi (Hardcover)
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One Currency, Two Markets - China's Attempt to Internationalize the Renminbi (Hardcover)
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This book is for anyone who is interested in the economic analysis
of the future of the international monetary system and the USD, and
the rising importance of the RMB. It points out the
unsustainability of the dollar standard in the long run, that China
has unique incentives to internationalize its currency, and how
Hong Kong plays an important role. It explains the real reasons for
China to internationalize its currency, including using external
commitments to force financial sector reforms ('daobi' in Chinese).
It applies economic theories accessible to laymen to establish that
financial development and openness are crucial for RMB
internationalization to succeed, and that greater exchange rate
volatility is inevitable due to the 'open-economy trilemma'.
Employing the 'gravity model', the book predicts quantitatively
that the RMB is likely to be a distant third payment currency after
the USD and the euro, but surpassing the Japanese yen in the next
decade.
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