Abstract

LOPES MARRA DE SOUSA, Ana Tereza. Renminbi Internationalization: Domestic Challenges and External Implications. Desafíos [online]. 2020, vol.32, n.1, pp.243-272. ISSN 0124-4035.  https://doi.org/10.12804/revistas.urosario.edu.co/desafios/a.7688.

This paper studies the process of internationalization of the Chinese currency, the renminbi (RMB), in the International Monetary System (IMS). looking at the RMB s history of internationalization, and the instruments that the Chinese government has been using in the process, it becomes clear that China boosts its currency through actions that try to avoid overexposure of the capital and financial accounts, and thus the negative impact that markets dominated by Wall Street agents can have on its economy. Thus, the RMB internationalization process is different from that of all currencies that underwent internationalization during the aegis of the Dollar Wall Street Regime (DWSR), as it cannot be substantially controlled by international markets. It is thus interpreted that this process can be seen as a form of contestation of global financial markets, of the role of the dollar and the exercise of US power in the financial and monetary system.

Keywords : Currency internationalization; renminbi; China.

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