Internationalization of Renminbi.docVIP

Internationalization of RenminbiInternationalization of RenminbiWritten by Cheng SiweiPublished by China CITIC PressISBN： 978-7-5086-4358-8Published in February 2014Price： ?69.00Book introductionThe author systematically expounds the connotation of internationalization of Renminbi （RMB）， respectively discusses problems in three aspects including exchange rate regime reform， RMB convertibility and capital account opening， and analyzes the relation between these problems and the internationalization of RMB. Besides， he offers a proposal for the objective of basically realizing RMB internationalization within 10 years and the schedule.Meanwhile， the author analyzes the change of international exchange rate after the financial crisis and makes empirical analysis on various factors that influence the exchange rate arrangement. Through analyzing the exchange rate regime reforms， capital account opening sequences and relations of financial development in Japan， Chile， Poland and Singapore， he puts forward helpful references for the exchange rate regime reform and capital account opening in China. This book expounds the evolutionary process of RMB exchange rate regime， as well as analyzes and comments the background， measures and effect in each stage of exchange rate regime change.ExcerptIn 1997， after the financial crisis in Asia broke out， I began to focus on problems related to fictitious economy， including the problem of exchange rate. In 1999， I put forward a strategy of “three steps” for China’s exchange rate reform， namely developing from pegging the American dollar to pegging a basket of currency and then to free convertibility. From then on， I have been devoted myself to pondering and researching these aspects such as exchange rate regime reform， RMB convertibility， capital account opening and financial system reform. In 2009， after the global financial crisis caused by subprime crisis in America broke out in 2007， I wrote an article On the Next Step of RMB Exchang