IMF高级宏观经济学研修班课程CT1405MMFL07Curren.pptxVIP

Currency Internationalization;Content Outline;Definition of Currency Internationalization;Definition of International Currency;Capital Account Convertibility;International Reserves (% of Total);Qualifications for International Reserves;Financial Asset Denomination (Money Market, % of Total);Financial Asset Denomination;Trade Denomination;Determinants of Trade Invoicing;Objectives and Benefits of Currency Internationalization;1. Reducing foreign exchange rate risks;2. Collecting seigniorage revenues;3. Developing domestic financial institutions;4. Establishing an international financial center;Summary of Objectives/Benefits;Benefits may not be large for emerging economies;Costs of Currency Internationalization;I. Costs involved with capital account liberalization and financial deregulation;Effects of Capital Account Liberalization;Effects of Capital Account Liberalization;Effects of Capital Account Liberalization ;Effects of Capital Account Liberalization;II. Increase in exchange rate volatility;III. Increased vulnerability to currency crisis;IV. Complications for monetary policy management;Costs of CI can be large;Evolution of an International Currency;Evolution of an International Currency;Experience of Japanese Yen;Experience of Japanese Yen;Evolution of an International Currency;CI and Financial and Monetary Cooperation and Integration in East Asia;CI and Financial and Monetary Cooperation and Integration in East Asia;Summary;RMB Internationalization;Motivations;Monetary Considerations;A Gradualist Approach;Progress since Mid-2009;The amount of RMB trade settlement rose from 506.3 billion in 2010 to 3.16 trillion RMB in Jan-Sep 2013 (at an annual rate of more than 4 trillion RMB), accounting for about 16% of total trade volumes. ;The imbalance between import settlement and export settlement has improved in the last two years: 2010-2011, RMB settlement primarily concentrated in imports (85% - 90%) instead of exports; 2013:Q3: import settlement accounts for 60%, st