[PDF] Rmb Exchange Rate The Past Current And Future eBook

Author : Yin-wong Cheung
Publisher : World Scientific
Page : 277 pages
File Size : 35,63 MB
Release : 2016-11-22
Category : Business & Economics
ISBN : 9814675512

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Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries.This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency.The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions.The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.

Author : Yin-Wong Cheung
Publisher : World Scientific Publishing Company
Page : 264 pages
File Size : 33,77 MB
Release : 2016-06-30
Category : Business & Economics
ISBN : 9789814675499

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Introduction -- The chinese economy -- Exchange rate policy -- Rmb valuation -- Rmb internationalization, i -- Rmb internationalization, ii -- Concluding remarks

Author : Jiangze Du
Publisher : Routledge
Page : 98 pages
File Size : 50,12 MB
Release : 2017-09-05
Category : Business & Economics
ISBN : 1351697196

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This book provides an overview of Chinese RMB exchange markets and its risk management strategies. The view that RMB is playing an increasingly international role has been widely accepted by practitioners as well as scholars worldwide. Moreover, the Chinese government is opening the control of RMB exchange market step by step. However, some related topics are under heated debate, such as how to manage and warn of the currency crisis, what the trend of RMB exchange rate in the future is, and how to hedge the exchange risk in the process of RMB internationalization. In this book, we will give distinct answers to the above questions.

Author : Robert Minikin
Publisher : John Wiley & Sons
Page : 212 pages
File Size : 38,58 MB
Release : 2012-10-26
Category : Business & Economics
ISBN : 1118339282

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The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.

Author : Jingyi Wang
Publisher : Springer
Page : 97 pages
File Size : 12,71 MB
Release : 2015-11-30
Category : Business & Economics
ISBN : 9811001642

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This book examines essential problems in the current International Monetary System, especially those concerning the International Standard. To do so, it focuses on the different monetary systems of today’s major currencies – the US dollar, the euro and the CNY, as well as the performance of the standards used in the international monetary system, i.e., the SDRs. In addition, it projects the potential consequences of including the Chinese CNY in the current SDR system, thus proposing a reform of the SDRs. The analytical research is mainly based on a performance comparison of the major international standards in the current international monetary system. divThe author illustrates that the political/policy reactions and economic philosophies underlying each monetary system constitute not only reasonable responses to the current international monetary system, but also fundamental factors in decisions concerning changes to or reforms of the international monetary system.div>

Author : Linglan Wang
Publisher :
Page : pages
File Size : 15,37 MB
Release : 2012
Category :
ISBN :

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In recent years, because of the extraordinary growth speed and the pace of development with the high yield of investment, China, is playing one of the most important strategic roles on the world economic stage. The position and standing of the Chinese currency, the Renminbi, has been one of the most popular and continuous topic discussing throughout the world. China has for a long time complained about the manipulation of exchange rates of its currency Renminbi, citing the raising of these issues by multilateral forums such as IMF and the G20, who urge China to raise RMB rates. However, the reactions and attitude of Beijing have been unpredictable. In the empirical researches of the Chinese currency, there is hardly any which attempt to quantify the situation. It is therefore important and necessary to fill this research gap by establishing econometric models for forecasting the future trends of the Renminbi. This PhD research focuses on forecasting the future trends of Chinese currency based on an analysis of Chinese exchange markets and the macroeconomic environments. This research focuses on analysing the Chinese foreign trade, exchange market, policies, currency prices both qualitatively and quantitatively, to try to find out what are the connections between micro and macroeconomic phenomena and estimating them with economic models, in order to forecast exchange rate trends and the future state of financial markets. This study will start by grving an introduction to the Chinese monetary system and foreign exchange markets at different time periods. Through the research, significant relationships of currency prices, foreign trade exports, foreign direct investments and the GDP have been found. When real effective real exchange rates rise, the forecast of net export in the future 5 years will fall, so will the foreign direct investments. At the same time, it will stimulate increases on GDP and domestic demands. These study also researches on global credit and financial crisis occurred in 2008 followed by a long-term global range recession and find out the essential reason of it was global imbalances between the economies of eastern and western countries. Because there are many similarities of what happened in the German foreign exchange reform history to today's China, Germany is the country which will be used to predict the future trend of Chinese foreign exchange markets and monetary system. The prediction is also confirmed quantitatively by econometric models. Starts from traditional linear model to more advanced non-linear dynamic models are applied to simulate the Chinese real exchange rates. What is more, the underground black market RMB exchange rates are used to assist the data analyses. Ultimately both quantitative and qualitative analyses give a similar conclusion for the future trend of RMB price movements. It will continually rise as well the price index.

Author : Mr.Sonali Das
Publisher : International Monetary Fund
Page : 31 pages
File Size : 15,46 MB
Release : 2019-03-07
Category : Business & Economics
ISBN : 1498302025

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China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.

Author :
Publisher : World Scientific
Page : 1044 pages
File Size : 39,81 MB
Release : 2020-03-23
Category : Business & Economics
ISBN : 9811200572

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In an era when trade and currency wars threaten to end a long-standing period of growing trade and capital flows, the economics of international trade, investment and finance have become more important than ever. This three-volume Encyclopedia provides a comprehensive and up-to-date overview of the theory and evidence on the causes and consequences of global trade, and the theory and evidence on the economics of international trade, financial and monetary transactions.It provides, first of all, a comprehensive set of entries explaining the key theoretical concepts in international economics as well as the latest empirical and simulation techniques used in the academic literature. In addition, various entries present the history behind — and the controversies surrounding — the core current global trade and monetary institutions, from the World Trade Organization to the European Monetary Union.The three volumes also provide a serious discussion of today's central policy debates, including the impact of globalization on employment, wages and income distribution, the imposition of controls on international financial flows, the effects of tariffs and protectionist policies, fixed versus flexible exchange rate regimes, and the role of the multinational enterprise on global growth, technical change and income distribution, among many others.