Internationalization of RMB
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China, Russia Working on
Yuan-Ruble Trade Settlement
(Dow Jones, Oct. 13, 2009) China and Russia are working on ways to
eventually settle their trade with the Chinese yuan and Russian ruble, senior
government officials from the two countries said.
Geithner: US Wants Bigger
Role for China in IMF
(AP, Sep. 24, 2009) Treasury Secretary Timothy
Geithner says the U.S.
supports China's
bid for greater voting rights in international organizations like the IMF and
the World Bank.
China to Issue
Yuan-Denominated Bonds in Hong Kong
(New York Times, Sep. 9, 2009) The Chinese Ministry
of Finance said that it would issue 6 billion yuan worth of government bonds
in Hong Kong, a major step to
internationalize its currency at a time of concern about the dollar.
China Urges Responsible U.S.
Policy, Stable Dollar
(Reuters, Jul. 22, 2009) China will again press the United States at high-level talks next week to
protect Beijing's extensive U.S.
investments by pursuing sound policies and keeping the dollar stable, a
senior official said.
Russia, China to Promote
Ruble, Yuan Use in Trade
(Bloomberg, Jun. 17, 2009) The leaders of Russia and China agreed to expand use of the
ruble and yuan in bilateral trade to lessen dependence on the U.S. dollar.
Yuan May Be Reserve Currency
by 2020—China Official
(Reuters, May 20, 2009) In the latest
advertisement of China's currency ambitions, an official suggested that the
yuan could make up more than 3 percent of global foreign exchange reserves by
2020.
China to Boost IMF Funding
through SDR Bond
(Reuters, May 10, 2009) China will invest in a bond denominated
in Special Drawing Rights (SDRs) as part of efforts to increase the resources
of the International Monetary Fund, a senior central bank official said.
History Smiles on Ambitious
Yuan By Barry Eichengreen
(Taipei Times, Nov. 29, 2009) Can the yuan become
a major international currency in as little as a decade? Only time will tell.
But US
history suggests that this schedule, while ambitious, is not impossible.
Is China Ready to Challenge the Dollar? By
Melissa Murphy and Wen Jin Yuan
(PacNet #72, Pacific Forum, CSIS, Nov. 5, 2009) It would be a mistake to
conclude that China
is ready to ditch the dollar anytime soon, let alone supplant the dollar’s
reserve role with the reminbi.
Q+A-What Do China and the
IMF Want from Each Other? By Simon Rabinovitch (Reuters, Oct. 7, 2009) Efforts to repair strained ties between China and the International Monetary Fund made
headway at the IMF's semiannual meetings this week in Turkey.
China’s Push for Power Is
Irresistible By David Prosser
(Independent, Oct. 7, 2009) The scene is set. China – and others – have
wanted to wrest power from the US. Soon they'll have the
economic clout to achieve their goal. Robert Fisk: A Financial
Revolution with Profound Political Implications
China Calls Time on Dollar
Hegemony By Ambrose Evans-Pritchard
(Telegraph, Oct. 6, 2009) You can date the end of
dollar hegemony from China's
decision last month to sell its first batch of sovereign bonds in Chinese
yuan to foreigners.
China Thinks the Washington Consensus Is Dead! By
Laurence Brahm (PacNet #65, Pacific Forum,
CSIS, Sep. 29, 2009) China
has given the developing world a new response profile. Rather than argue with
the IMF policy, make the IMF your debtor.
How China’s Yuan Can Become
a Global Currency By Friedrich Wu
(BusinessWeek, Sep. 15, 2009) While chances are
good that the yuan will evolve into a regional currency in the next few
years, China is in no position to challenge the preeminent role of the U.S.
dollar in the near future, despite some worries in the U.S.
Replacing the Dollar:
China’s Big Plans for Its Currency By
Michael Schuman (Time, Jul. 20, 2009) China's
motivations to boost the global standing of the yuan stem from the same
concerns as its calls for a new reserve currency. Greater use of the yuan in
trade would improve the competitiveness of Chinese exporters by reducing
transaction costs and currency risks.
Yuan Deposes Dollar on China
Border in Sign of Future
(Bloomberg, Jul. 8, 2009) China expanded yuan settlement agreements last
week from border zones to its largest financial centers, including Shanghai, Guangzhou and Hong Kong. The program is being rolled out across Malaysia, Indonesia,
Brazil and Russia,
all nations seeking to reduce the dollar’s role as the linchpin of world
finance and trade.
China Reassures on Dollar
Debate Before G8 By Silvia Aloisi and Anna Willard (Reuters, Jul.
5, 2009) France and Russia urged a debate about the world's reserve
currencies, but China said the dollar would keep its pre-eminence for
"many years to come."
China Has ‘Grand Scheme’ for
Yuan’s Role, Prasad Says
(Bloomberg, Jul. 3, 2009) China’s call for a new
world reserve currency is part of a “grand scheme” to reduce the dollar’s
dominance and increase the yuan’s role, said a former senior International
Monetary Fund official.
The Yuan Lies in Waiting By
Francesco Sisci
(Asia Times, Jun. 18, 2009) Pundits in China
are scratching their heads over the future of their currency, the yuan, which
has been brought to the fore by the present financial crisis.
China Willing to Buy As Much
As $50 Billion in IMF Bonds By Andrew Batson (Wall Street Journal, Jun. 6, 2009) China said it is willing to
buy as much as $50 billion in bonds issued by the International Monetary Fund,
part of a deal made by the world's major economies earlier this year to boost
the resources the global agency has to combat financial crises.
International Monetary
Reform and the Future of the Renminbi By
Pieter Bottelier (China Brief, Jamestown
Foundation, May 27, 2009) It seems likely that the financial crisis will lead
to more hedging by Beijing of the U.S. dollar through increased international
use of the RMB and accelerated movement toward full RMB convertibility.
Beijing’s Would-Be Houdinis By
Sebastian Mallaby
(Washington
Post, May 26, 2009) It is easy to appreciate China's sudden appetite for bold
new ideas about international finance. But Beijing's leaders look less like the
architects of a new Bretton Woods than like aspiring Houdinis.
Brazil, China Plan to Trade
without Dollars Is ‘Pure Idle Talk’ By
Febiola Moura (Bloomberg, May 21, 2009) China
and Brazil’s proposal to abandon the dollar for bilateral trade and use yuan
and reais instead is “pure idle talk,” former Brazilian central bank
President Gustavo Franco said.
China Tries to Wriggle Out
of the US Dollar Trap By Wenran Jiang
(YaleGlobal, Apr. 29, 2009) China is employing a
multi-pronged approach to reduce its US dollar exposure by seeking to foster
greater use of its domestic currency, the RMB, in trade agreements and by
making purchases or direct investments in natural resources and hard assets.
China Steps Up to World
Stage, Cautiously By Francois Godement
(YaleGlobal, Apr. 24, 2009) China acted in a manner which has
become hallmark of its behavior: guarded, pragmatic, and ambiguous. Expecting
anything different was a miscalculation. And expecting a major change in China’s
stance in the near term is likely to be wrong too.
China Uses Global Crisis to
Assert Its Influence By Ariana Eunjung Cha (Washington Post, Apr. 23, 2009) Overseas aid and loans are just
one way China is asserting itself in its new role as a world financial
leader. While polishing China's
own image, Premier Wen Jiabao and other top leaders have blamed the West for
the global economic crisis.
China’s Rise is America’s
Decline By Martin Jacques
(Guardian, Apr. 23, 2009) Beijing
is becoming increasingly assertive on global finance and economics — and the US
will be the loser.
China Takes a Small Step
Away from the Dollar By Neel Chowdhury
(Time, Apr. 6, 2009) "A lot of this is
symbolic." "China
wants to be a player." And one sure way to be a player, as everyone
knows, is to threaten to quit the game.
China’s Yuan Ambitions By
Ben Simpfendorfer
(Wall Street Journal Asia, Apr. 5, 2009) Beijing has signed
currency swap agreements with six central banks. China has long wanted its
currency to play a more important role in the global financial system, and
these swap arrangements come in the context of that broader policy aim.
China’s Dollar Trap By
Paul Krugman
(New York Times, Apr. 3, 2009) Mr. Zhou’s speech
was actually an admission of weakness. In effect, he was saying that China
had driven itself into a dollar trap, and that it can neither get itself out
nor change the policies that put it in that trap in the first place.
China Takes Stage as Global
Economic Power By Michael Wines and Edward Wong (New York
Times, Apr. 2, 2009) As Presidents Hu Jintao and Obama had their first
meeting on the sidelines of the summit proceedings, the Chinese appeared torn
between seizing their moment in the geopolitical spotlight and shying from
it.
Asia Split Over China’s “War
of Nerves” with U.S. By Tetsushi Kajimoto and Yoo Choonsik (Reuters, Mar.
31, 2009) Asian policymakers are preoccupied with China's "war of
nerves" over the U.S. dollar's global status rather than the impact of
the Fed's debt buying on their vast dollar-linked savings, officials told
Reuters.
China Challenges US Global
Financial Leadership By Elaine Kurtenbach (AP, Mar. 28, 2009) The only major economy still growing at a
fast clip, China
is being unusually forthright in challenging the U.S.-led global order ahead
of an April 2 summit on the financial crisis.
China Rises Again—Part I By
Wang Gungwu
(YaleGlobal, Mar. 25, 2009) Wang predicts that
modern Chinese leaders will rely on ancient principles to achieve timeless
goals: the economic global can serve as a means in establishing a prosperous
and powerful state that wields global influence.
Meltdown 101: Will China
Global Currency Idea Fly? By Christopher S. Rugaber (AP, Mar. 24, 2009) China's central bank has called
for the creation of a new global currency as an alternative to the dollar, in
the latest sign of that country's growing assertiveness on the international
stage. But would the idea even work?
China Urges New Money
Reserve to Replace Dollar By David Barboza (New York Times, Mar. 24, 2009) In another indication that China
is growing increasingly concerned about holding huge dollar reserves, the
head of its central bank has called for the eventual creation of a new
international currency reserve to replace the dollar.
China Losing Taste for Debt
from the U.S. By Keith Bradsher
(New York Times, Jan. 8, 2009) The declining
Chinese appetite for United
States debt, apparent in a series of hints
from Chinese policy makers over the last two weeks, comes at an inconvenient
time.
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