The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China

No 20943, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of exported growth, benefiting from learning by doing, and by adopting foreign know-how, supported by a complex industrial policy. While the resultant growth has been spectacular, it comes with hidden but growing costs and distortions. The Chinese export-led growth path has been challenged by its own success, and the Global Financial Crisis forced China toward rebalancing, which is a work in progress. Reflecting on the internationalization of the CNY, one expects the rapid accelerating of the commercial internationalization of the CNY.

JEL-codes: F3 F32 F36 F4 F41 (search for similar items in EconPapers)
Date: 2015-02
New Economics Papers: this item is included in nep-cna, nep-opm and nep-tra
Note: IFM
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Citations: View citations in EconPapers (19)

Published as Joshua Aizenman, 2015. "Internationalization of the RMB, Capital Market Openness and Financial Reforms in China," Pacific Economic Review, vol 20(3), pages 444-460.

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Related works:
Journal Article: Internationalization of the RMB, Capital Market Openness and Financial Reforms in China (2015)
Working Paper: The internationalization of the RMB, capital market openness, and financial reforms in China (2015)
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