The nexus of BRI and internationalization of renminbi (RMB)

Since 2009, the Chinese government has committed itself to encourage Renminbi (RMB) internationalization. China has introduced various direct steps supporting the RMB internationalization, including the open capital market in Hugangtong, the growth of the offshore RMB, the launch of the Cross-Border...

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Autor principal:	Bora Ly
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2020
Materias:	aiib bri china international currency rmb rmb internationalization sdr Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/4a5359f0ead8420f912c8c85f805b071
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id	oai:doaj.org-article:4a5359f0ead8420f912c8c85f805b071
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spelling	oai:doaj.org-article:4a5359f0ead8420f912c8c85f805b0712021-12-02T17:01:05ZThe nexus of BRI and internationalization of renminbi (RMB)2331-197510.1080/23311975.2020.1808399https://doaj.org/article/4a5359f0ead8420f912c8c85f805b0712020-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2020.1808399https://doaj.org/toc/2331-1975Since 2009, the Chinese government has committed itself to encourage Renminbi (RMB) internationalization. China has introduced various direct steps supporting the RMB internationalization, including the open capital market in Hugangtong, the growth of the offshore RMB, the launch of the Cross-Border Interbank Payment System (CIPS). The reform of the exchange rate structure for the RMB, developing crude oil futures. Incorporating the RMB into the SDR, BRI, and the establishment of AIIB contribute to further internationalization of the RMB. The BRI provides an opportunity, on the one hand, that the RMB becomes a foreign trade currency and strengthens the RMB’s position as an international currency. China must encourage RMB internationalization, including turning cross-border RMB trade as a payment currency, promoting RMB internationalization with ODI, enhancing the RMB exchange rate process, developing domestic financial system and financial infrastructure, and warning to expand capital account and develop offshore RMB.Bora LyTaylor & Francis Grouparticleaiibbrichinainternational currencyrmbrmb internationalizationsdrBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 7, Iss 1 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	aiib bri china international currency rmb rmb internationalization sdr Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	aiib bri china international currency rmb rmb internationalization sdr Business HF5001-6182 Management. Industrial management HD28-70 Bora Ly The nexus of BRI and internationalization of renminbi (RMB)
description	Since 2009, the Chinese government has committed itself to encourage Renminbi (RMB) internationalization. China has introduced various direct steps supporting the RMB internationalization, including the open capital market in Hugangtong, the growth of the offshore RMB, the launch of the Cross-Border Interbank Payment System (CIPS). The reform of the exchange rate structure for the RMB, developing crude oil futures. Incorporating the RMB into the SDR, BRI, and the establishment of AIIB contribute to further internationalization of the RMB. The BRI provides an opportunity, on the one hand, that the RMB becomes a foreign trade currency and strengthens the RMB’s position as an international currency. China must encourage RMB internationalization, including turning cross-border RMB trade as a payment currency, promoting RMB internationalization with ODI, enhancing the RMB exchange rate process, developing domestic financial system and financial infrastructure, and warning to expand capital account and develop offshore RMB.
format	article
author	Bora Ly
author_facet	Bora Ly
author_sort	Bora Ly
title	The nexus of BRI and internationalization of renminbi (RMB)
title_short	The nexus of BRI and internationalization of renminbi (RMB)
title_full	The nexus of BRI and internationalization of renminbi (RMB)
title_fullStr	The nexus of BRI and internationalization of renminbi (RMB)
title_full_unstemmed	The nexus of BRI and internationalization of renminbi (RMB)
title_sort	nexus of bri and internationalization of renminbi (rmb)
publisher	Taylor & Francis Group
publishDate	2020
url	https://doaj.org/article/4a5359f0ead8420f912c8c85f805b071
work_keys_str_mv	AT boraly thenexusofbriandinternationalizationofrenminbirmb AT boraly nexusofbriandinternationalizationofrenminbirmb
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The nexus of BRI and internationalization of renminbi (RMB)

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