An International Non-Convertible Currency
Foreign exchange policy is an inherent part of the policy of reform and opening up promoted by Deng Xiao ping: opening up the economy is the reform’s instrument. As the foreign exchange rate is set by the central bank, the Chinese government managed to ne
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Dominique de Rambures and Felipe Escobar Duenas
China’s Financial System
Dominique De Rambures • Felipe Escobar Duenas
China’s Financial System Growth and Inefficiency
Dominique De Rambures Master Banque Finance Paris I University Panthéon Sorbonne Paris, France
Felipe Escobar Duenas Master Banque Finance Paris I University Panthéon Sorbonne Paris, France
ISBN 978-3-319-40450-9 ISBN 978-3-319-40451-6 (eBook) DOI 10.1007/978-3-319-40451-6 Library of Congress Control Number: 2017930599 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Mode Images / Alamy Stock Photo Cover Design: Liron Gilenberg Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1 Introduction 1 2 China’s Decision Making System 5 3 A Non-Independent Central Bank 21 4 Chinese Banks: Between Control and Profitability 37 5 Sidelined Foreign Banks 63 6 Credit Black Market 75 7 Fast Growing Internet Banking and Finance 91 8 Government Controlled Financial Institutions 101 9 Under-developed Financial Markets 131
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vi Contents
10 An International Non-Convertible Currency 163 11 Conclusion 179 Bibliography183 Index187
List of Abbreviations and Acronyms
ABC Agricultural Bank of China ADA Abu Dhabi Investment Agency ADB Asia Development Bank AIIB Asia Infrastructure Investment Bank AMC Asset Management Company ANZ Australian & New Zealand Bank APEC Asia Pacific Economic Cooperation AVIC Aviation Industry Corp. B2B Business-to-Business BBVA Banco de Bilbao Viscaya Argentaria BEIC British East India Company BMG Beijing Municipal Government BOC Bank of China BOCOM Bank of Communications BRICS
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