Currency Internationalization and Macro Financial Risk Control
This book collects expert opinions, research, and risk assessments from within the Chinese financial policy establishment on prospects for the internationalization of the renminbi as a reserve currency around the world. As China's economy diversifies in t
- PDF / 6,016,892 Bytes
- 436 Pages / 419.58 x 612.28 pts Page_size
- 21 Downloads / 276 Views
Currency Internationalization and Macro Financial Risk Control
International Monetary Institute
Currency Internationalization and Macro Financial Risk Control
Editor International Monetary Institute Renmin University of China Beijing, China
ISBN 978-981-13-0697-6 ISBN 978-981-13-0698-3 (eBook) https://doi.org/10.1007/978-981-13-0698-3 Library of Congress Control Number: 2018948149 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd., part of Springer Nature 2018 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: © fanjianhua / Getty Images Printed on acid-free paper This Palgrave Macmillan imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Preface
The year 2015 was an eventful year. After the Federal Reserve officially started the interest rate increase, the dollar index continued to rise, dollar assets were sought after by many, international capital flow experienced large-scale adjustment, and China faced an increasingly sharp pressure of capital outflow. Refugee crisis slowed down the economic recovery in Europe, the risk of “British Exit” further increased the uncertainty of its prospects, and the European Central Bank announced to implement the negative interest rate policy. Since the EU is China’s largest trading partner, a substantial depreciation of the euro hit heavily the export trade of China. Such international circumstances worsened the Chinese economy which was itself in a difficult transformation. For one thing, issues including over-capacity, decline in private investment, and non-performing bank assets have become increasingly prominent. For another, the domestic financial market was in turmoil: the
Data Loading...
