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Enter the DragonChina in the International Financial System |
eBook Available
China’s rise in the international financial system is a highly complex and political process, and can only be understood by incorporating analysis of domestic and international political economy.
China has experienced a remarkable transformation since the 1990s. It now boasts the second-largest - some would argue the largest - economy in the world, having evolved from a closed economy into the leading goods-trading nation. China’s economic rise has given it increasing prominence in international monetary and financial governance, but it also exposes China to new risks associated with its integration into the global financial system.
Drawing insights from economics and political science, Enter the Dragon: China in the International Financial System takes a broad conceptual approach and tackles the questions that accompany China’s ascendance in international finance: What are the motivations and consequences of China’s effort to internationalize the renminbi? What is the political logic underlying China’s foreign financial policy? What forces have shaped China’s preferences and capacities in global financial governance?
Enter the Dragon contributes to the ongoing debate over China’s political interests, its agenda for economic and financial cooperation, and the domestic and international implications of its economic rise. Bringing together experts from both inside and outside of China, this volume argues that China’s rise in the international financial system is a highly complex and political process, and can only be understood by incorporating analysis of domestic and international political economy.
Drawing insights from economics and political science, Enter the Dragon: China in the International Financial System takes a broad conceptual approach and tackles the questions that accompany China’s ascendance in international finance: What are the motivations and consequences of China’s effort to internationalize the renminbi? What is the political logic underlying China’s foreign financial policy? What forces have shaped China’s preferences and capacities in global financial governance?
Enter the Dragon contributes to the ongoing debate over China’s political interests, its agenda for economic and financial cooperation, and the domestic and international implications of its economic rise. Bringing together experts from both inside and outside of China, this volume argues that China’s rise in the international financial system is a highly complex and political process, and can only be understood by incorporating analysis of domestic and international political economy.
Details
440 Pages, 6 x 9
15 tables, 44 figures
CIGI Press
ISBN 9781928096153
October 2016
Formats: Paperback, eBook
Domenico Lombardi is the director of the Global Economy Program at the Centre for International Governance Innovation (CIGI).
Hongying Wang is a CIGI senior fellow and an associate professor of political science at the University of Waterloo, specializing in international political economy, Chinese politics and Chinese foreign policy.
Hongying Wang is a CIGI senior fellow and an associate professor of political science at the University of Waterloo, specializing in international political economy, Chinese politics and Chinese foreign policy.
Contents
Preface vii
Domenico Lombardi and Hongying Wang
Acronyms and Abbreviations ix
Introduction 1
Domenico Lombardi and Hongying Wang
Part One: RMB Internationalization
1. China’s Power and the International Use of the RMB 13
Juan Carlos Martinez Oliva
2. The Political Logic of RMB Internationalization:
A Unique Journey to a Major Global Currency 41
Alex He
3. Sequencing RMB Internationalization 85
Barry Eichengreen
4. Assessing the Potential of RMB Trade Settlement 113
Qiyuan Xu
5. The Political Limits to RMB Internationalization 133
Randall Germain and Herman Mark Schwartz
Part Two: China’s Financial Internationalization
6. Constraints of Currency Intervention on China’s
Monetary Policy 161
Hailong Jin, Domenico Lombardi and Coby Hu
7. China’s Rise as an International Creditor:
Sign of Strength?
Stuart S. Brown and Hongying Wang 191
8. The Domestic Political Sources of China’s International
Financial Policies 223
David A. Steinberg
9. Internationalization of China’s Bond Market,
Development of Offshore RMB Centres and
Provision of Global Safe Assets 259
Liu Dongmin
Part Three: China in International Financial Governance
10. China at the IMF 291
Bessma Momani
11. China at the G20: Review, Expectation, Strategy
and Agenda 319
Alex He
12. China’s Role in Financial Standard Setting after the
2007-2009 Financial Crisis: The Case of Basel III
and Shadow Banking Reform 353
David Kempthorne
13. China’s Engagement in Minilateral Financial Cooperation:
Motivations and Implications 385
Hongying Wang
Conclusion 411
Domenico Lombardi and Hongying Wang
Contributors 423
Preface vii
Domenico Lombardi and Hongying Wang
Acronyms and Abbreviations ix
Introduction 1
Domenico Lombardi and Hongying Wang
Part One: RMB Internationalization
1. China’s Power and the International Use of the RMB 13
Juan Carlos Martinez Oliva
2. The Political Logic of RMB Internationalization:
A Unique Journey to a Major Global Currency 41
Alex He
3. Sequencing RMB Internationalization 85
Barry Eichengreen
4. Assessing the Potential of RMB Trade Settlement 113
Qiyuan Xu
5. The Political Limits to RMB Internationalization 133
Randall Germain and Herman Mark Schwartz
Part Two: China’s Financial Internationalization
6. Constraints of Currency Intervention on China’s
Monetary Policy 161
Hailong Jin, Domenico Lombardi and Coby Hu
7. China’s Rise as an International Creditor:
Sign of Strength?
Stuart S. Brown and Hongying Wang 191
8. The Domestic Political Sources of China’s International
Financial Policies 223
David A. Steinberg
9. Internationalization of China’s Bond Market,
Development of Offshore RMB Centres and
Provision of Global Safe Assets 259
Liu Dongmin
Part Three: China in International Financial Governance
10. China at the IMF 291
Bessma Momani
11. China at the G20: Review, Expectation, Strategy
and Agenda 319
Alex He
12. China’s Role in Financial Standard Setting after the
2007-2009 Financial Crisis: The Case of Basel III
and Shadow Banking Reform 353
David Kempthorne
13. China’s Engagement in Minilateral Financial Cooperation:
Motivations and Implications 385
Hongying Wang
Conclusion 411
Domenico Lombardi and Hongying Wang
Contributors 423
