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The Benefits and Costs of Renminbi Internationalization

dc.contributor.authorLiqing Zhang
dc.contributor.authorKunyu Tao
dc.date.accessioned2015-01-24T13:12:50Z
dc.date.available2015-01-24T13:12:50Z
dc.date.issued2014-05-19
dc.identifier.urihttp://hdl.handle.net/11540/1243
dc.description.abstractDespite the increasing recognition that the renminbi (RMB) may eventually become a key global currency, several important questions remain to be answered. This paper analyzes the benefits and costs of the RMB becoming an international currency. The benefits include reduced exchange risk, promotion of the development of the financial market, and expansion of firms in the People’s Republic of China. The costs include general costs, which complicate monetary policy and exchange rate policy, and several transitional risks. We argue that the benefits of RMB internationalization should surpass its costs, particularly in the long run, and provide comprehensive policy choices for a sustainable process of RMB internationalization.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.titleThe Benefits and Costs of Renminbi Internationalization
dc.typeWorking Papers
dc.subject.expertTrade Finance
dc.subject.expertRisk Financing
dc.subject.expertRegional Development Finance
dc.subject.expertPublic Finance
dc.subject.expertInfrastructure Financing
dc.subject.expertFinancing of Infrastructure
dc.subject.expertFinancial Security
dc.subject.expertFinancial Intermediation
dc.subject.expertFinance And Trade
dc.subject.expertEnterprise Financing
dc.subject.expertTrade Regulation
dc.subject.expertTrade Finance
dc.subject.expertRegional Trade Agreements
dc.subject.expertGeneral Agreement On Tariffs And Trade
dc.subject.adbTaxation
dc.subject.adbBusiness Financing
dc.subject.adbInvestment Requirements
dc.subject.adbCapital Needs
dc.subject.adbTax Incentives
dc.subject.adbProject Risks
dc.subject.adbTariff agreements
dc.subject.adbCustoms convetions
dc.subject.adbImport policy
dc.subject.adbExport policy
dc.subject.naturalInvestments
dc.subject.naturalFinance
dc.subject.naturalMarket
dc.subject.naturalMarkets
dc.subject.naturalUse tax
dc.subject.naturalTax administration and procedure
dc.subject.naturalTaxing power
dc.subject.naturalEffect of taxation
dc.subject.naturalBusiness enterprises
dc.subject.naturalForeign trade and employment
dc.subject.naturalMentoring in business
dc.subject.naturalTrade routes
dc.title.seriesADBI Working Paper Series
dc.title.volumeNo. 481
dc.contributor.imprintAsian Development Bank Institute
oar.themeFinance
oar.themeTrade
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic Republic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji
oar.countryKiribati
oar.countryMarshall Islands
oar.countryMicronesia, Federated States of
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryChina, People’s Republic of
oar.countryHong Kong, China
oar.countryChina, People’s Republic of
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.dep.sourceADBI
oar.identifierOAR-002200
oar.authorZhang, Liqing
oar.authorTao, Kunyu
oar.importtrue
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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