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The Benefits and Costs of Renminbi Internationalization

dc.contributor.authorLiqing Zhang
dc.contributor.authorKunyu Tao
dc.date.accessioned2015-04-10T10:17:41Z
dc.date.available2015-04-10T10:17:41Z
dc.date.issued2014-05-15
dc.identifier.urihttp://hdl.handle.net/11540/4012
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
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleThe Benefits and Costs of Renminbi Internationalization
dc.typeWorking Papers
dc.subject.expertUrban Development Finance
dc.subject.expertTrade Finance
dc.subject.expertSmall Business Finance
dc.subject.expertRural Finance
dc.subject.expertRoundtable on International Trade and Finance
dc.subject.expertRegional Development Finance
dc.subject.expertPublic Service Finance
dc.subject.expertPublic Finance
dc.subject.expertProject Finance
dc.subject.expertPrivate Finance
dc.subject.expertNonbank Financing
dc.subject.expertNon-Bank Financial Institutions
dc.subject.expertMunicipal Finance
dc.subject.expertLocal Government Finance
dc.subject.expertLocal Currency Financing
dc.subject.expertLimited Resource Financing
dc.subject.expertInternational Financial Institutions
dc.subject.expertInfrastructure Financing
dc.subject.expertIndustrial Finance
dc.subject.expertGovernment Financial Institutions
dc.subject.expertGovernment Finance
dc.subject.expertFinancing of Infrastructure
dc.subject.expertFinancial Sector Development
dc.subject.expertFinancial Regulation
dc.subject.adbTaxation
dc.subject.adbPublic Accounting
dc.subject.adbNational Budget
dc.subject.adbMunicipal Bonds
dc.subject.adbLocal Government
dc.subject.adbLocal Taxes
dc.subject.adbInternational Monetary Relations
dc.subject.adbInternational Financial Market
dc.subject.adbInternational Banking
dc.subject.adbCentral Banks
dc.subject.adbBusiness Financing
dc.subject.adbCapital Resources
dc.subject.adbBudgetary Policy
dc.subject.adbCapital Needs
dc.subject.adbCorporate Divestiture
dc.subject.adbCapital Instruments
dc.subject.adbPension Funds
dc.subject.adbInsurance Companies
dc.subject.adbBanks
dc.subject.adbPortfolio Management
dc.subject.adbFiscal Administration
dc.subject.adbEconomics of Education
dc.subject.adbDevelopment Banks
dc.subject.naturalUse tax
dc.subject.naturalTaxing power
dc.subject.naturalState of taxation
dc.subject.naturalTax-sales
dc.subject.naturalTax revenue estimating
dc.subject.naturalTax planning
dc.subject.naturalSpendings tax
dc.subject.naturalSpecial assessments
dc.subject.naturalTax administration and procedure
dc.subject.naturalSales tax
dc.subject.naturalReal property and taxation
dc.subject.naturalProgressive taxation
dc.subject.naturalEffect of taxation on land use
dc.subject.naturalEffect of taxation on labor supply
dc.subject.naturalIntergovernmental tax relations
dc.subject.naturalInheritance and transfer tax
dc.subject.naturalEnergy tax
dc.title.seriesADBI Working Paper Series
dc.title.volume481
dc.contributor.imprintAsian Development Bank
oar.themeFinance
oar.adminregionEast Asia Region
oar.countryPeople's Republic of China
oar.identifierOAR-004000
oar.authorZhang, Liqing
oar.authorTao, Kunyu
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • ADBI Working Papers
    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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