Open AccessBETWEEN GLOBALIZATION AND INTERNAL STABILITY, THE RESISTIBLE INTERNATIONALIZATION OF THE RENMINBI
Author(s) -
Xavier Richet
Publication year - 2019
Publication title -
scientific annals of economics and business
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.204
H-Index - 6
eISSN - 2501-3165
pISSN - 2501-1960
DOI - 10.47743/saeb-2019-0036
Subject(s) - renminbi , internationalization , economics , international economics , currency , china , debt , globalization , international trade , monetary economics , market economy , exchange rate , finance , law , political science
China's RMB is becoming a major international currency. It has joined major international currencies and intends to continue its growth although it has not yet become a fully convertible currency. Its share in world trade, reserves remains limited. On the one hand, the increase in its international use is increasing, on the other hand the decline in trade, the accumulation of internal problems - decline in GDP growth, growing domestic debt - are leading the Chinese authorities to push back the opening of the capital account, to control interest rates. Social stability has become a priority.