Historical Precedents for Internationalization of the RMB
Report from International Institutions and Global Governance Program and Greenberg Center for Geoeconomic Studies
Report from International Institutions and Global Governance Program and Greenberg Center for Geoeconomic Studies

Historical Precedents for Internationalization of the RMB

October 2011 , 34 Pages

Report

More on:

China

Monetary Policy

Capital Flows

Overview

The twentieth century saw the rise of the U.S. dollar, the German mark, and the Japanese yen as international currencies. Now the Chinese renminbi is on a similar course toward reserve currency status, but its path is deviating from those of its predecessors in both aim and intent. In this Center for Geoeconomic Studies Working Paper, produced in association with CFR’s International Institutions and Global Governance program, Professor Jeffrey Frankel explains how the renminbi’s ascent is without historical precedent and why China might be pursuing such an unorthodox strategy.

More on:

China

Monetary Policy

Capital Flows

Author

Jeffrey A. Frankel

James Harpel Chair for Capital Formation & Growth, Harvard University


Top Stories on CFR

Foreign Policy

The Trump administration’s tariffs on Canada this week and threats of annexation have strained the U.S.-Canada partnership, fueling Canadian nationalism and causing steep retaliatory measures.

Arctic

The island’s residents have voted in favor of a party that seeks gradual independence from Denmark. But Greenland has attracted significant attention from President Trump, who sees the island’s considerable mineral wealth and location in the Arctic as necessary for U.S. national security.

Syria

A spate of attacks involving loyalists to former ruler President Bashar al-Assad has spurred concerns of a return to sectarian warfare in Syria, but there is still a path for the country’s new rulers to find stability.