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China’s Bilateral Currency Swap Agreements

Author

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  • Aravind Yelery

    (Associate Fellow Institute of Chinese Studies, Delhi (ICS), India aravind.yelery@gmail.com)

Abstract

China has recently demonstrated diverse ways to pursue its economic internationalisation. The trade mechanism has been re-modelled without a heavy tone on exports and China’s vulnerability to import–export risks has been steadily reduced. More than trade, the investments have been pursued to make Chinese economic expansion endure. Chinese also learned the trick of larger geo-economics by not waiting for crisis to occur and get caught in the global domino effect of slowdown, recession and other impulsive nature of markets. While, on one hand, China is trying to comply by international monetary and legal standards, making more space in a cluttered room for its economic ambitions, on the other, it is also adopting smarter ways to outperform the existing heavyweight economies’ dominance in the sphere of international monetary. An example of China’s sprint for maximising its legal and economic engagement and securing benefits by having bilateral currency swap agreements (BCS), exhibits how China has evolved over the last decade. A decade back, China was apprehensive about the BCS when it did not follow the Chiang Mai initiative. The current commentary attempts to analyse China’s BCS strategy and the possible impact.

Suggested Citation

  • Aravind Yelery, 2016. "China’s Bilateral Currency Swap Agreements," China Report, , vol. 52(2), pages 138-150, May.
    • Handle: RePEc:sae:chnrpt:v:52:y:2016:i:2:p:138-150
    DOI: 10.1177/0009445515627210
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    References listed on IDEAS

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    1. Ken Moak & Miles W. N. Lee, 2015. "China Moving Forward," Palgrave Macmillan Books, in: China’s Economic Rise and Its Global Impact, chapter 0, pages 151-167, Palgrave Macmillan.
    2. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa68, January.
    3. Mr. Mohammed El Qorchi & Mr. Samuel Munzele Maimbo & Mr. John F. Wilson, 2003. "Informal Funds Transfer Systems: An Analysis of the Informal Hawala System," IMF Occasional Papers 2003/004, International Monetary Fund.
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    Cited by:

    1. Batten, Jonathan A. & Szilagyi, Peter G., 2016. "The internationalisation of the RMB: New starts, jumps and tipping points," Emerging Markets Review, Elsevier, vol. 28(C), pages 221-238.

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