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RMB-nisation Needs Offshore Market

In: The Renminbi Rises

Author

Listed:
  • Chi Lo

Abstract

Some argue that the removal of capital controls and the opening up of the domestic capital market would be sufficient to internationalise the renminbi (RMB). The development of an offshore RMB market would play no role in the process. They cite the experience of some countries which opened their capital accounts and domestic capital market to foreign participation without developing an offshore currency market at all. This is a misunderstanding. There is little evidence to support the case of currency internationalisation without an offshore market. The experience that these observers cite refers to the countries’ financial liberalisation process, but not currency internationalisation.

Suggested Citation

  • Chi Lo, 2013. "RMB-nisation Needs Offshore Market," Palgrave Macmillan Books, in: The Renminbi Rises, chapter 8, pages 124-144, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34625-4_8
    DOI: 10.1057/9781137346254_8
    as

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