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Can the Renminbi Rise as a Global Currency? The Political Economy of Currency Internationalization

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  • Chey Hyoung kyu

    (National Graduate Institute for Policy Studies)

Abstract

Can the renminbi develop into a global currency? In the near future it seems unlikely. The international political power of the United States remains far greater than that of China at the global level, and is likely to be a significant obstacle to global expansion in use of the renminbi. China’s limited economic size—despite its rapid growth over the past decades—and its persistent current account surplus are in addition likely to pose serious economic checks on global use of the renminbi. Thus, although renminbi internationalization will probably develop to some extent, it is at least in the short term likely to be confined to Asia, China’s hinterland.

Suggested Citation

  • Chey Hyoung kyu, 2012. "Can the Renminbi Rise as a Global Currency? The Political Economy of Currency Internationalization," GRIPS Discussion Papers 11-20, National Graduate Institute for Policy Studies.
    • Handle: RePEc:ngi:dpaper:11-20
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    Cited by:

    1. Hyoung-kyu Chey, 2013. "The Concepts, Consequences, and Determinants of Currency Internationalization," GRIPS Discussion Papers 13-03, National Graduate Institute for Policy Studies.
    2. Stefan Angrick, 2018. "Structural conditions for currency internationalization: international finance and the survival constraint," Review of International Political Economy, Taylor & Francis Journals, vol. 25(5), pages 699-725, September.
    3. Hyoung-kyu Chey, 2014. "A Demand-Side Analysis of Renminbi Internationalisation: The Renminbi in South Korea," GRIPS Discussion Papers 14-02, National Graduate Institute for Policy Studies.
    4. Barry Eichengreen & Domenico Lombardi, 2017. "RMBI or RMBR? Is the Renminbi Destined to Become a Global or Regional Currency?," Asian Economic Papers, MIT Press, vol. 16(1), pages 35-59, Winter/Sp.

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