Renminbi from Marketization to Internationalization

This study looks into the significance of a floating exchange rate regime, further development of foreign exchange derivatives market, and concurrent internationalization of the Renminbi (RMB) for a resilient, open, and growing Chinese economy.

Autorentext

Zhongxia Jin has been executive director for China at the International Monetary Fund since 2015 and previously served as head of the Research Institute of the People's Bank of China. His areas of research cover international finance, monetary policy, international trade and investment, international economic governance, and RMB internationalization.

Yue Zhao currently works at the International Monetary Fund. Previously she was an economist at the People's Bank of China. Her areas of research include monetary policy, international finance, and financial regulation.

Haobin Wang currently works at the Ministry of Finance of China. Previously he was an economist at the International Monetary Fund. His areas of research include monetary policy, international finance, and financial regulation.

Inhalt

1. The Macroeconomic Impact of Foreign Exchange Intervention: Cross-Country Empirical Studies 2. Laying a Solid Foundation and Moving toward a Free-Floating Exchange Rate Regime: A Successful Floating Exchange Rate Regime Requires Good Monetary and Fiscal Discipline 3. Further Developing the FX Derivatives Market and Allowing for a More Market-Based Regulatory Approach in China 4. Floating Exchange Rate and the Internationalization of the RMB