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Enter the Dragon: China in the International Financial System brings together experts from both inside and outside of the People’s Republic of China to explore issues regarding the internationalization of the renminbi (RMB). This volume tackles questions surrounding the process being used to attempt to achieve internationalization of the RMB, the broader issues related to the country’s financial integration with the rest of the world, and issues concerning China’s role in global financial governance.

Table of Contents

Preface – Domenico Lombardi and Hongying Wang

Acronyms and Abbreviations    

Introduction – Domenico Lombardi and Hongying Wang

Part One: RMB Internationalization

China’s Power and the International Use of the RMB 
Juan Carlos Martinez Oliva

The Political Logic of RMB Internationalization: A Unique Journey to a Major Global Currency
Alex He

Sequencing RMB Internationalization  
Barry Eichengreen

Assessing the Potential of RMB Trade Settlement  
Qiyuan Xu

The Political Limits to RMB Internationalization
Randall  Germain  and  Herman  Mark  Schwartz

Part Two: China’s Financial Internationalization

Constraints of Currency Intervention on China’s Monetary Policy         
Hailong  Jin, Domenico Lombardi  and Coby Hu

China’s Rise as an International Creditor: Sign of Strength?
Stuart S. Brown and Hongying Wang     

The Domestic Political Sources of China’s International Financial Policies
David A. Steinberg

Internationalization of China’s Bond Market, Development of Offshore RMB Centres and Provision of Global Safe Assets               
Liu Dongmin

Part Three: China in International Financial Governance

China at the IMF
Bessma Momani

China at the G20: Review, Expectation, Strategy and Agenda    
Alex He

China’s Role in Financial Standard Setting after the 2007–2009 Financial Crisis: The Case of Basel III and Shadow Banking Reform
David  Kempthorne

China’s Engagement in Minilateral Financial Cooperation: Motivations and Implications
Hongying Wang

Conclusion
Domenico Lombardi and Hongying Wang

Contributors