| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17498 |
| DP17498 Is Capital Account Convertibility Required for the Renminbi to Acquire Reserve Currency Status? | |
| Camille Macaire; Arnaud Mehl; Eric Monnet; Alain Naef | |
| 发表日期 | 2022-07-24 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | It is widely assumed that the renminbi (RMB) cannot acquire a meaningful place in central bank reserve portfolios without full liberalization of China’s capital account. We argue that the RMB can in fact develop into a consequential reserve currency in the absence of capital account convertibility. Trade and investment links can drive official use and accumulation despite limited access to Chinese financial markets. But this route to currency internationalization requires policy support. China must allow access to RMB through loans and People’s Bank of China (PBoC) currency swaps. It must ensure convertibility of RMB into US dollars on offshore markets. It must provide these RMB services at a stable and predictable price. Currency internationalization without full capital account liberalization thus requires the RMB to be backed by dollar reserves, which the PBOC consequently will continue to hold and use. Hence we do not foresee RMB internationalization as supplanting dollar dominance. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | International monetary system Renminbi International reserve currencies |
| URL | https://cepr.org/publications/dp17498 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546593 |
| 推荐引用方式 GB/T 7714 | Camille Macaire,Arnaud Mehl,Eric Monnet,et al. DP17498 Is Capital Account Convertibility Required for the Renminbi to Acquire Reserve Currency Status?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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