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題名 人民幣國際化 : 中國地緣政治和經濟之必要走向
The internationalization of the RMB : a geopolitics and an economic necessity for China作者 銅馬西
Monier, Maxime貢獻者 冷則剛
Leng, Tse-Kang
銅馬西
Monier, Maxime關鍵詞 國際化貨幣
人民幣
自由化
一帶一路
Global currency
RMB
Liberalization
Belt and Road Initiative日期 2018 上傳時間 19-Jul-2018 17:27:13 (UTC+8) 摘要 China is currently gradually opening and liberalizing its financial market in order to internationalize its currency. A global currency will have several positive aspects as it will lower China’s exposure to foreign currencies and its dependency to the US dollar, lower the currency risks Chinese exporters and importers are facing, improve the efficiency of its financial system by exposing its currency to market forces, and help them challenge the hegemony of the United States. To achieve the internationalization of the RMB, China has been gradually opening its financial and capital market since 2005 and the RMB is starting to be adopted as a reserve currency in the central banks and international institutions. They first created an offshore RMB market in Hong-Kong before gradually letting foreigners invest into mainland China. In spite of some challenging issues such as high level of debt, the 2015 market shock, or bad credit quality, the Chinese government seems resolved to lower its implication in the financial markets and liberalizing the capital markets. Instead, it plans to use the Belt and Road Initiative as a catalyzer for the internationalization of its currency. This project will bring massive RMB-denominated investments outside of China, as well as improve the integration of the Chinese economy among its neighbors. This would create new market for the RMB and increase its usage globally. The BRI initiative will present new challenges to China, as it is mainly leveraged and could lead some countries to default. It will also require a change in China foreign affairs policy, as the BRI investments might require China to be more involved in domestic affairs of foreign countries. 參考文獻 1. “Beijing abandons large-scale share purchases” Jamil Anderlini (August 2015), CNBC2. Bank of International Settlement, 20163. “Centrafrique : une levée de l`embargo pour recevoir un don d`armes de la Chine ? » Ibrahima Bayo (June 2018) La Tribune4. Blinder, A. (1996). The Role of the Dollar as an International Currency. Eastern Economic Journal, 22(2), 127-136.5. “Renminbi global transactions share at multiyear low” Roger Blitz (November 2017) Financial Times6. “China rewrites Rulebook on Capital Flows After Crisis Lessons” (July 2017) Bloomberg7. “China’s Alarming Debt Pile Could Finally Stabilize This Year”, (April 2018) Bloomberg8. “China`s Debt Crackdown Helps Revive Flagging Dim Sum Market”, (June 2018) Bloomberg9. “China’s Panda-Bond Boom Threatens Dim Sum Market Survival”, (August 2017) Bloomberg10. “Are there spillover effects between coastal and noncoastal regions in China?.” Brun, J. F., Combes, J. L., & Renard, M. F. (2002). China Economic Review11. “Why The Petro-Dollar Is A Myth, And The Petro-Yuan Mere Fantasy” Douglas Bulloch (April 2018) Forbes12. “Understanding China’s Belt & Road initiative” Peter Cai (March 2017) Lowy Institute13. “UN warns about financial risks in China’s One Belt One Road project” Dipanjan Roy Chaudhury (May 2017) India Times14. “Property Prices Continue To Surge In China Despite Government Cooling Measures -- Here`s Why” Chen Xueliang (May 2018) Forbes15. “Overcapacity a time bomb for China’s economy” Shuaihua Cheng (September 2015) South China Morning Post16. Vina C. Cheung Global Head of RMB Internationalisation | Global Liquidity and Cash Management, Asia-Pacific The Hongkong and Shanghai Banking Corporation Limited (HSBC)17. “Debating the International Currency System: What’s in a Speech?” Chin, Gregory and Wang Yong, (2010) China Security18. “Central Bank Pushes for Internationalisation of RMB Via One Belt One Road” (June 2017) China Banking News19. « La Chine se met à vendre de la dette américaine », by Isabelle Couet (June 2018) Les Echos20. “China to build $2.5 billion worth LNG terminal, gas pipeline in Pakistan” (October 2015) Deccan Chronicle21. Market socialism or Capitalism? Evidence from Chinese Financial Market Development, 2005, by Du, Julan and Xu, Chenggang. April 2005. International Economic Association 2005 Round Table on Market and Socialism, April 2005.22. “Bundesbank to include renminbi in its currency reserves” Emma Dunkley, Alice Woodhouse, and Claire Jones (January 2018) Financial Times23. “Beijing`s Silk Road Goes Digital” Elizabeth (June 2017) Council on Foreign Relations24. “China`s debt levels pose stability risk, says IMF” Larry Elliott (December 2017) The Guardian25. “China-Induced Global Overcapacity an Increasing Threat to High-Tech Industries” Stephen Ezell (February 2018) Information Technology and Innovation Foundation26. Federal Reserve27. “Ethiopie, la nouvelle usine de la Chine” (May 2018) France Television28. "`Dim sum bonds` are fueling China`s currency rise" Fion Li (November 2011) Washington Post.29. “China’s Exchange Rate Politics,” Freeman III, Charles W., and Wen Jin Yuan, June 2011, Washington, D.C.: Center for Strategic and International Studies30. Sapiens, Yuval Noah Harrari, 201131. “Militants Strike Pakistan, Hitting China’s Economic Corridor” Kamran Haider, Ismail Dilawar (October 2016) Bloomberg32. “ China’s fast climb up the value chain” Hirschbichler E., Liu N, and Weihe U. (May 2018), McKinsey Quarterly33. Huang, R. (2015). The Enlightenment of Internationalization of Mark and Yen to Internationalization of RMB. Studies in Sociology of Science, 6(1), 22-2434. IMF, World Currency Composition of Foreign Exchange Reserves35. “China is about to give global finance the chance of a lifetime” (May 2018) India Times36. “Tensions rise in South China Sea region as China consolidates position” (May 2018) India Times37. Investopedia, Currency Risk38. “Chinese railway could put Laos on the tourist map” Brian King, (August 2017) CNN39. “Dollar Primacy and American Power: What’s at Stake?,” Kirshner, (August 2008) Review of International Political Economy40. "US stocks open to China savers". Komaiko, Richard (April 2008) Asia Times41. “China’s Global Currency: Lever for Financial Reform,” Kroeber , Brookings-Tsinghua (February 2013) Center for Public Policy42. “China’s Dollar Trap”, Paul Krugman (2009), The New York Times43. Lam, W.L., (2016) Getting lost in One Belt, One Road, Hong Kong Economic Journal44. « Les dates clés de l’intervention française au Mali » Malo Tresca (April 2014) La Croix45. Ling Chen & Barry Naughton (2017) A Dynamic China Model: The Co- Evolution of Economics and Politics in China, Journal of Contemporary China46. « Centrafrique : l`ONU appelle à agir pour éviter un génocide » (January 2014) Le Monde47. “La BNP Paribas formellement condamnée à une amende record aux Etats-Unis” (May 2015) Le Monde48. The Euro’s Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data, by Ewe-Ghee Lim IMF, 200649. “John Maynard Keynes and International Relations: Economic Paths to War and Peace.” Markwell, Donald (2006)50. “Belt and road, or a Chinese dream for the return of tributary states? Sri Lanka offers a cautionary tale” Patrick Mendis, Joey Wang (January 2018) South China Morning Post51. “China Quietly Rolled Out a Very Big Bang” John Micklethwait (April 2018) Bloomberg52. “What’s next for China’s booming fintech sector?” Joseph Luc Ngai, John Qu, and Nicole Zhou (July 2016) McKinsey53. Pakistan Government54. How Reform Worked in China By: Yingyi Qian, William Davidson Working Paper Number 473 June 200255. « Côte d`Ivoire : la France frappe au cœur du dispositif Gbagbo » Jean-Philippe Rémy (April 2011) Le Monde56. “The Petro-yuan: A Momentous Game Changer for the Global Energy Markets, the Global Economy & Sanctions” Mamdouh G. Salameh (2018) IAEE57. Jon Schmid & Fei-Ling Wang (2017) Beyond National Innovation Systems: Incentives and China’s Innovation Performance, Journal of Contemporary China, 26:104, 280-296,58. Market Socialism: The Debate Among Socialists, by Schweickart, David; Lawler, James; Ticktin, Hillel; Ollman, Bertell. 199859. “Génocide au Rwanda : chronique confidentielle d’un drame annoncé” David Serveney (March 2018) Le Monde60. “Capital market prepares for further opening-up, more inflows” Shi Jing in Shanghai (March 2018) China Daily61. “Has scrapped US$2.5 billion Nepal hydro dam deal with Chinese state firm hurt Beijing’s Himalayan ambitions?” (November 2017) South China Morning Post62. “The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order” Benn Steil, (2013), Princeton: Princeton University Press63. “Inside China`s US$1 billion port in Sri Lanka where ships don`t want to stop” (April 2018) Straits Times64. RMB Tracker, Swift website65. “Will the Belt and Road revitalise RMB internationalisation?” (July 2017) Swift66. “Regional Development: Rich Province, Poor Province”, The Economist, 1 October 201667. “China to cut 1.8m jobs in coal and steel sectors” (February 2016) The Guardian68. ‘Dim sum bonds’ are fueling China’s currency rise, Fion Li (August 2011), The Washington Post69. Twitter, @RealDonaldTrump, December 201670. “China launch of renminbi payments system reflects Swift spying concerns” Gabriel Wildau (October 2015) Financial Times71. World Bank, GDP72. China Profile, World Trade Organization73. "合格境外机构投资者境内证券投资管理办法". Xinhua Newspaper. 26 August 200674. "Renminbi as a reserve currency" Zhu, John (August 2014) Central Banking Journal75. “Zhou Xiaochuan: Reform the international monetary system”, Dr Zhou Xiaochuan, Governor of the People’s Bank of China, (March 2009) 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
106933059資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106933059 資料類型 thesis dc.contributor.advisor 冷則剛 zh_TW dc.contributor.advisor Leng, Tse-Kang en_US dc.contributor.author (Authors) 銅馬西 zh_TW dc.contributor.author (Authors) Monier, Maxime en_US dc.creator (作者) 銅馬西 zh_TW dc.creator (作者) Monier, Maxime en_US dc.date (日期) 2018 en_US dc.date.accessioned 19-Jul-2018 17:27:13 (UTC+8) - dc.date.available 19-Jul-2018 17:27:13 (UTC+8) - dc.date.issued (上傳時間) 19-Jul-2018 17:27:13 (UTC+8) - dc.identifier (Other Identifiers) G0106933059 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118759 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 106933059 zh_TW dc.description.abstract (摘要) China is currently gradually opening and liberalizing its financial market in order to internationalize its currency. A global currency will have several positive aspects as it will lower China’s exposure to foreign currencies and its dependency to the US dollar, lower the currency risks Chinese exporters and importers are facing, improve the efficiency of its financial system by exposing its currency to market forces, and help them challenge the hegemony of the United States. To achieve the internationalization of the RMB, China has been gradually opening its financial and capital market since 2005 and the RMB is starting to be adopted as a reserve currency in the central banks and international institutions. They first created an offshore RMB market in Hong-Kong before gradually letting foreigners invest into mainland China. In spite of some challenging issues such as high level of debt, the 2015 market shock, or bad credit quality, the Chinese government seems resolved to lower its implication in the financial markets and liberalizing the capital markets. Instead, it plans to use the Belt and Road Initiative as a catalyzer for the internationalization of its currency. This project will bring massive RMB-denominated investments outside of China, as well as improve the integration of the Chinese economy among its neighbors. This would create new market for the RMB and increase its usage globally. The BRI initiative will present new challenges to China, as it is mainly leveraged and could lead some countries to default. It will also require a change in China foreign affairs policy, as the BRI investments might require China to be more involved in domestic affairs of foreign countries. en_US dc.description.tableofcontents 1. Introduction 12. What Makes a Currency a Global Currency ? 32.1. History of Global Currencies 32.2. What Makes the US Dollar the Current Global Currency ? 43. The RMB: the Domestic Currency of a Global Actor 63.1. Objectives of the Chinese Government 73.2. History of the RMB 103.3. Dim Sum Bonds vs Panda Bonds 134. Internationalizing the RMB: How Will It Be Done ? 164.1. A Big Bang Coming ? 164.2. Is the RenMinBi Taking More Place in the Financial World ? 204.3. What are the Limits to the Financial Industry Liberalization ? 235. The Globalization of the RMB : a Necessity for the New Silk Road 275.1. A Dream of a New Silk Road 275.1.1. The Economic interests of the BRI Initiative 285.1.2. Geostrategic Considerations 335.2. Are the BRI Projects Economically Sound ? 355.3. Potential Impact of the BRI Project on the Internationalization of the RMB 376. Conclusion 39References 40 zh_TW dc.format.extent 1100584 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106933059 en_US dc.subject (關鍵詞) 國際化貨幣 zh_TW dc.subject (關鍵詞) 人民幣 zh_TW dc.subject (關鍵詞) 自由化 zh_TW dc.subject (關鍵詞) 一帶一路 zh_TW dc.subject (關鍵詞) Global currency en_US dc.subject (關鍵詞) RMB en_US dc.subject (關鍵詞) Liberalization en_US dc.subject (關鍵詞) Belt and Road Initiative en_US dc.title (題名) 人民幣國際化 : 中國地緣政治和經濟之必要走向 zh_TW dc.title (題名) The internationalization of the RMB : a geopolitics and an economic necessity for China en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1. “Beijing abandons large-scale share purchases” Jamil Anderlini (August 2015), CNBC2. Bank of International Settlement, 20163. “Centrafrique : une levée de l`embargo pour recevoir un don d`armes de la Chine ? » Ibrahima Bayo (June 2018) La Tribune4. Blinder, A. (1996). The Role of the Dollar as an International Currency. Eastern Economic Journal, 22(2), 127-136.5. “Renminbi global transactions share at multiyear low” Roger Blitz (November 2017) Financial Times6. “China rewrites Rulebook on Capital Flows After Crisis Lessons” (July 2017) Bloomberg7. “China’s Alarming Debt Pile Could Finally Stabilize This Year”, (April 2018) Bloomberg8. “China`s Debt Crackdown Helps Revive Flagging Dim Sum Market”, (June 2018) Bloomberg9. “China’s Panda-Bond Boom Threatens Dim Sum Market Survival”, (August 2017) Bloomberg10. “Are there spillover effects between coastal and noncoastal regions in China?.” Brun, J. F., Combes, J. L., & Renard, M. F. (2002). China Economic Review11. “Why The Petro-Dollar Is A Myth, And The Petro-Yuan Mere Fantasy” Douglas Bulloch (April 2018) Forbes12. “Understanding China’s Belt & Road initiative” Peter Cai (March 2017) Lowy Institute13. “UN warns about financial risks in China’s One Belt One Road project” Dipanjan Roy Chaudhury (May 2017) India Times14. “Property Prices Continue To Surge In China Despite Government Cooling Measures -- Here`s Why” Chen Xueliang (May 2018) Forbes15. “Overcapacity a time bomb for China’s economy” Shuaihua Cheng (September 2015) South China Morning Post16. Vina C. Cheung Global Head of RMB Internationalisation | Global Liquidity and Cash Management, Asia-Pacific The Hongkong and Shanghai Banking Corporation Limited (HSBC)17. “Debating the International Currency System: What’s in a Speech?” Chin, Gregory and Wang Yong, (2010) China Security18. “Central Bank Pushes for Internationalisation of RMB Via One Belt One Road” (June 2017) China Banking News19. « La Chine se met à vendre de la dette américaine », by Isabelle Couet (June 2018) Les Echos20. “China to build $2.5 billion worth LNG terminal, gas pipeline in Pakistan” (October 2015) Deccan Chronicle21. Market socialism or Capitalism? Evidence from Chinese Financial Market Development, 2005, by Du, Julan and Xu, Chenggang. April 2005. International Economic Association 2005 Round Table on Market and Socialism, April 2005.22. “Bundesbank to include renminbi in its currency reserves” Emma Dunkley, Alice Woodhouse, and Claire Jones (January 2018) Financial Times23. “Beijing`s Silk Road Goes Digital” Elizabeth (June 2017) Council on Foreign Relations24. “China`s debt levels pose stability risk, says IMF” Larry Elliott (December 2017) The Guardian25. “China-Induced Global Overcapacity an Increasing Threat to High-Tech Industries” Stephen Ezell (February 2018) Information Technology and Innovation Foundation26. Federal Reserve27. “Ethiopie, la nouvelle usine de la Chine” (May 2018) France Television28. "`Dim sum bonds` are fueling China`s currency rise" Fion Li (November 2011) Washington Post.29. “China’s Exchange Rate Politics,” Freeman III, Charles W., and Wen Jin Yuan, June 2011, Washington, D.C.: Center for Strategic and International Studies30. Sapiens, Yuval Noah Harrari, 201131. “Militants Strike Pakistan, Hitting China’s Economic Corridor” Kamran Haider, Ismail Dilawar (October 2016) Bloomberg32. “ China’s fast climb up the value chain” Hirschbichler E., Liu N, and Weihe U. (May 2018), McKinsey Quarterly33. Huang, R. (2015). The Enlightenment of Internationalization of Mark and Yen to Internationalization of RMB. Studies in Sociology of Science, 6(1), 22-2434. IMF, World Currency Composition of Foreign Exchange Reserves35. “China is about to give global finance the chance of a lifetime” (May 2018) India Times36. “Tensions rise in South China Sea region as China consolidates position” (May 2018) India Times37. Investopedia, Currency Risk38. “Chinese railway could put Laos on the tourist map” Brian King, (August 2017) CNN39. “Dollar Primacy and American Power: What’s at Stake?,” Kirshner, (August 2008) Review of International Political Economy40. "US stocks open to China savers". Komaiko, Richard (April 2008) Asia Times41. “China’s Global Currency: Lever for Financial Reform,” Kroeber , Brookings-Tsinghua (February 2013) Center for Public Policy42. “China’s Dollar Trap”, Paul Krugman (2009), The New York Times43. Lam, W.L., (2016) Getting lost in One Belt, One Road, Hong Kong Economic Journal44. « Les dates clés de l’intervention française au Mali » Malo Tresca (April 2014) La Croix45. Ling Chen & Barry Naughton (2017) A Dynamic China Model: The Co- Evolution of Economics and Politics in China, Journal of Contemporary China46. « Centrafrique : l`ONU appelle à agir pour éviter un génocide » (January 2014) Le Monde47. “La BNP Paribas formellement condamnée à une amende record aux Etats-Unis” (May 2015) Le Monde48. The Euro’s Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data, by Ewe-Ghee Lim IMF, 200649. “John Maynard Keynes and International Relations: Economic Paths to War and Peace.” Markwell, Donald (2006)50. “Belt and road, or a Chinese dream for the return of tributary states? Sri Lanka offers a cautionary tale” Patrick Mendis, Joey Wang (January 2018) South China Morning Post51. “China Quietly Rolled Out a Very Big Bang” John Micklethwait (April 2018) Bloomberg52. “What’s next for China’s booming fintech sector?” Joseph Luc Ngai, John Qu, and Nicole Zhou (July 2016) McKinsey53. Pakistan Government54. How Reform Worked in China By: Yingyi Qian, William Davidson Working Paper Number 473 June 200255. « Côte d`Ivoire : la France frappe au cœur du dispositif Gbagbo » Jean-Philippe Rémy (April 2011) Le Monde56. “The Petro-yuan: A Momentous Game Changer for the Global Energy Markets, the Global Economy & Sanctions” Mamdouh G. Salameh (2018) IAEE57. Jon Schmid & Fei-Ling Wang (2017) Beyond National Innovation Systems: Incentives and China’s Innovation Performance, Journal of Contemporary China, 26:104, 280-296,58. Market Socialism: The Debate Among Socialists, by Schweickart, David; Lawler, James; Ticktin, Hillel; Ollman, Bertell. 199859. “Génocide au Rwanda : chronique confidentielle d’un drame annoncé” David Serveney (March 2018) Le Monde60. “Capital market prepares for further opening-up, more inflows” Shi Jing in Shanghai (March 2018) China Daily61. “Has scrapped US$2.5 billion Nepal hydro dam deal with Chinese state firm hurt Beijing’s Himalayan ambitions?” (November 2017) South China Morning Post62. “The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order” Benn Steil, (2013), Princeton: Princeton University Press63. “Inside China`s US$1 billion port in Sri Lanka where ships don`t want to stop” (April 2018) Straits Times64. RMB Tracker, Swift website65. “Will the Belt and Road revitalise RMB internationalisation?” (July 2017) Swift66. “Regional Development: Rich Province, Poor Province”, The Economist, 1 October 201667. “China to cut 1.8m jobs in coal and steel sectors” (February 2016) The Guardian68. ‘Dim sum bonds’ are fueling China’s currency rise, Fion Li (August 2011), The Washington Post69. Twitter, @RealDonaldTrump, December 201670. “China launch of renminbi payments system reflects Swift spying concerns” Gabriel Wildau (October 2015) Financial Times71. World Bank, GDP72. China Profile, World Trade Organization73. "合格境外机构投资者境内证券投资管理办法". Xinhua Newspaper. 26 August 200674. "Renminbi as a reserve currency" Zhu, John (August 2014) Central Banking Journal75. “Zhou Xiaochuan: Reform the international monetary system”, Dr Zhou Xiaochuan, Governor of the People’s Bank of China, (March 2009) zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.IMBA.027.2018.F08 -
