This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system … and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …’ precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …

, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … renminbi is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the …

This Paper reviews the controversy over China’s exchange rate regime. Placing the issue in the context of the … literature on exit strategies, it argues that now is the best time for China to exit from its peg. Moving to a managed float …

factors. Prices, costs and quantities respond endogenously to the counterfactual state of the world. The draws on risk factors …

In the face of huge balance of payments surpluses and internal inflationary pressures, China has been in a classic … conflict between internal and external balance under its dollar currency peg. Over the longer term, China’s large, modernizing …

China and its other trading partners manipulate their exchange rates, and (b) the nature of the Chinese exchange rate regime … bilateral deficit, though other variables also turn out to be quite important. On the issue of China's de facto exchange rate …