Since the formal launch of the renminbi trade settlement scheme in 2009, renminbi internationalization has made impressive inroads. The progress in renminbi trade settlement is especially impressive. However, Hong Kong, China’s offshore renminbi deposits failed to make significant...

Since the formal launch of the renminbi trade settlement scheme in 2009, renminbi internationalization has made impressive inroads. The progress in renminbi trade settlement is especially impressive. However, Hong Kong, China’s offshore renminbi deposits failed to make significant...

Since the formal launch of the renminbi trade settlement scheme in 2009, renminbi internationalization has made impressive inroads. The progress in renminbi trade settlement is especially impressive. However, Hong Kong, China’s offshore renminbi deposits failed to make significant progress as...

Reform of the international monetary system is under discussion after three decades of apathy. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates,...

This is one of the journal's symposia entitled "The Return of Counter-Cyclical Policies."

As a result of opening and reform, China has maintained an annual average growth rate of 9.8 percent for nearly three decades. China’s growth is based on high savings and high investment. Its export promotion policy has also played a very important role in promoting economic growth. However,...

China has run a current account surplus for two decades. Its current account surplus is not simply a result of the saving gap. Rather, the current account surplus, as well as the saving gap, is a result of complicated interaction among various factors in a dynamic fashion. While running a large...

While the sovereign debt crisis continues worsening in the Euro area, European partners are still hesitating in offering some help, considering that Europe must rely primary on its own resources and fix its failed governance. Still, this crisis constitutes a new, major risk for other countries,...