Search Results - subject_exact:"Renminbi"

Hefeker, Carsten - 2025

The paper discusses whether US dollar based financial sanctions will undermine the dollar's dominant international role. Despite long-standing attempts to reduce the role of the dollar, these have had limited success so far. I discuss why this is the case and why alternatives to the dollar are...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015395727

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Financial sanctions and the US-dollar

Hefeker, Carsten - 2025

Article

Chinese currency exceptionalism : the curious internationalisation of the renminbi

Balmas, Paolo; Howarth, David J. - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015115116

Evolution and challenges of the yuan's internationalisation

Kaaresvirta, Juuso; Kerola, Eeva; Nuutilainen, Riikka - 2026

This paper examines recent developments in the internationalisation of the Chinese yuan, focusing on trade and portfolio flows, foreign exchange markets, cross‑border payments, and official reserve holdings. The promotion of the yuan's global role has been a deliberate policy objective for...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626511

Outlook and challenges for local currency transactions : an analysis of the trend toward dedollarization, centered on Asia

Tomizawa, Katsuyuki; Shimizu, Junko - 2026

Since the late 2010s, rising geopolitical tensions-particularly between the United States and the People's Republic of China (PRC)-have begun to affect currency choices in trade and investment across Asia. Although the US dollar remains the dominant international currency, emerging economies are...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015669071

Shifting forces behind RMB internationalization : evidence from the 2025 Triennial Survey

Robbert, Juliana; Sushko, Vladyslav; Westermann, Frank - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668251

Globale Ungleichgewichte : wo liegen die größten Anpassungslasten

Matthes, Jürgen; Kunath, Gero; Sultan, Samina - 2026 - Stand: Juni 2026

Die globalen Ungleichgewichte haben in den letzten Jahren zugenommen. Das gilt vor allem für den zuletzt deutlich gestiegenen Leistungsüberschuss Chinas und das höhere Leistungsbilanzdefizit der USA. In der EU und im Euroraum ist eher eine Seitwärtsbewegung auf moderat hohem Niveau...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015666818

China: central bank swaps to Argentina, 2014

Arnold, Vincient - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014384281

China: central bank swaps to Mongolia, 2011

Arnold, Vincient - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014384282

China: central bank swap to Hong Kong Monetary Authority, 2009

Arnold, Vincient - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014384284

How to Grow an Invoicing Currency: Micro Evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015434616

Financial risk identification and control in the openness context : a system dynamics approach to Renminbi Internationalization

Zhang, Lei; Zhou, Junhu; Zang, Yuyu - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015324159

How has the Renminbi's role in non-USD currency markets evolved after COVID-19? : an analysis based on spillover effects

Lu, Changrong; Yu, Fandi; Li, Jiaxiang; Zheng, Guanghong; … - 2025

Global uncertainty and the COVID-19 pandemic have significantly impacted the integration of emerging economies into global financial markets. Post-pandemic, the Federal Reserve's interest rate hikes have drawn investor attention to relatively independent and stable currencies. This study...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015338388

How to grow an invoicing currency : micro evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

How can a currency achieve more widespread international use? We study the internationalization of the Chinese renminbi (RMB) through the lens of a unique policy experiment in Argentina. In 2023, amid a severe dollar shortage, Argentina expanded a currency swap line with the People's Bank of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015421067

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How to grow an invoicing currency : micro evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

Book / Working Paper

How to grow an invoicing currency : micro evidence from argentina

Benguria, Felipe; Novy, Dennis - 2025

Book / Working Paper

How to grow an invoicing currency : micro evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

Book / Working Paper

Yuan undervaluation against the Euro : unfair cost advantages for China?! : evidence for Germany and the Euro area

Matthes, Jürgen - 2025 - As of: July 2025

Compared to 2020, the deficit in merchandise goods trade with China is 3.6 times higher for Germany in 2025 (annualised based on data from January to April 2025) and it has doubled for the Euro area. However, the nominal exchange rate of the Yuan against the Euro has hardly changed between 2020...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015431989

The digital yuan in the shadow of dollar hegemony : rethinking Asia’s financial autonomy amid US-China tensions

Zeng, Li; Wee, Yeap Lau - 2025

The intensifying US-China strategic rivalry is reshaping Asia's geopolitical economy, with significant implications for financial sovereignty and currency dynamics. This paper examines China's central bank digital currency, the digital yuan (e-CNY), as both a technological innovation and a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593240

China, the Global South, and the transnationalisation strategy of the renminbi

Berthou, Clément; Ponsot, Jean-François - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015506511

China's currency campaign : the challenge of internationalisation and digitalisation of the renminbi

Hilpert, Hanns Günther - 2024

In China, money, currency and payment transactions are manifestations of state sovereignty and political power. The primary objective of Chinese monetary policy is to maintain domestic stability, expand the scope of its own influence internationally, and reshape the global financial and monetary...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014548277

RMB internationalization and exchange rate exposure of Chinese listed firms

He, Qing; Liang, Bailin; Liu, Junyi - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014551406

Exploring the Spillover effects of tail risk fluctuations in the RMB exchange rate : the time-frequency and quantile connectivity perspective

Huang, Zhigang; Zhang, Weilan - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015065742

Emerging influence of the RMB on currency markets in a transpiring tri-polar international monetary system

Wang, Peijie; Wang, Ping - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014469023

The anatomy of a peg : lessons from China's parallel currencies

Bahaj, Saleem; Reis, Ricardo - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014494051

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The anatomy of a peg : lessons from China's parallel currencies

Bahaj, Saleem; Reis, Ricardo - 2024

Book / Working Paper

The RMB's global role as an anchor currency : no evidence

Heimonen, Kari; Rönkkö, Risto - 2024

This study examines the role of the Chinese renminbi (RMB) as an international anchor currency. After China abandoned its tight US dollar (USD) peg in 2005, the RMB found greater popularity as a reserve currency. This change in the RMB's role reflected China's growing presence in the global...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014519200

Riding the dragon : ascent of China's Renminbi and the decline of dollar dominance

Banik, Nilanjan; Das, Khanindra Ch. - 2024

Several commentaries are written about de-dollarization. We analyze the factors which are contributing to de-dollarization and provide an alternative assessment. On the economic front, the US economy's reduced fiscal and financial capacity can strain economic trust in the dollar. The...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015137843

The rise and fall of paper money in Yuan China, 1260-1368

Guan, Hanhui; Palma, Nuno; Wu, Meng - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015117023

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The rise and fall of paper money in yuan china, 1260-1368

Guan, Hanhui; Palma, Nuno; Wu, Meng - 2023

Book / Working Paper

The Rise and fall of paper money in yuan china, 1260-1368

Guan, Hanhui; Palma, Nuno; Wu, Meng - 2022

Book / Working Paper

The price discovery in the renminbi/USD market : two spot, two swap, and three forward FX rates

Kitamura, Yoshihiro - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015149283

Currency statecraft and de-dollarization : a review article

Romagnoli, Francesco - 2024

This article explores the dynamics of international currency competition and de-dollarization, focusing on the current dominance of the US dollar and potential challenges from the Chinese renminbi and BRICS countries. It reviews recent literature on currency statecraft, the political economy of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015097454

Negotiating currency internationalization : an infrastructural analysis of the digital RMB

Deng, Harry - 2024

In what ways might the digital renminbi (RMB), also known as e-CNY, bolster China's efforts to internationalize its currency? Utilizing Susan Strange's concept of currency negotiation and borrowing the concept of infrastructures from science, technology, and society studies, this article argues...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015339658

On the geographical dispersion of offshore renminbi trading : evidence from the 2019 to 2022 triennial survey

Westermann, Frank - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015177083

Renminbi rising? : exporters' response to China's currency internationalization

Chowdhry, Sonali - 2024

This paper investigates the heterogeneous responses of exporters to policy reforms undertaken by the People’s Bank of China to internationalize the Renminbi (RMB). Using detailed customs data from France for the initial years of these reforms (2011-2017), it documents several novel stylized...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014560741

Will the Chinese renminbi replace the US dollar?

Pettis, Michael - 2024

This article makes three related points. First, for China to upend the dominance of the US dollar and replace it, even partially, with the renminbi would require major - and probably disruptive - changes in China’s financial markets and monetary policies. Second, the end of US-dollar dominance...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014485399

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Will the Chinese renminbi replace the US dollar?

Pettis, Michael - 2022

Article

International finance and geopolitics

Eichengreen, Barry - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014467682

Currency internationalization with Chinese characteristics : is capital-account convertibility required for the renminbi to acquire reserve-currency status?

Eichengreen, Barry; Macaire, Camille; Mehl, Arnaud; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015135959

Accounting for the patterns of invoicing currency in global trade

Yilmazkuday, Hakan - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654419

American Investment in Chinese Renminbi

Cavani, Bruno; Clayton, Christopher; Santos, Amanda dos; … - 2026

This paper uses microdata on U.S. mutual fund and ETF portfolios from SEC Form NPORT to study American investment in Chinese Renminbi (RMB)-denominated bonds. We show that, even as total foreign holdings of Chinese bonds rebounded in 2024, U.S. holdings of RMB bonds fell sharply and that most of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611097

Digital Yuan and the future of currency in a globalized economy

Shabbir, Muhammad Nadir; Duong Thuy Linh - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639898

Geopolitical Fragmentation, Sovereign Debt, and Dollar Dominance

Benguria, Felipe; Rojas, Eugenio; Saffie, Felipe - 2026

Countries borrow in dollars because dollar debt markets are deep and liquid. This paper develops a theory of when that dominance becomes fragile because countries have inherited dollar liabilities but increasingly earn yuan-linked revenues. In the model, countries begin with dollar-denominated...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654036

The impact of import tariff reductions on Chinese firms' import prices : an empirical analysis considering the adjustment effect of the RMB exchange rate

Zhang, Wenqian; Wei, Hao - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015635020

The path to currency internationalization : insights from the Chinese renminbi

Son, Minkyu - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015574525

Currency Pegs, Trade Imbalances and Unemployment : A Reevaluation of the China Shock

Kim, Bumsoo; De la Barrea, Marc; Fukui, Masao - 2026

We develop a dynamic quantitative model of trade and labor adjustment, incorporating nominal wage rigidity and consumption-saving decisions, to study how China's currency peg interacted with its rapid growth in shaping the US economy. We show that the peg temporarily boosts China's export growth...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611128

A note on the empirical relation between oil prices and the value of the dollar

Marquez, Jaime R.; Merler, Silvia - 2020

This paper offers an empirical characterization of the relation between the international price of oil and exchange rates that is both useful and reliable. Our characterization is useful because it rests on information of asset prices that are determined in functioning asset markets. Our...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012322360

Chinese yuan interest rate swap yields

Akram, Tanweer; Mamun, Khawaja - 2023

This paper models the dynamics of Chinese yuan (CNY)-denominated long-term interest rate swap yields. The financial sector plays a vital role in the Chinese economy, which has grown rapidly in the past several decades. Going forward, interest rate swaps are likely to have an important role in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013547789

Renminbi internationalization process : a quantitative literature review

Orăştean, Ramona; Mărginean, Silvia Cristina - 2023

As China's position in the global economy has gradually improved, the importance of debates on the role of the renminbi in the international monetary system has significantly increased. This paper uses bibliometric methods-Bibliometrix R-package and its web-based graphical interface...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013548847

Asymmetry and Non-Normality in the Dynamics of Onshore and Offshore Renminbi Markets

Li, Jie; Smallwood, Aaron - 2023

This paper implements a novel approach that allows for asymmetry in volatilities and idiosyncratic deviations from normality to address distinct features in the evolving relationship between onshore and offshore RMB exchange rate returns. Against a backdrop of growing integration since 2015, the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014257082

Clearing the Way to Renminbi Domination : CIPS, Antitrust, and Currency Competition

Chang, Felix - 2023

China watchers have decried the emergence of the Cross-Border Interbank Payment System (“CIPS”) as a turning point in the move to dethrone the U.S. dollar. This Article situates CIPS, which clears and settles Chinese renminbi transactions, with other financial market infrastructures, drawing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014259332

Donald Trump's Tweets, Political Value Judgment, and the Offshore Renminbi Exchange Rate

Baidoo, Edwin; Frömmel, Michael; Zhang, Qisi - 2023

We empirically test if former U.S. President Donald Trump’s rhetoric toward China affects both the return and the conditional volatility of the Renminbi (RMB) offshore exchange rate (CNH). We calculate the sentiment of Trump’s China-related tweets, as the proxy of political value judgment,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014262483

Carbon Emission Reduction Effect of RMB Exchange Rate Fluctuation : Empirical Evidence from 283 Prefecture−Level Cities in Chinacarbon Emission Reduction Effect of RMB Exchange Rate Fluctuation:Empirical Evidence from 283 Prefecture−Level Cities in China

CHEN, Fengxian; Lv, Xiaoyao - 2023

Although extensive literature focusing on the determinants of carbon emissions, little attention has been paid to the impact of exchange rates on carbon emissions in emerging economies. Based on 283 Chinese prefecture−level cities from 2006 to 2019, this paper measures the effects and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014353615

Renminbi Usage in Cross-Border Payments : Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks

Perez Saiz, Hector; Zhang, Longmei - 2023

The paper examines the usage of the Renminbi (RMB) as an international payment currency. Globally, the use of RMB remains small, accounting for 2 percent of total cross-border transactions. Using country-level transaction data from Swift** for 2010–21, we find significant regional variations...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355350

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Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks

Perez-Saiz, Hector - 2023

Book / Working Paper

The Digital Yuan and Cross-Border Payments : China's Rollout of Its Central Bank Digital Currency

Caudevilla, Oriol; Kim, Henry M. - 2023

Monetary experts have referred to central bank digital currencies (CBDCs) as “the future of payments” or even “the future of money,” and not without reason. China’s launch of its digital yuan begins a new era in payments, making China the first major economy to deploy its own CBDC....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355521

Measuring the Long-Run Correlations Among Chinese and ASEAN Countries' Currencies and the Impact of RMB Internationalization on the Correlations

Lee, Chien‐Chiang; Ren, Zhong-yuan; Liu, Min - 2023

In this study, the DCC-MIDAS approach and its extension are adopted to reveal the long-run correlations among Chinese currency and those of ASEAN countries, and the role of RMB internationalization in driving the movements of the long-run currency correlations. The findings show that: (1)...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355939

Third time lucky? : China’s push to internationalise the renminbi

Amighini, Alessia; García Herrero, Alicia - 2023

Western concerns that the renminbi could rival the dollar as an international currency contrast with underwhelming numbers in terms of global settlements in renminbi and with the experience of China's two main previous failed attempts to achieve renminbi internationalisation. However, China is...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014513681