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Informationen zum Autor WILLIAM OVERHOLT is a Senior Fellow at Harvard University's Asia Center and is the former President of the Fung Global Institute in Hong Kong. He is the author of Asia, America and the Transformation of Geopolitics and The Rise of China . GUONAN MA is a Fellow of Bruegel, the Belgian think tank and advisor to several central banks, and has served as senior economist at the Bank for International Settlements and major investment banks. CHEUNG KWOK LAW is an economist at the Chinese University in Hong Kong and a veteran economist of several major investment banks. Klappentext Critical analysis of RMB internationalization and the coming global currency shiftRenminbi Rising charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system.Effective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon.* Understand why a new global monetary system is needed* Consider the outcomes as China emerges and the U.S. recedes* Learn the context and motivations behind principal players' strategies* Discover the scale of opportunities presented by the rise of the RMBIt is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. Renminbi Rising offers detailed analysis of the key opportunities and threats inherent in this major economic shift. Zusammenfassung Critical analysis of RMB internationalization and the coming global currency shift Renminbi Rising charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Inhaltsverzeichnis List of Figures xi List of Tables xiii Foreword xv Acknowledgments xvii About the Author xix CHAPTER 1 Internationalizing the RMB 1 The Conditions for Becoming a Global Currency 2 Business and RMB 10 RMB-Product Markets 11 Reserve Currency 14 The Emerging Monetary Order 16 CHAPTER 2 The Rise and Fall of Currencies - Historical Lessons for the RMB 21 Risks in International Monetary System Transitions 23 The Role of Eurodollars in the 2008 Global Financial Crisis 26 2008: Year Zero for a New International Monetary System? 27 Conditions for Currency Internationalization: Market Demand and Institutional Supply 30 Institutional Inertia and Disruptive Events 35 Offshore Currencies and International Liquidity 36 Current International Reactions to the RMB's Rise 41 RMB Internationalization 44 Conclusion 46 References 47 CHAPTER 3 Economic and Institutional Foundations for the Rise of the RMB 49 Economic Foundation 49 Surprises 58 New Growth Engines 6...
