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In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
List of contents
Preface
Introduction
1. Money Is the Game Changer
2. China's Extraordinary but Still Unfinished Transformation
3. A Financially Repressed Economy
4. China: A Trading Nation Without an International Currency
5. Living with a Dwarf Currency
6. Creating an International Currency
7. Building a Market for the Renminbi
8. The Renminbi Moves Around
9. Managing Is the Word
10. The Age of Chinese Money
Notes
Index
About the author
Paola Subacchi is a senior fellow at Chatham House, the Royal Institute of International Affairs, an independent policy institute based in London. She is a regular media commentator and writes for Project Syndicate and Foreign Policy.
Summary
The People's Money introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Paola Subacchi shows that the key to understanding China's economic predicament lies in past and future strategies for the renminbi.
Additional text
The book is extremely readable and provides an informative overview about the topic, including contemporary historical background.
Report
Paola Subacchi brings a wealth of knowledge of China's economy and politics to this fascinating and informative exploration of China's currency, considering how the economic giant will develop its 'renminbi strategy' and take its proper place on the world's financial stage at a time of instability, economic slowdown, and domestic social tension. Diane Coyle, The Enlightened Economist, and author of GDP: A Brief but Affectionate History
