- Tapa dura: 272 páginas
- Editor: John Wiley & Sons Inc; Edición: New (2 de noviembre de 2012)
- Idioma: Inglés
- ISBN-10: 1118339258
- ISBN-13: 978-1118339251
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The Offshore Renminbi: The Rise of the Chinese Currency and Its Global Future (Inglés) Tapa dura – 2 nov 2012
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The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.
Nota de la solapa
The implications of China's momentous decision to internationalise its national currency extend far beyond its many clear advantages for national and regional trade and economic stability. While the Chinese government's game plan regarding the opening of the renminbi to the global markets remains obscure, no one can doubt that its goals are ambitious?including, perhaps, replacing the U.S. dollar as the global reserve currency.
As a global currency, the offshore renminbi is still a comparatively minor player, limited mainly to the Hong Kong Dim Sum bond and FX spot markets. Yet it already has begun to have a significant impact on the global business and finance status quo, challenging time-honored market practices?such as invoicing in U.S. dollars?and creating a steadily mounting wave of new financial products and investment opportunities.
Written by two Hong Kong?based analysts with unparalleled expertise in Chinese market development and insider knowledge of the Chinese authorities' motives and mission regarding the renminbi, The Offshore Renminbi provides detailed answers to questions about the rise of the renminbi that are of critical importance to international business, finance and public policy professionals. Supported by first-hand source material and extensive original research, Robert Minikin and Kelvin Lau reveal:
- The motives behind China's decision to open its national currency to global free market forces and what it really hopes to gain by the move
- The role the global credit crisis of 2008 played in the timing and structure of the rollout of the offshore renminbi
- Why China has not fully opened its economy to international capital flows
- How long it is likely to be before China fully opens the renminbi to a global free market
- Regulatory measures which have laid the foundation for the new offshore renminbi
- The huge potential for renminbi market growth given China's increasingly central role in global trade
- The new financial markets and instruments that have sprung up around the offshore renminbi and their importance for investors and traders
- Public policy implications of an internationalised renminbi and the seismic shifts already underway in both the Asian and global economies
The first authoritative, in-depth analysis of the rise of the renminbi and what it means for the international markets, The Offshore Renminbi is a valuable resource for corporate treasurers, real money and hedge fund investors, FX traders and financial officers at multinational corporations, as well as government policymakers and academic researchers in a variety of related fields.Ver Descripción del producto
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The willingness of multinational corporations to settle in renminbi will be critical to China. In Chapter 6 of this book the authors examined the reasons such corporations should and would be willing to do so. The "ultimate prize in renminbi internationalisation will be when it has all the characteristics we see today in the US dollar - including as a liquid currency of last resort." The authors believe that the shift may come from a sort of herd mentality, when more and more corporations use the renminbi to settle its transactions, as they stated, "Just as we choose to learn a specific foreign language or maintain a profile on Facebook - because the language is widely spoken or many of our friends are on Facebook." This might perhaps be a superficial perception, but the authors quickly point out the similarity in trade patterns between the UK and China. The latter's role in merchandise trade today is, in the authors' view, a favourable factor for internationalisation. When we add the size of China's economy and the steady rise in China's standard of living to the equation international usage of the renminbi will accelerate. Further, international investors had played an important role in the offshore renminbi from the outset, and should the renminbi hold its value against the other major currencies and assets, the foundation will be strong enough to encourage even deeper involvement by such investors. The authors firmly believe that such investors have a pivotal role to play.
As we are witnessing the early movements, the authors point to some crucial impact and implications that would be worth noting. One of which is the impact of the offshore renminbi on the Hong Kong dollar itself. The question whether the Chinese policy might become a role model for other Asian governments is another. The big question is whether the renminbi might become a foreign exchange anchor in Asia, given the dominance of the US dollar and the Euro thus far. Finally, might we see eventually an Asian monetary union? The authors reminded us that the last great hope was the Japanese yen. Similar optimism had been expressed about the yen 15 to 20 years ago. The Chinese government, and indeed, all Asian governments would like to learn from the lessons in history. If the Chinese succeed, it might be at the expense of the US dollar. The authors seemed to believe that the US dollar will diminish over time. They warned, however, of important challenges - the Chinese authorities must "manage [the] growth of the currency's external use alongside financial market reform and capital account liberalization." However, the authors also believed that the renminbi will rise to stand alongside the developed currencies but not eclipsing them. China's great fear of inflation and a revaluation of its renminbi by free market forces presently ensure that it will not be moving too quickly. The next decade will be a fascinating one for China watchers.
Those who find this book interesting might also wish to read Henry Sanderson and Michael Forsythe's "China's Superbank", 2013 John Wiley & Sons. That is an account of the influence of the China development Bank in recent times across the world. This bank has been expanding Chinese financial power and influence across the globe.