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The Assessment of the Renminbi Internationalization with Comparision to the Dollar Internationalization

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Authors
Yawen Cheng
Advisor
Rhee Yeongseop
Issue Date
2012
Publisher
Seoul National Univeristy GSIS
Keywords
Finance
Abstract
China has become the world second-largest economy in terms of GDP since 2010. It
was the world largest exporter and second-largest importer in 2011. Its GDP is likely to
surpass the United States in the mid-2020s. However, its currency – renminbi (RMB) or
yuan has been severely under-represented internationally. Since 2009, Chinese government
has officially started promoting RMB internationalization. This paper analyzes the
conditions or determinants of currency internationalization. According to the existing
studies, output and trade, the countrys financial market, confidence in the value of the
currency and network externalities are the four main conditions or determinants for
currency internationalization. This paper also includes the role of offshore market and
political influence as these two conditions are as important as other four conditions in the
case of the RMB internalization. It directly compares RMB internationalization in the 21st
century with the dollar internationalization between the 1910s and the 1920s under the
conditions assessment.
Language
kor
URI
https://hdl.handle.net/10371/171420

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Graduate School of International Studies (국제대학원)Dept. of International Studies (국제학과)Theses (Master's Degree_국제학과)
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