The beginning of the end?

Feng, Hui (2012) The beginning of the end?. Central Banking, 23 1: 43-47.

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Author Feng, Hui
Title The beginning of the end?
Journal name Central Banking   Check publisher's open access policy
ISSN 0960-6319
Publication date 2012-08
Sub-type Article (original research)
Volume 23
Issue 1
Start page 43
End page 47
Total pages 5
Place of publication London, United Kingdom
Publisher Central Banking Publications
Collection year 2013
Language eng
Abstract Since 2010, the People's Bank of China (PBoC) and the State Administration of Foreign Exchange (Safe) have driven the campaign to internationalise the renminbi through trade settlement, bilateral currency swaps and the incubation of offshore centres, particularly in Hong Kong. Nevertheless, rapid development on this front will ultimately face fundamental hurdles, namely capital controls that hamper cross-border flows of the currency and a lack of full convertibility of the renminbi, which limits the ready availability of the currency. The PBoC's key role in Beijing's renminbi campaign in recent years has thus led to speculation that Zhou Xiaochuan, governor of the Chinese central bank, may have conned the leadership into approving it, and that he used the language of economic nationalism to push an agenda that ultimately would loosen state control of the economy by making the renminbi more dependent on market forces than government orders. The challenge that lies ahead for the PBoC will be to manage the pace of the reform and the coordination among the sectors.
Formatted abstract
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Q-Index Code CX
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Non HERDC
School of Political Science and International Studies Publications
 
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Created: Fri, 12 Apr 2013, 12:42:58 EST by Dr Hui Feng on behalf of School of Political Science & Internat'l Studies