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Published in:
Internationalization Index of Renminbi Read chapter Read first chapter

2018 | OriginalPaper | Chapter

2. Status Quo of Renminbi Internationalization

Author : International Monetary Institute

Published in: Currency Internationalization and Macro Financial Risk Control

Publisher: Springer Singapore

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Abstract

In 2015, RMB’s internationalization speeded up its process. During the past years, the amount of RMB used as a settlement currency for trades increased significantly on a larger scale, and the offshore market was booming. Meanwhile, international financial cooperation was deepening, and the RMB exchange rate regime reform was promoted steadily. Under the new normal of economy, structural adjustment and institutional reform were pushed forward in an orderly manner, and market-oriented reform of capital pricing further cleared institutional obstacles for RMB’s internationalization. On November 30, 2015, the IMF announced that the RMB would be included in the SDR, which started a new journey of RMB’s internationalization.

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Footnotes
1
0/1 virtual variables: 0 for regulated items under capital account; 1 for unregulated ones.
 
2
Calculation formula:
open = \( \sum \limits_{\mathrm{i}}^{\mathrm{n}}p(i)/n \)
“open” stands for the degree of capital account openness, within a range from 0 to 1. Smaller value means larger regulation. “n” stands for the total amount of capital trading items considered in measuring capital account openness. In this report n means the 40 capital trading sub-items under 11 major capital items. “p(i)” means the openness of the “i”th sub-item. Values of sub-items are assigned with the Qinn method. “p(i) = 1” means no regulations over the discussed item, in terms of either real trading under capital account or exchange trading; “p(i) = 1/3” means some regulations for the majority of trading parties or items under capital account; “p(i) = 2/3” means few regulations over the discussed item with regulations only imposed on few trading parties and items under capital account; “p(i) = 0” means strict control. The trading is forbidden, either de jure or de facto; in addition, in AREAER a few items are labeled “regulated” without further details, a case 1/2 applies.
 
Metadata
Title
Status Quo of Renminbi Internationalization
Author
International Monetary Institute
Copyright Year
2018
Publisher
Springer Singapore
Book
Currency Internationalization and Macro Financial Risk Control

Print ISBN: 978-981-13-0697-6

Electronic ISBN: 978-981-13-0698-3

Copyright Year: 2018

DOI
https://doi.org/10.1007/978-981-13-0698-3_2