The role of China in the international financial system

Haihong Gao

Oxford Review of Economic Policy, 2023, vol. 39, issue 2, 231-244

Abstract: China’s interaction with the international financial system is driven by its growing economic importance in the world. However, China’s financial influence has been much under-presented compared with its economic power. This mismatch provides an opportunity for China to promote greater inclusiveness and better balance of power in global financial governance. The accelerated financial opening-up, exchange-rate flexibility, and deepened domestic reform also nourished the ambition of internationalization of the renminbi that would have impact on the global reserve currency system. This paper investigates the motivations behind China’s engagements with the international financial system, the approaches China adopted to achieve its goals, and the key domestic policies required for China to gain more weight in the global financial market.

Keywords: international financial system; renminbi; capital account liberalization; exchange rate (search for similar items in EconPapers)
Date: 2023
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