China’s role in the international monetary system on the eve of the Great quarantine

Irina Andreevna Bondarenko and Angelina Aleksandrovna Ryzhukhina
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Irina Andreevna Bondarenko: Russian Foreign Trade Academy, Moscow, Russia
Angelina Aleksandrovna Ryzhukhina: Russian Foreign Trade Academy, Moscow, Russia

Russian Foreign Economic Journal, 2020, issue 6, 83-88

Abstract: The role of China’s national currency as an international currency in the modern and very dynamic world was determined in 2016 when the yuan became part of the special drawing rights (SDR) currencies. Experts believe that yuan is significantly undervalued as China manipulates its exchange rate in order to maintain its leadership in world exports. Resentment of Western countries and especially in the USA that are loathe to losing the dollar’s role of a global reserve currency. The coronavirus suddenly intervened into the ongoing trade and currency war between the United States and China.

Keywords: Global trade confrontation; controlled devaluation; currency “anchor” pegging; currency rate targeting; domestically generated inflation; currency appreciation; key currencies; capital-intensive economy. (search for similar items in EconPapers)
Date: 2020
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