Recent Policy Changes Toward the Internationalization of the Renminbi

Hung-Gay Fung, Jr-Ya Wu and Jot Yau

Chinese Economy, 2013, vol. 46, issue 4, 6-24

Abstract: This article reviews the ongoing internationalization of the Chinese RMB and some policy changes related to capital flows across China. In particular, it discusses several recent economic reforms, including the Wenzhou experiment, the growth of cross-border banking, and the new currency zone in the Pearl River Delta region. It also considers the challenges facing Singapore, London, and Taipei as offshore RMB markets and the development of the dim sum bond markets in Hong Kong.

Date: 2013
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