China and the SDR: Financial Liberalization through the Back Door

Barry Eichengreen and Guangtao Xia ()
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Guangtao Xia: PBC School of Finance, Tsinghua University, 43 Chenfu Road, Haidian District, Beijing 100083, China

Quarterly Journal of Finance (QJF), 2019, vol. 09, issue 03, 1-36

Abstract: We analyze the motives for China’s campaign to secure the addition of its currency, the renminbi, to the basket of currencies comprising the International Monetary Fund’s Special Drawing Rights. Our argument is that the campaign to add the renminbi to the SDR basket was not just a vanity project; it was a strategy used by the advocates of financial liberalization in China to force the pace of reform. It was also a strategy with significant risks.

Keywords: China; renminbi; Special Drawing Rights (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (7)

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DOI: 10.1142/S2010139219500071

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