RMB Internationalization Using Novel Bottom-up Approach, Vision-2030

Syed Adnan Shah (), Ufaq Adnan () and Yiming He
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Syed Adnan Shah: Ocean University of China
Ufaq Adnan: Ocean University of China
Yiming He: Ocean University of China

A chapter in Proceedings of the SSEME Workshop on Economics and Management (SSEME-EM 2024), 2024, pp 4-14 from Springer

Abstract: Abstract In this manuscript, we have framed key strengths of Chinese economy and how China can accelerate the pace of Renminbi (RMB) internationalization using a novel “bottom-up approach”. We have discussed about options China have to internationalize its currency and to what extent they are workable. We have proposed a model “Vision 2030”, explaining how to internationalize RMB without losing control over “Capital Mobility” and avoiding “Exchange Rate Volatility”, while RMB aiming to progress on path as second best option for international unit of account, medium of exchange, and store of value. An “Implementation Matrix” is supplemented to ensure the execution of proposed model. We have explained vital pre-requisites, which include strengthened digital financial market, aspects associated with Supply Chain Management and optimum utility of Network Externalities.

Keywords: RMB Internationalization; Bottom-up Approach; Capital Mobility; Exchange rate volatility (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-527-0_2

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DOI: 10.2991/978-94-6463-527-0_2

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