RMBI or RMBR: Is the Renminbi Destined to Become a Global or Regional Currency?

Barry Eichengreen and Domenico Lombardi

No 21716, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Previous studies have focused on when the renminbi will play a significant role as an international currency, but less attention has been paid to where. We fill this gap by contrasting two answers to the question. One is that the renminbi will assume the role of a global currency similar to the U.S. dollar. Supporters point to China’s widely diversified trade and financial flows and to its institutional initiatives, not just in Asia but around the world. The other is that the renminbi will play a regional role in Asia equivalent to that of the euro in greater Europe. Proponents of this view argue that China has a natural advantage in leveraging regional supply chains and deepening its links with other Asian countries as well as in developing regional institutions. Asia, they argue on these grounds, will become the natural habitat for the renminbi.

JEL-codes: F0 F02 (search for similar items in EconPapers)
Date: 2015-11
New Economics Papers: this item is included in nep-mon, nep-opm, nep-sea and nep-tra
Note: IFM
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Citations: View citations in EconPapers (8)

Published as Barry Eichengreen & Domenico Lombardi, 2017. "RMBI or RMBR? Is the Renminbi Destined to Become a Global or Regional Currency?," Asian Economic Papers, MIT Press, vol. 16(1), pages 35-59, February.

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