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The internationalization of the Renminbi and the evolution of China’s monetary policy

Ramaa Vasudevan ()

No 1810, Working Papers from New School for Social Research, Department of Economics

Abstract: This paper explores the evolution of monetary policy in the context of the distinct path China and the PBoC have adopted in fostering the international role of the renminbi. Instead of focusing on the PBoC’s negotiation of the impossible trinity of flexible exchange rates, capital mobility and independent monetary policy, the paper highlights the challenges the PBoC faces as it promotes the use renminbi, in international lending in particular, while simultaneously seeking to contain and discipline the inherent instability and potentially disruptive logic of finance.

Keywords: China; monetary policy; internationalization of renminbi; impossible trinity (search for similar items in EconPapers)
JEL-codes: F33 F36 G28 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-cna, nep-mon, nep-opm and nep-tra
Date: 2018-08
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http://www.economicpolicyresearch.org/econ/2018/NSSR_WP_102018.pdf First version, 2018 (application/pdf)

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