Asia's push for monetary alternatives

Marcus Noland

MPRA Paper from University Library of Munich, Germany

Abstract: For the last quarter century, Asia has been seeking greater autonomy within the existing international monetary system. While the region has had the resources to go its own way, intraregional rivalries, and a reluctance to damage ties to the US and the International Monetary Fund, have put a damper on regional initiatives. Now the ascendency of China offers a path toward greater regional autonomy in monetary affairs. Asia, led by China, has been playing a two-track strategy pushing for greater influence within the existing global institutions, while developing its own parallel institutions such as the Chiang Mai Initiative Multilateralization, the Belt and Road Initiative, and the Asian Infrastructure Investment Bank. Use of the Chinese renminbi will likely grow as a trade invoicing currency but expanded use of the renminbi as a reserve currency is more uncertain. It is possible that the dollar-centered international financial system could evolve into a multipolar system with multiple currencies playing key roles.

Keywords: international monetary system; Asia; China; renminbi (search for similar items in EconPapers)
JEL-codes: F33 F53 N25 (search for similar items in EconPapers)
Date: 2022-12-01
New Economics Papers: this item is included in nep-ban, nep-cna, nep-mon, nep-pay and nep-sea
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Published in Asia Pacific Issues 156 (2022): pp. 1-8

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