Will the Renminbi Go Global?
Will the Renminbi Go Global?
Prognoses of China’s currency—Renminbi or RMB in short—going global have become a hotly debated topic in the economic and popular literature of late. While some analysts are tipping a gradual transformation of the RMB into the world’s next principal reserve currency in lieu of the US dollar, others contend that the deficiencies of China’s financial market will continue to preclude any such transformation for a long time to come. This chapter surveys the arguments put forward by either camp and to weigh into this debate not only through the prism of applied economic theory or political economy but also through the prism of economic history.
Keywords: RMB, Dong Biwu, picis, caixa, Zheng He, Carolus dollar, Zhou Xiaochuan, Chen Zhiwu, Lin Yifu, Richard Burdekin
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