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Reveals the truth about China's big plans for its national currency and the global implications of an "internationalised" renminbi
"Robert and Kelvin have done an excellent job detailing the infrastructure of renminbi markets, in China and offshore, and describing specific policy moves to encourage internationalisation of the currency. Its accession to reserve currency status will depend on removal of Chinese exchange controls, acceptance of a floating yuan, and probably the end of interest-rate fixing within China, moves that could take much longer than the authors suggest. But as China moves down this path, this book will be a good guide to understanding its implications."
--Charles Dumas, Chairman and Chief Economist of Lombard Street Research
"Minikin and Lau have written a timely, comprehensive, and useful book on what may be the most important opening of Chinese financial markets for years. China needs to embrace deeper reforms to continue to grow, and the relaxation of capital controls and a growing international role for the renminbi will be essential steps in that process. Understanding what is happening in Hong Kong and beyond with the renminbi is vital for anyone interested in Chinese growth."
--Fraser Howie, Managing Director, CLSA Singapore and co-author of Red Capitalism
"The authors have provided a comprehensive and illuminating description of the internationalisation of the renminbi, one of the most significant financial stories of our time."
--Robert Cookson, Asia Markets Correspondent at the Financial Times
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Book Description Condition: New. The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. Num Pages: 272 pages, Illustrations. BIC Classification: 1FPC; KFF. Category: (P) Professional & Vocational. Dimension: 162 x 238 x 24. Weight in Grams: 502. . 2013. 1st Edition. Hardcover. . . . . Books ship from the US and Ireland. Seller Inventory # V9781118339251
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Book Description Hardcover. Condition: new. Hardcover. The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollarExamines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong KongCovers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets. The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9781118339251