The people's money
Subtitle: how China is building a global currency
By: Paola Subacchi
Publisher: Columbia University Press
Published: 2017
Language: eng
Number of pages: 237
ISBN-13: 9780231173469
Subjects: Commerce; Monetary policy; Finance; Renminbi; Foreign exchange
Description: Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation--and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
Notes: Includes bibliographical references (pages 191-225) and index.
Table of contents: title: Money is the game changer; title: China's extraordinary, but still unfinished transformation; title: A financially repressed economy; title: China: a trading nation without an international currency; title: Living with a dwarf currency; title: Creating an international currency; title: Building a market for the renminbi; title: The renminbi moves around (and goes beyond the offshore market); title: The road to reforms; title: The age of Chinese money.