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Proposed as early as in 2009, the internationalization of RMB is often mistaken as a consequence of the recent China-US confrontation, when in fact, it was a response to the immense negative impact of the 2008 US financial crisis on China. Prompted to recaliberate its reliance on the US dollar, China is now actively pursuing the path of RMB internationalization, which is crucial albeit challenging.
Role of Financial System in the Fall and Rise of China 10th – 21st century
Professor Ding Yifan offers a review of China’s financial development specifically highlighting how it is both a result of global competition and a consequential determinant in shaping a country’s overall capabilities.