Belt and Road Initiative and RMB Internationalisation:Stars Aligned?
文章摘要
In the last decade or so,two of the most significant developments in international political economy have been the Belt and Road Initiative(BRI)and renminbi(RMB)internationalisation. While the former will see trillions of dollars of investment pouring into mostly infrastructural projects along the continental and maritime Silk Road,the latter is to seek a global profile for China’s currency. This paper focuses on the currency front of the BRI. I argue that,while the BRI and the RMB internationalisation is highly complementary,the task of promoting the RMB worldwide rests more on domestic reforms than pushing on the international front. The first section of the paper explains the concept of international currency,which is followed by the developments so far for the RMB to become an international currency. It then examines the relationship between the BRI and RMB going global,and finally,what needs to be done to cement the RMB’s global profile given various issues with the BRI.
Abstract
In the last decade or so,two of the most significant developments in international political economy have been the Belt and Road Initiative(BRI)and renminbi(RMB)internationalisation. While the former will see trillions of dollars of investment pouring into mostly infrastructural projects along the continental and maritime Silk Road,the latter is to seek a global profile for China’s currency. This paper focuses on the currency front of the BRI. I argue that,while the BRI and the RMB internationalisation is highly complementary,the task of promoting the RMB worldwide rests more on domestic reforms than pushing on the international front. The first section of the paper explains the concept of international currency,which is followed by the developments so far for the RMB to become an international currency. It then examines the relationship between the BRI and RMB going global,and finally,what needs to be done to cement the RMB’s global profile given various issues with the BRI.
作者简介
Feng Hui:Australian ARC Future FellowSenior Research Fello,Griffith Asia Institute,Griffith University