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Start Over Descriptor "RENMINBI" Topic international trade Region asia
4 results on '"RENMINBI"'

1. Redback Rising: China's Bilateral Swap Agreements and Renminbi Internationalization.

Author

Liao, Steven and McDowell, Daniel

Subjects
*CURRENCY swaps, *RENMINBI, *COMMERCIAL treaties, *INVESTMENT treaties, *INTERNATIONAL trade, *FOREIGN investments, *INTERNATIONAL economic relations, *TWENTY-first century, *HISTORY, *INTERNATIONAL cooperation, ASIAN economic integration
Abstract

For several years now, China has implemented policies to promote the international use of its national currency, the Renminbi ( RMB). As part of these efforts, the People's Bank of China ( PBC) has negotiated 25 bilateral currency swap agreements ( BSAs) with foreign central banks. These make it easier for firms in both China and its partner countries to settle cross-border trade and direct investment in RMB. We seek to explain why China and these countries cooperate via BSAs. We theorize that trade and direct investment interdependence relate to dyadic BSA cooperation via two mechanisms: financing insulation from international liquidity shocks and reduced transaction costs of cross-border exchange for local firms. Additionally, we expect the presence of preferential trade agreements ( PTAs) and bilateral investment treaties ( BITs) will increase the probability of dyadic BSA cooperation. BSAs are natural extensions of these existing agreements. They represent an additional layer of state-level formal cooperation that further reduces barriers to cross-border trade and direct investment. Our empirical analysis finds that both de facto trade interdependence and de jure economic integration via PTAs and BITs increase the probability of BSA cooperation between China and partners. [ABSTRACT FROM AUTHOR]

Published
2015
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2. Our Currency, Your Problem.

Author

Ferguson, Niall

Subjects
*BUDGET deficits, *BALANCE of trade, *INTERNATIONAL trade, *RENMINBI, *DEFICIT financing, *BOND prices, *IMPORTS, *ECONOMICS, UNITED States economy, EXPORTS & economics
Abstract

Comments on the budget and trade deficits of the United States. Clarification of the difference between the budget deficit and the trade deficit; Percentage of the U.S. economy's borrowing requirement being met by mainly Asian banks; Support of the U.S. dollar by Chinese monetary authorities out of fear a fall of the dollar against the renminbi could negatively affect their export industry; Reasons why the administration of U.S. President George W. Bush depend on Asia's support, including the fact that it limits the price of U.S. imports from Asia, raises the price of U.S. Treasury bonds and supports Bush's recovery through low long-term interest rates.

Published
2005

3. Beijing Aims to Expand Foreign Trade in Yuan.

Author

MCMAHON, DENIS and Stein, Peter

Subjects
*RENMINBI, *NATIONAL currencies, *INTERNATIONAL trade, *U.S. dollar, *CAPITAL market
Abstract

The article focuses on the plan of the Chinese government to expand foreign trade in yuan across Asia. Five of the biggest trading cities of China were designated to participate in a planned program allowing foreign trade to be conducted fully in yuan instead of in U.S. dollars or other major global currencies. It is expected that the move could result in further opening of China's capital markets.

Published
2009

4. Europe's Frustration Grows as Dollar Hits Another Low.

Author

Landler, Mark

Subjects
*U.S. dollar, *ECONOMIC policy, *FOREIGN exchange, *EURO, *INTERNATIONAL finance, *CENTRAL banking industry, *INTERNATIONAL economic relations, *NATIONAL currencies, *INTERNATIONAL trade, *DEFICIT financing, *BUDGET deficits, *INTERNATIONAL markets, *TWENTY-first century, *RENMINBI, *FINANCE, UNITED States economic policy, CHINESE economic policy, UNITED States politics & government, 2001-2009
Abstract

Focuses on warnings from Europe's financial policy makers about the dangers of a falling U.S. dollar, as it sank to a new low against the euro. Significance of the latest currency swing; Europe's frustration over the devaluation of the dollar, the world's leading currency; Views of European financial and political leaders, including German Chancellor Gerhard Schröder; Possible intervention by the European Central Bank; Skepticism of currency traders that the bank will intervene; China's reluctance to let its currency, the yuan, float against the dollar or other currencies; Issue of America's growing budget deficit and trade gap with Asia; Outlook.

Published
2004

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