{"product_id":"renminbi-rising-isbn-9781119218968","title":"Renminbi Rising","description":"\u003cb\u003eCritical analysis of RMB internationalization and the coming global currency shift\u003c\/b\u003e \u003cp\u003e\u003ci\u003eRenminbi Rising\u003c\/i\u003e charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system. \u003c\/p\u003e\u003cp\u003eEffective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon. \u003c\/p\u003e\u003cul\u003e \u003cli\u003eUnderstand why a new global monetary system is needed\u003c\/li\u003e \u003cli\u003eConsider the outcomes as China emerges and the U.S. recedes\u003c\/li\u003e \u003cli\u003eLearn the context and motivations behind principal players' strategies\u003c\/li\u003e \u003cli\u003eDiscover the scale of opportunities presented by the rise of the RMB\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIt is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. \u003ci\u003eRenminbi Rising\u003c\/i\u003e offers detailed analysis of the key opportunities and threats inherent in this major economic shift. \u003c\/p\u003e\u003cp\u003eList of Figures xi\u003c\/p\u003e \u003cp\u003eList of Tables xiii\u003c\/p\u003e \u003cp\u003eForeword xv\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003eAbout the Author xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Internationalizing the RMB 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Conditions for Becoming a Global Currency 2\u003c\/p\u003e \u003cp\u003eBusiness and RMB 10\u003c\/p\u003e \u003cp\u003eRMB-Product Markets 11\u003c\/p\u003e \u003cp\u003eReserve Currency 14\u003c\/p\u003e \u003cp\u003eThe Emerging Monetary Order 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 The Rise and Fall of Currencies – Historical Lessons for the RMB 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisks in International Monetary System Transitions 23\u003c\/p\u003e \u003cp\u003eThe Role of Eurodollars in the 2008 Global Financial Crisis 26\u003c\/p\u003e \u003cp\u003e2008: Year Zero for a New International Monetary System? 27\u003c\/p\u003e \u003cp\u003eConditions for Currency Internationalization: Market Demand and Institutional Supply 30\u003c\/p\u003e \u003cp\u003eInstitutional Inertia and Disruptive Events 35\u003c\/p\u003e \u003cp\u003eOffshore Currencies and International Liquidity 36\u003c\/p\u003e \u003cp\u003eCurrent International Reactions to the RMB’s Rise 41\u003c\/p\u003e \u003cp\u003eRMB Internationalization 44\u003c\/p\u003e \u003cp\u003eConclusion 46\u003c\/p\u003e \u003cp\u003eReferences 47\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Economic and Institutional Foundations for the Rise of the RMB 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEconomic Foundation 49\u003c\/p\u003e \u003cp\u003eSurprises 58\u003c\/p\u003e \u003cp\u003eNew Growth Engines 60\u003c\/p\u003e \u003cp\u003eCapital-Account Liberalization 62\u003c\/p\u003e \u003cp\u003eInstitutional Quality 68\u003c\/p\u003e \u003cp\u003eConclusion 80\u003c\/p\u003e \u003cp\u003eReferences 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Can the Chinese Bond Market Support a Potential Global Renminbi? 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview of the Chinese Bond Market 84\u003c\/p\u003e \u003cp\u003eChinese Treasury Market in International Perspective 91\u003c\/p\u003e \u003cp\u003eA Dilemma and a Bold Public-Debt Consolidation Scheme 98\u003c\/p\u003e \u003cp\u003eGovernment-Backed Debt Securities 103\u003c\/p\u003e \u003cp\u003eConclusion 107\u003c\/p\u003e \u003cp\u003eReferences 107\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Waxing and Waning of the Chinese Stock and Banking Markets 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChinese Stock Market: Growing Despite Immaturity Flaws 109\u003c\/p\u003e \u003cp\u003eA Massive Chinese Banking Market Opening 125\u003c\/p\u003e \u003cp\u003eConclusion 133\u003c\/p\u003e \u003cp\u003eReferences 133\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Rising FX Turnover of the RMB 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCould the Market Accommodate More Global Currencies? 135\u003c\/p\u003e \u003cp\u003eWhat Determines the FX Liquidity of the RMB? 138\u003c\/p\u003e \u003cp\u003ePotential for Rising RMB Turnover by Market Segment 143\u003c\/p\u003e \u003cp\u003eConclusion 149\u003c\/p\u003e \u003cp\u003eReferences 150\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 A Spreading Global Network for RMB Trade 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe RMB’s International Position 152\u003c\/p\u003e \u003cp\u003eHong Kong Still the Dominant Offshore RMB Center 155\u003c\/p\u003e \u003cp\u003eMore Offshore Centers Catch Up to Spread a Global Network 158\u003c\/p\u003e \u003cp\u003eProspects for Offshore RMB Centers 164\u003c\/p\u003e \u003cp\u003eConclusion 169\u003c\/p\u003e \u003cp\u003eReferences 169\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Brief Examples of Business Use of the Internationalizing RMB 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSamsung’s Use of RMB to Reduce Foreign Exchange Conversion Costs 171\u003c\/p\u003e \u003cp\u003eAlstom’s Use of RMB as Corporate Treasury Currency 173\u003c\/p\u003e \u003cp\u003eChinese Importers’ Profit Incentives from Use of RMB Trade Settlement: Changhong 175\u003c\/p\u003e \u003cp\u003eConclusion 178\u003c\/p\u003e \u003cp\u003eReference 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 The RMB as a Reserve Currency 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGlobal Perspectives 179\u003c\/p\u003e \u003cp\u003eScale of RMB Holdings 181\u003c\/p\u003e \u003cp\u003eDrivers of Change 182\u003c\/p\u003e \u003cp\u003eExchanging RMB in a Crisis 190\u003c\/p\u003e \u003cp\u003eOnshore and Offshore Access 190\u003c\/p\u003e \u003cp\u003eOffshore Alternatives 191\u003c\/p\u003e \u003cp\u003eConservatives Change Course 192\u003c\/p\u003e \u003cp\u003eRoadblocks Ahead? 193\u003c\/p\u003e \u003cp\u003eRMB Inclusion in SDR 195\u003c\/p\u003e \u003cp\u003eCapital-Account Reform 197\u003c\/p\u003e \u003cp\u003eConclusion 198\u003c\/p\u003e \u003cp\u003eReferences 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Concluding Reflections 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix A: China RMB Financial Statistics and Forecasts by Other Institutions 207\u003c\/p\u003e \u003cp\u003eGlossary 213\u003c\/p\u003e \u003cp\u003eIndex 215\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eWILLIAM OVERHOLT\u003c\/b\u003e is a Senior Fellow at Harvard University's Asia Center and is the former President of the Fung Global Institute in Hong Kong. He is the author of \u003ci\u003eAsia, America and the Transformation of Geopolitics\u003c\/i\u003e and \u003ci\u003eThe Rise of China\u003c\/i\u003e.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eGUONAN MA\u003c\/b\u003e is a Fellow of Bruegel, the Belgian think tank and advisor to several central banks, and has served as senior economist at the Bank for International Settlements and major investment banks.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eCHEUNG KWOK LAW\u003c\/b\u003e is an economist at the Chinese University in Hong Kong and a veteran economist of several major investment banks.     \u003c\/p\u003e\u003cp\u003eThe effective management of international monetary affairs is fundamental to the global economic recovery. The emergence of China's currency on the international stage is a transformative event of worldwide significance.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eRenminbi Rising\u003c\/i\u003e offers an analysis of the drivers, tracks the progress and reviews the most likely trajectory of China's internationalizing renminbi (RMB). This important resource also offers an examination of what the birth of the RMB era potentially means for the global financial system, international business and supporting financial products and services. William Overholt, Guonan Ma and Cheung Kwok Law—a team of renowned economic experts—review the opportunities and challenges this new currency presents for the world economy.  \u003c\/p\u003e\u003cp\u003eWritten for investment managers, bankers, researchers and analysts, corporate leaders and anyone concerned with the global currency market, \u003ci\u003eRenminbi Rising\u003c\/i\u003e provides a thorough analysis of the repercussions of China's internationalizing currency. The authors put the issue in historical context and describe the circumstances that enable the development of a new global monetary system. They also explore why China's Renminbi could become the global reserve currency if the United States steps away from playing a leading role.  \u003c\/p\u003e\u003cp\u003eThe authors offer a balanced and objective view of the Asian monetary market and include an analysis of the inner workings and changing needs of China's economy. For example, they examine in detail how China needs to integrate its bond markets, expand their use and gradually open them to the world. They also show how China's domestic imperatives will support the internationalization of the currency.  \u003c\/p\u003e\u003cp\u003eThe book is filled with illustrative examples from companies who have taken the rise of the RMB to be a major opportunity for their businesses and who benefit from dealing with the new Chinese currency. These companies have discovered they can save costs and raise profits by using the internationalized RMB. As the authors clearly demonstrate, provision by the Chinese government of the necessary hard and soft infrastructure has made internationalization of the RMB possible and business profits are making it successful.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eRenminbi Rising\u003c\/i\u003e acknowledges the inevitable uncertainties as to how fast China can press ahead with domestic economic transformation and RMB internationalization. To that end, the authors include alternative policy scenarios that outline various possible outcomes.     \u003c\/p\u003e\u003cp\u003e\u003cb\u003eA CRITICAL ANALYSIS OF RMB INTERNATIONALIZATION FROM A TEAM OF NOTED EXPERTS\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"In \u003ci\u003eRenminbi Rising\u003c\/i\u003e, Overholt, Ma and Law, shine a bright light on the causes and consequences of the growing international use of the Chinese currency, the RMB, in trade and investment, and explore the future coevolution of the RMB and the international monetary system. They present a superbly detailed and nuanced account of the Chinese economy, its financial system, its capital markets, its risks, and its growing external impact. It is crucial reading for anyone seeking an insight into the future of the Chinese and Global economies and financial systems.\"\u003cbr\u003e \u003cb\u003e—Michael Spence,\u003c\/b\u003e Winner of the 2001 Nobel Prize in Economic Science  \u003c\/p\u003e\u003cp\u003e\"The Overholt, Ma and Law book \u003ci\u003eRenminbi Rising\u003c\/i\u003e adds significantly to our understanding of the evolutionary role of the Renminbi (RMB) in international transactions and investment. This book is particularly timely with the addition of the RMB into the SDR basket. I enjoyed the book's economic insights coupled with its detailed discussion of institutional considerations such as the current and future development of Chinese markets. There are myriad lessons to internalize from this excellent book.\"\u003cbr\u003e \u003cb\u003e—Myron S. Scholes,\u003c\/b\u003e Winner of the 1997 Nobel Prize in Economic Science  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eRenminbi Rising\u003c\/i\u003e is a vital resource that tracks the emergence of China's internationalizing currency and offers expert analysis of the global repercussions. Noted economics researchers—William Overholt, Guonan Ma and Cheung Kwok Law—describe the circumstances that enabled the emergence of this new global monetary system and clearly show why China's Renminbi has become the next in line system as the leadership of the United States diminishes.  \u003c\/p\u003e\u003cp\u003eThe authors offer economic policymakers and regulators a thorough examination of the changes driving the shift to this new currency. In addition, financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the worldwide economy. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eRenminbi Rising\u003c\/i\u003e covers a range of essential topics including the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the predicted transformation of the global financial system.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989944287461,"sku":"NP9781119218968","price":50.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119218968.jpg?v=1761785986","url":"https:\/\/k12savings.com\/products\/renminbi-rising-isbn-9781119218968","provider":"K12savings","version":"1.0","type":"link"}