The purpose of this policy dialogue is to identify the likely path and trajectory of the ever increasing internationalization of the RMB, and in turn provide the indications as to the likely impact of such a major development on the current make-up of the international monetary system as well as its implications for developing a common and enhanced Asian voice in international monetary affairs.
The People's Republic of China (PRC) has overtaken the US as the world's largest trading nation and the size of the PRC economy rose to $9.2 trillion in 2013, only second to the US; however, more than 80% of PRC trade is denominated in the US dollar. In recent years, the PRC government has been actively promoting the internationalization of RMB. The global financial crisis and continuous depreciation of the US dollar triggered the call for developing a new global monetary system with multiple global currencies.
ADBI's study "Currency internationalization: Lessons and Prospects for the RMB" examines the extent and pace of RMB internationalization and how the experiences of other important international currencies can provide guidance and lessons on the likely path and prospects of RMB internationalization. It also studies the implications of a greater role of the RMB for international trade, investment, and financial transactions for the PRC economy, its neighboring and distant economies, and the global configuration of major reserve currencies, most especially the RMB's potential challenge to the supremacy of the US dollar in the international monetary system.
- Better understanding of RMB internationalization and its likely impact on the international monetary system.
- Exchanging the views on RMB internationalization among policymakers from Asian countries.
- Strengthening policy dialogues and communications among government officials of Asian countries.
- Policy Discussions
Mid-level and senior representatives of the central banks and ministries of finance from each of the following countries will be invited: Cambodia, PRC, Japan, Republic of Korea, India, Indonesia, Lao PDR, Malaysia, Mongolia, Philippines, Singapore, Taipei,China, Thailand, and Viet Nam.
How to register
By invitation only.