Inclusion of the RMB in SDRs and the impossible trinity in China

Feng, Li; Le, Duong Thuy; Yang, Fan

doi:10.1016/j.ecosys.2022.100941

Cited by 3 publications

(2 citation statements)

References 18 publications

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“…The second strand of literature focuses on the selection of safe assets for ICC. Currency circulation can involve goods, technology, services, or financial assets, as discussed by Feng et al (2023). Among these, a substantial body of literature analyzes financial vehicles based on international reserve assets.…”

Section: Literature Reviewmentioning

confidence: 99%

International Currency Circulation and Monetary Policy

Zhang,

Guo

2024

IJIE

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This paper explores the challenges in the internationalization of local currencies and the establishment of a robust International Currency Circulation (ICC) mechanism. Employing an innovative Agent-Based Model (ABM) grounded in Behavioral Finance, our research examines the interdependence between currency circulation and inter-bank treasury bond market. Through simulations, we analyze the impacts of monetary policies, increased overseas holdings, and investor sentiments on treasury bond prices and market activities. Our findings underscore the pivotal role of a robust monetary policy, the strategic optimization of market structures through overseas institutions, and the non-linear relationship between investor sentiment and treasury bond prices. This study contributes valuable insights for policymakers, investors, and academics, emphasizing measures to enhance market efficiency and stability in the realm of international currency circulation.

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Section: Literature Reviewmentioning

confidence: 99%

International Currency Circulation and Monetary Policy

Zhang,

Guo

2024

IJIE

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“…The devaluations signified a change in the exchange rate regime of the Chinese renminbi from a soft peg to the US dollar to a more market-oriented currency, while remaining as a managed float (Lu et al, 2022). A driving factor behind the regime change was preparation for the inclusion of the Chinese renminbi in the Special Drawing Right of the International Monetary Fund, which occurred in October 2016 (Feng et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

A Synthetic Chinese Renminbi: Uncovering the Anchor Currencies

Kunkler

2023

Asian Economics Letters

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We investigate the de facto exchange rate arrangements of the Chinese renminbi. A recently enhanced methodology is used to estimate a synthetic Chinese renminbi to uncover any anchor currencies. We find two anchor currencies, namely the US dollar and the Singapore dollar. However, the average R-squared is only 43.6%. Thus, the Chinese renminbi is less anchored to the US dollar. This implies that future research can classify the Chinese renminbi as a potential anchor currency.

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Multi-central bank digital currencies arrangements: a multivocal literature review

Sood,

Singh

2024

CFRI

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PurposeThe present study aims to systematically synthesize the academic and industrial literature on multi-central bank digital currencies (m-CBDCs) arrangements.Design/methodology/approachThe study adopted a unique multivocal literature review methodology that considers both white and grey literature. For white literature searches, the study relied on Scopus, Web of Science (WOS), and Google Scholar bibliometric databases; for grey literature searches, the study used the Google search engine.FindingsThe findings of the study illustrated that M-CBDC arrangements, through various design options, have the potential to revolutionize the contemporary international payment system. M-CBDC arrangements will lead to more integrated financial systems and promote economic growth. However, m-CBDC arrangements will also have serious macroeconomic implications, such as contagion and currency substitution risks.Research limitations/implicationsThe present review is one of the earliest reviews of m-CBDC arrangements. In addition, the findings of the study offer valuable insights for both academicians and policymakers.Originality/valueThe study is also one of the pioneer studies in management studies that apply a multivocal literature review methodology.

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Inclusion of the RMB in SDRs and the impossible trinity in China

Cited by 3 publications

References 18 publications

International Currency Circulation and Monetary Policy

International Currency Circulation and Monetary Policy

A Synthetic Chinese Renminbi: Uncovering the Anchor Currencies

Multi-central bank digital currencies arrangements: a multivocal literature review

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