The role of China in the international financial system

作者：高海红来源：本文发表于《Oxford Review of Economic Policy》2023 Volume 39 时间：2023-08-21

Abstract:China’s interaction with the international financial system is driven by its growing economic importance in the world. However, China’s financial influence has been much under-presented compared with its economic power. This mismatch provides an opportunity for China to promote greater inclusiveness and better balance of power in global financial governance. The accelerated financial opening-up, exchange-rate flexibility, and deepened domestic reform also nourished the ambition of internationalization of the renminbi that would have impact on the global reserve currency system. This paper investigates the motivations behind China’s engagements with the international financial system, the approaches China adopted to achieve its goals, and the key domestic policies required for China to gain more weight in the global financial market.

Keywords: international financial system, renminbi, capital account liberalization, exchange rate

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