The presentation will discuss the developm ent of China’s currency\, the Renminbi (RMB)\, as an international currency . A rising Chinese state and associated market actors are the primary agen ts in internationalizing the RMB. Chinese state officials have created the government programs and legal/regulatory frameworks that have enabled corpo rates to use the RMB for cross-border trade settlement\, direct investment and financial investment. However\, Chinese corporates\, especially the le ading PRC commercial banks and numerous Chinese manufacturing-and-trading e nterprises – and their overseas partners – have stepped up to actually use the RMB\, internationally\, for their business transactions. Their active use accounts for the dramatic growth in the international use of RMB from 2 010 to 2015. These findings have significant implications for assessing th e future potential for\, and obstacles to\, greater international use of th e RMB\, and for envisioning the contours of the emerging global monetary sy stem.
Dr. Gregory Chin is Associate Professor of Political Science at York University\, Canada. His principal research inter ests are in the areas of international and comparative political economy\, with a focus on China’s international financial and monetary affairs\, Asia n regionalism\, the BRICS\, and global governance reform. He is currently f inishing a book manuscript on Renminbi internationalization.
He is a Non-Resident Senior Fellow of the Foreign Policy Institute (FPI) at The Joh ns Hopkins University SAIS\, where he co-directs the Emerging Global Govern ance (EGG) project\, a joint initiative with the journal Global Policy< /em>. He is on the International Advisory Board of the journal Review of International Political Economy\, and on the Editorial Board of the journal Global Governance. Prior to joining York University\, Gr egory Chin was First Secretary (Development) at the Canadian Embassy in Bei jing (2003 to 2006)\, and from 2000 to 2003\, he served in Canada's Departm ent of Foreign Affairs and International Trade\, and the Canadian Internati onal Development Agency.
