Economists are having wide-ranging debates on how to rescue the world economy from the exacerbating financial crisis.Yu Yongding,Director of Institute of World Economics and Politics at the Chinese Academy of Social S...Economists are having wide-ranging debates on how to rescue the world economy from the exacerbating financial crisis.Yu Yongding,Director of Institute of World Economics and Politics at the Chinese Academy of Social Sciences,suggested the creation of"panda bonds"to diver-sify the use of the nation’s $2 trillion foreign reserves,which could boost liquidity in countries hit hard by the credit crunch.In an interview with Beijing Review,Yu discussed how the nation could use its huge foreign reserves.Edited excerpts follow.展开更多
This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial...This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.展开更多
The present paper evaluates the international status of the Chinese currency, the renminbi （RMB）, by examining its use in the global market. Specifically, the discussion focuses on the recent developments of RMB tra...The present paper evaluates the international status of the Chinese currency, the renminbi （RMB）, by examining its use in the global market. Specifically, the discussion focuses on the recent developments of RMB trading in the global foreign exchange market, cross-border trade settlement in RMB, the Hong Kong offshore market and China＇s policies relating to the RMB. The evidence suggests that the use of the RMB overseas, especially in trade financing and in the off-shore market, has increased rapidly in recent years. However, compared with the size of the Chinese economy, the current scale of the use of the RMB is quite small. Although the RMB has great potential to become an international currency, its acceptance in the global economy is affected by both economic andpolitical factors. Attaining a fully fledged international RMB is still a distant goal.展开更多
文摘Economists are having wide-ranging debates on how to rescue the world economy from the exacerbating financial crisis.Yu Yongding,Director of Institute of World Economics and Politics at the Chinese Academy of Social Sciences,suggested the creation of"panda bonds"to diver-sify the use of the nation’s $2 trillion foreign reserves,which could boost liquidity in countries hit hard by the credit crunch.In an interview with Beijing Review,Yu discussed how the nation could use its huge foreign reserves.Edited excerpts follow.
文摘This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.
文摘The present paper evaluates the international status of the Chinese currency, the renminbi （RMB）, by examining its use in the global market. Specifically, the discussion focuses on the recent developments of RMB trading in the global foreign exchange market, cross-border trade settlement in RMB, the Hong Kong offshore market and China＇s policies relating to the RMB. The evidence suggests that the use of the RMB overseas, especially in trade financing and in the off-shore market, has increased rapidly in recent years. However, compared with the size of the Chinese economy, the current scale of the use of the RMB is quite small. Although the RMB has great potential to become an international currency, its acceptance in the global economy is affected by both economic andpolitical factors. Attaining a fully fledged international RMB is still a distant goal.
