Given these trade trends, ever-closer diplomatic and financial links with China and a drive by chinese poicy banks to increase use of the yuan in Africa, we believe that yuan trade settlement will likely increase sign...Given these trade trends, ever-closer diplomatic and financial links with China and a drive by chinese poicy banks to increase use of the yuan in Africa, we believe that yuan trade settlement will likely increase significantly from current levels.展开更多
Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to p...Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to partner country. American Fed implemented Quantity Enlargement Policy during the 2008 crises. Fed directly distributes dollars in quantity enlargement. Echell Mobil is similar to Quantity Enlargement Policy. However, it is different from Quantity Enlargement Policy. There is a third variable in Echell Mobil and this third country issues dollar and distributes to partner country. Iceland may become Echell Mobil of European Union and Jordan may become Echell Mobil of Turkey.展开更多
This paper examines the role of financial openness for currency internationalisation.We provide a theoretical synthesis on the economic and financial channels that financial openness might affect currency internationa...This paper examines the role of financial openness for currency internationalisation.We provide a theoretical synthesis on the economic and financial channels that financial openness might affect currency internationalisation.Historical experiences from the UK,the US,Japan and Germany show the essential role played by financial policies to promote one currency’s international status.We collect recent data of a panel of countries to provide an in-depth empirical analysis on how financial openness would affect a currency’s acceptance in international official reserves.We find strong evidence that portfolio positions generally have a larger impact on the currency’s share in international reserves than FDI.Moreover,portfolio positions in the liability side,especially foreign investments in domestic debt securities,have a statistically significant and economically important effect on currency internationalisation.Our results have implications for China,highlighting the specific effects of financial policies on RMB internationalisation.展开更多
China plans to allow cross-border yuan direct investments to expand the currency’s global presence Foreign investors will soon be able to make direct investments in China with the yuan obtained legally overseas. The ...China plans to allow cross-border yuan direct investments to expand the currency’s global presence Foreign investors will soon be able to make direct investments in China with the yuan obtained legally overseas. The Ministry of Commerce (MOFCOM) recently issued a draft circular on this issue,展开更多
文摘Given these trade trends, ever-closer diplomatic and financial links with China and a drive by chinese poicy banks to increase use of the yuan in Africa, we believe that yuan trade settlement will likely increase significantly from current levels.
文摘Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to partner country. American Fed implemented Quantity Enlargement Policy during the 2008 crises. Fed directly distributes dollars in quantity enlargement. Echell Mobil is similar to Quantity Enlargement Policy. However, it is different from Quantity Enlargement Policy. There is a third variable in Echell Mobil and this third country issues dollar and distributes to partner country. Iceland may become Echell Mobil of European Union and Jordan may become Echell Mobil of Turkey.
基金supported by fund for building world-class universities(disciplines)of Renmin University of China.[Project No.KYGJC2020001]the National Natural Science Foundation of China[Grant No.71903191]the Fundamental Research Funds for the Central Universities,and the Research Funds of Renmin University of China[Project No.20XNH004].
文摘This paper examines the role of financial openness for currency internationalisation.We provide a theoretical synthesis on the economic and financial channels that financial openness might affect currency internationalisation.Historical experiences from the UK,the US,Japan and Germany show the essential role played by financial policies to promote one currency’s international status.We collect recent data of a panel of countries to provide an in-depth empirical analysis on how financial openness would affect a currency’s acceptance in international official reserves.We find strong evidence that portfolio positions generally have a larger impact on the currency’s share in international reserves than FDI.Moreover,portfolio positions in the liability side,especially foreign investments in domestic debt securities,have a statistically significant and economically important effect on currency internationalisation.Our results have implications for China,highlighting the specific effects of financial policies on RMB internationalisation.
文摘China plans to allow cross-border yuan direct investments to expand the currency’s global presence Foreign investors will soon be able to make direct investments in China with the yuan obtained legally overseas. The Ministry of Commerce (MOFCOM) recently issued a draft circular on this issue,
