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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,chapter 12 International Monetary Dimensions,In this chapter, well cover:,Reforming Chinas Banking and Financial Sectors,Chinas Capital Account Convertibility,Prospects of RMB to Become a Global Currency,Reforming Chinas Banking and Financial Sectors,1. Changes in the Banking System,To promote competition in the banking system and to meet the funding needs of different sectors and areas, other banks,non-bank financial intermediaries,and cooperatives began to emerge,.,Reforming Chinas Banking and Financial Sectors,By the end of 2008, there had been 5,600 banking financial institutions, including:,3 policy banks, the Big Four, Bank of Communications,13,joint-stock commercial banks,136,City Commercial Banks,4,965 Rural Credit Cooperatives and other institutions .,Reforming Chinas Banking and Financial Sectors,2. Monetary Policy and Financial Supervision,Objectives and Instruments of Monetary Policy,Regulatory Framework for Banks and Financial Markets,Reforming Chinas Banking and Financial Sectors,Chinas banking sector still has a long way to go.,Coordination problems arose.,How to solve the boundary problem in regulation?,How to make supervisors positively and promptly respond to financial risks or crisis?,How to balance between,financial innovations,or efficiency and,financial stability,?,Reforming Chinas Banking and Financial Sectors,3. Reform of the Big Four,Given the difficulties in reforming the Big Four, the authorities then turned their attention to growing new financial institutions by setting up a number of joint-stock banks.,Reforming Chinas Banking and Financial Sectors,In the wake of the Asian financial crisis in 1997, the stumbling reform of the Big Four became more compelling.,Chinas accession to the WTO called for more fundamental reforms of its banking sector.,Chinas Capital Account Convertibility,The first precondition for capital account convertibility is a strong domestic banking system.,A second prerequisite for the liberalization of the capital account is a well-developed capital market.,Chinas Capital Account Convertibility,A third precondition for a successful transition to capital account convertibility is an exchange rate that is reasonably close to its underlying equilibrium level.,Prospects of RMB to Become a Global Currency,1. Renminbi bloc in the US Backyard,East Asia is now a renminbi bloc because the currencies of seven out of ten economies in the region track the renminbi more closely than the US dollar.,Prospects of RMB to Become a Global Currency,Two Implications:,1. it is one more important marker in the shift of economic dominance away from the United States and towards China.,2. this shift highlights the conflicting tugs that East Asian countries will face.,Prospects of RMB to Become a Global Currency,2. Prelude to RMB internationalization,A number of factors suggest that China wants to make RMB internationalization happen by 2015.,1. the International Monetary Fund is reviewing its special drawing rights basket,Prospects of RMB to Become a Global Currency,2. the Shanghai Municipal Government has set a goal of making the city the global pricing centre for both,onshore and offshore RMB financial products,by 2015 and a global financial centre by 2020.,3. there is Chinas work alongside the UK Government promoting London as a CNY centre, operating in partnership with Hong Kong.,Prospects of RMB to Become a Global Currency,4. traditionally, CNHthe offshore versionhas traded at a different FX rate to CNY due to heavy regulation in mainland China. But that regulation has now eased and the rates have converged.,Prospects of RMB to Become a Global Currency,Meeting the governments apparent deadline for RMB internationalization is not going to be easy.,But promoting RMB as a global reserve currency, with all the economic benefits that will bring in addition to exerting more political influence on the global stage, clearly remains high on the authorities agenda.,Study Questions,Study Questions,1.How has Chinas financial system changed as a result of reforms during the past three decades?,2.,Explain,Chinas gradualism approach used in reforming the quota system for its monetary policies and currency issuanc.,3.,Why,did the Chinese government establish the policy banks in the 1990s?,Study Questions,4.,What,are the current trends of China financial liberalization?,5.,According,to the study by Lardy and Douglass, what are the three major preconditions for the RMB convertibility in China?,6.,How,has China strived to gradually realizing convertibility of the capital account?,
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