Liberalization of China’s foreign exchange policy

Authors

  • Irina Nikolaevna Platonova Moscow State Institute of International Relations (University) MFA Russia
  • HU Epin MGIMO University of the Foreign Ministry of the RF

Keywords:

Foreign exchange policy, Russia, China, cross-border settlement in RMB, cross-border trade, internationalization of RMB

Abstract

The article analyzes the changes in China's foreign exchange policy under increasing integration of China into the global economy. The primary purpose of improving foreign exchange policy of China is to achieve internationalization of the national currency, which should contribute to sustainable economic growth. At present, the international status of the Chinese currency does not fully correspond to the economic power of China. Liberalization measures of foreign exchange policy have significantly extended the use of RMB in cross-border trade as well as in cross-border transactions with the countries of Southeast Asia, Europe and the USA. Changes in the foreign exchange policy in China promote the growth of Russian-Chinese trade and payments in national currencies.

Author Biographies

Irina Nikolaevna Platonova, Moscow State Institute of International Relations (University) MFA Russia

Doctor of Economic Sciences, Professor
Place of work, post: Moscow State Institute of International Relations (University) MFA Russia, Department of International Economic Relations and Foreign Relations, Head of the Department

HU Epin, MGIMO University of the Foreign Ministry of the RF

Place of work, post: MGIMO University of the Foreign Ministry of the RF, Department of International Economic Relations and Foreign Economic Ties

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Published

2024-02-08

How to Cite

Platonova, I. N., & Epin, H. (2024). Liberalization of China’s foreign exchange policy. Russian Foreign Economic Journal, (12), 19–33. Retrieved from https://journal.vavt.ru/rfej/article/view/1153

Issue

No. 12 (2014)

Section

World economy