China’s role in the international monetary system on the eve of the Great quarantine

Authors

  • Irina Andreyevna Bondarenko Russian Foreign Trade Academy
  • Angelina Aleksandrovna Ryzhukhina Russian Foreign Trade Academy

DOI:

https://doi.org/10.24412.2072-8042-2020-00062

Keywords:

global trade confrontation, controlled devaluation, currency “anchor” pegging, currency rate targeting, domestically generated inflation, currency appreciation, key currencies, capital-intensive economy

Abstract

The role of China’s national currency as an international currency in the modern and very dynamic world was determined in 2016 when the yuan became part of the special drawing rights (SDR) currencies. Experts believe that yuan is significantly undervalued as China manipulates its exchange rate in order to maintain its leadership in world exports. Resentment of Western countries and especially in the USA that are loathe to losing the dollar’s role of a global reserve currency. The coronavirus suddenly intervened into the ongoing trade and currency war between the United States and China.

Author Biographies

Irina Andreyevna Bondarenko, Russian Foreign Trade Academy

Candidate of Economic Sciences, Associate Professor
Place of work, post: Russian Foreign Trade Academy, (6a, Vorobiyovskoye Shosse, 1119285, Moscow), Department of Finance, Monetary and Credit Relations – Professor

Angelina Aleksandrovna Ryzhukhina, Russian Foreign Trade Academy

Place of work, post: Russian Foreign Trade Academy (6a, Vorobiyovskoye Shosse, 1119285, Moscow) - Student of FEM, 3rd year

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Published

2024-02-07

How to Cite

Bondarenko, I. A., & Ryzhukhina, A. A. (2024). China’s role in the international monetary system on the eve of the Great quarantine. Russian Foreign Economic Journal, (6), 83–88. https://doi.org/10.24412.2072-8042-2020-00062

Issue

No. 6 (2020)

Section

World economy