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CATEGORIES:International Political  Economy Research Group
SUMMARY:Crossing the River\, by Feeling for Stones: China’
 s Gradual Currency Internationalization - Dr. Greg
 ory Chin - Assistant Professor of Political Scienc
 e at York University (Toronto) and senior fellow o
 f the Centre for International Governance Innovati
 on (CIGI)
DTSTART;TZID=Europe/London:20100505T170000
DTEND;TZID=Europe/London:20100505T183000
UID:TALK24244AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/24244
DESCRIPTION:China’s $2.4 trillion foreign currency reserve has
  become a source of new international power and vu
 lnerability for the country.  On the one hand\, th
 e massive national reserve has enabled the Chinese
  government to take unilateral and concerted actio
 ns to protect the domestic economy from the effect
 s of the recent global financial crisis.  The larg
 e reserves have also facilitated China’s rise as a
 n international creditor\, in both the developed a
 nd developing worlds.  On the other hand\, the mas
 sive dollar holdings have exposed China to interna
 tional economic uncertainty\, caused by instabilit
 y in the value of the dollar and the fragilities o
 f the US economy.  In response\, Chinese authoriti
 es have initiated two strategies.  At the multilat
 eral level\, they have advocated for reforming the
  international monetary system\, and expanding the
  role of a supplemental global reserve currency.  
 At the bilateral level\, Beijing has started to re
 duce the country’s reliance on the dollar by gradu
 ally introducing measures to internationalize Chin
 a’s currency\, the Renminbi (“the People’s Money”)
 .  In this presentation\, Gregory Chin will discus
 s how the Chinese government is attempting to incr
 ease the international use of the Renminbi\; the c
 hallenges it faces in doing so\; and the pivotal r
 ole of Hong Kong and Shanghai for the experimentat
 ion. 
LOCATION:Senior Common Room\, POLIS\, 17 Mill Lane
CONTACT:Dan Kim
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