Insights from Defect Analysis of the Dollar Standard Currency System for Facilitating RMB Internationalization

Yanfei ZHU, Songwen YAO, Mei HAN, Yinghan GUO, Xinrui MA, Xun YAN, Zhijian HUANG

Abstract


With the outbreak of the global epidemic in recent years, the economies of all countries are facing severe challenges. It has another impact on the dollar standard currency system since the financial crisis in 2008. The system is in urgent need of reform and has become a consensus. With the promotion and deepening of the Belt and Road, China's internationalization has brought new opportunities and challenges to the internationalization of RMB. Both the economic problems of the system itself and the behavior of the core countries eventually led to the failure of the gold standard and Bretton Woods. China should learn from the failure of the past systems, clarify the positioning of RMB in the international monetary system, and promote the reform of the current international monetary system. Meanwhile, the internationalization of RMB should closely follow the national development strategy, further deepen it through Greater Bay Area policy, achieve a two-way promotion with the Belt and Road, and steadily advance it to serve the real economy.

Keywords


The dollar standard ; currency system; the international monetary system; internationalization of RMB.

Full Text:

PDF

References


Han, W. X. (2009). The Supporting Elements of International Currency: A Historical Investigation of the Evolution of National Currency into International Currency. Macroeconomic Research, 19-25+35. https://doi.org/10.16304/j.cnki.11-3952/f.2009.03.010

He, Y., Shang, X. X., & Qu, H. (2022). Analyzing 20 Typical Cases of U.S. Economic and Financial Sanctions. China Foreign Exchange, 13-14. https://doi.org/10.13539/j.cnki.11-5475/f.2022.10.017

Henry, C. K. Liu, Lin, X. F., & Huang, F. (2007). From British Pound Hegemony to U.S. Dollar Hegemony: The Likelihood of the Great Depression Repeating. Foreign Theoretical Trends, 6-10.

International Monetary Institute of Renmin University of China. (2020). Report on Renminbi Internationalization 2020. Renmin University of China Press: IMI·Great Finance Series.

International Monetary Institute of Renmin University of China. (2019). Report on Renminbi Internationalization 2019. Renmin University of China Press: IMI·Great Finance Series.

International Monetary Institute of Renmin University of China. (2017). Report on Renminbi Internationalization 2017. Renmin University of China Press.

International Monetary Institute of Renmin University of China. (2016). Report on Renminbi Internationalization. Renmin University of China Press: IMI·Great Finance Series.

International Monetary Institute of Renmin University of China. (2014). Report on Renminbi Internationalization. Renmin University of China Press: IMI Series.

International Monetary Institute of Renmin University of China. (2012). Report on Renminbi Internationalization. Renmin University of China Press.

Li, P. (2008). The U.S. Conspiracy and the End of the Gold Standard. China Book Review, 89-96.

Li, X. (2021). The International Monetary Pattern of the Post-Bretton Woods System. China Foreign Exchange, 24-27. https://doi.org/10.13539/j.cnki.11-5475/f.2021.21.004

Li, X. H. (2016). U.S. Dollar Hegemony and the Stability of the International Monetary System: Starting with China’s Promotion of SDR Usage. Contemporary Economic Management, 80-85. https://doi.org/10.13253/j.cnki.ddjjgl.2016.11.014

Liu, W. (2022). The International Monetary System and the Outbreak of the World Economic and Financial Crisis: On the Strategy of RMB Internationalization. Journal of South China Normal University Social Science Edition, 83-92.

Liu, Y. P. (1999). The Deep-seated Problems and Prospects of the International Monetary System. Strategy and Management, 06.

Peng, Z. W. (2009). The Great Depression and the Gold Standard. Macroeconomic Management, 62-64. https://doi.org/10.19709/j.cnki.11-3199/f.2009.11.024

Qiu, J. Z., & Han, B. (2014). On the Monetization and De-monetization of Gold. Taxation and Economy, 18-24.

Robert, T. (1997). Gold and the Dollar Crisis: The Future of Convertibility (1st ed., pp. 90). Commercial Press.

Song, H. B. (2007). Currency Wars. Business World Commentary, 74-80.

Wang, J. B. (2010). Characteristics and Practical Implications of the Evolution of the International Monetary System. Journal of Anhui University Philosophy and Social Sciences Edition, 1-14.

Wang, J. B., & Jiang, D. X. (2021). The Credit Boundary of the U.S. Dollar and the Currencyization of the U.S. Fiscal Deficit. International Finance, 63-68. https://doi.org/10.16474/j.cnki.1673-8489.2021.06.014

Wang, J. Y. (2022). Discussion on the Defects of the International Monetary System and the Direction of Reform. Industrial Innovation Research, 111-113.

Yan, H. (2022). Research on the Current Situation, Problems, and Countermeasures of RMB Internationalization. Managers’ Digest, 84-86.

Yao, D. Q. (2010). Currency Power and the U.S. Dollar Hegemony in the International Monetary System. Business Research, 18-22. https://doi.org/10.13902/j.cnki.syyj.2010.06.037

Yin, B. C. (2012). David Ricardo’s Monetary Theory and the Fate of Gold Currency Function. Fujian Forum Humanities and Social Sciences Edition, 5-9.




DOI: http://dx.doi.org/10.3968/13264

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Canadian Social Science

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Reminder

  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

Submission Guidelines for Canadian Social Science

We are currently accepting submissions via email only. The registration and online submission functions have been disabled.

Please send your manuscripts to [email protected]，or [email protected] for consideration. We look forward to receiving your work.

 Articles published in Canadian Social Science are licensed under Creative Commons Attribution 4.0 (CC-BY).

 

Canadian Social Science Editorial Office

Address: 1020 Bouvier Street, Suite 400, Quebec City, Quebec, G2K 0K9, Canada.
Telephone: 1-514-558 6138 
Website: Http://www.cscanada.net; Http://www.cscanada.org 
E-mail:[email protected]; [email protected]

Copyright © Canadian Academy of Oriental and Occidental Culture