Yen Or Yuan
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Expanding Beyond Borders
| Author | : Paola Subacchi |
| Publisher | : |
| Total Pages | : 29 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
As all eyes are on the strategy and policy measures of the People's Republic of China (PRC) to push the international use of the yuan, this paper turns to the internationalization of the Japanese yen and compares it with what the PRC is doing. There are some fundamental differences in the regional context and in the pattern of regional integration, and these distinguish the PRC's current strategy from the Japanese experience in the 1980s. The yen's development as an international currency, and the comparison with the PRC's strategy, highlight the importance of regional integration as a way to overcome network externalities and market inertia. Using an analytical framework that assesses both the range of different roles (the scope) and geographical scale (the domain) of a currency in the global market, the paper suggests that economic fundamentals alone, albeit essential, are not sufficient to warrant a fully fledged scope and global domain of the currency. The paper concludes by suggesting that in the next decade the PRC yuan will become Asia's leading currency due to the PRC's deep economic integration in the region, and that the Japanese yen's function as an international asset and store of value can be further enhanced if Tokyo's competitiveness as a leading international financial center is improved.
Yen Bloc or Yuan Bloc: An Analysis of Currency Arrangements in East Asia
| Author | : Kazuko Shirono |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 32 |
| Release | : 2009-01-01 |
| Genre | : |
| ISBN | : 9781451871500 |
This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to generate higher average welfare gains for East Asian countries than currency unions with Japan or the United States. Overall, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue if China's relative presence continues to rise in the regional trade.
Cooperation Between the Renminbi and the Yen
| Author | : Li Xiao |
| Publisher | : Enrich Professional Pub Limited |
| Total Pages | : 348 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 9789814339056 |
This series delves into Chinese currency reform, a crucial and inevitable policy choice of China. With the continuous rise in the status and importance of China in regional and global economies, the impact of Renminbi—the official currency of the People's Republic of China—is growing steadily. Based on recent theoretical frameworks and quantitative analyses, this series explores the relationship between Chinese banking system reform, regionalization and internationalization of Renminbi, as well as the possible cooperation between Renminbi, Yen and other Asian currencies. Exploring the need, viability, and path toward cooperation between the Renminbi and the Yen, the two dominant East Asian currencies, this book also provides an in-depth analysis of the significance of the two currencies in shaping the future situation of East Asia.
Yen Or Yuan? The Law of One Price and Economic Integration in Asia
| Author | : Vinh Q. T. Dang |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
Using highly comparable local retail prices of 146 goods and services across 18 Asian countries over 1990-2014, we analyse price dispersion and test convergence to the law of one price (LOP) for these prices around three price benchmarks--Asia-average, Japan and China prices--to gain insight about market integration in overall Asia as well relative integration of Asian economies to Japan and China. Cross-Asia price dispersion around China-price benchmark, for both tradables and non-tradables, diminishes significantly over the sample period whereas that around Japan-price benchmark increases considerably, particularly after the 2008 crisis. There is convergence to the LOP for about half of goods and services in China- and Asia-average price benchmarks. The percentage of convergent prices is significantly smaller in Japan-price benchmark. Direct estimates of the convergence speed parameter also confirm these observations. Overall, our results show evidence of increasing economic integration in Asia in the last two decades. The process of price convergence appears to be driven by the emergence of China as the centre of economic gravity in the region. There is much room for improvement as economic integration in Asia is still far below that in Europe in the 1990s or USA in the 1980s.
Renminbi Internationalization
| Author | : Barry Eichengreen |
| Publisher | : Brookings Institution Press |
| Total Pages | : 401 |
| Release | : 2015-02-11 |
| Genre | : Political Science |
| ISBN | : 0815726120 |
A Brookings Institution Press and Asian Development Bank Institute publication Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
Foreign Currency Financial Reporting from Euro to Yen to Yuan
| Author | : Robert Rowan |
| Publisher | : John Wiley & Sons |
| Total Pages | : 191 |
| Release | : 2011-03-08 |
| Genre | : Business & Economics |
| ISBN | : 111805668X |
The first A-to-Z guide for successfully working in foreign currency environments Destined to become an essential desktop tool helping professionals build a solid foundation in the background, history, and fundamental mechanics of foreign currency and exchange rates, this must-have guide allows you to report past transactions accurately and also to forecast the impacts that volatile exchange rates could have on your business. Packed with everything you need to know about exchange rate requirements, including world currency formats and key links to additional resources, this is the single source you'll want to have at your side to understand and successfully use foreign currency reporting concepts. Get from Yen to Euro without losing your way Clarifies an intimidating topic into practical application Helps you function effectively in the multicurrency reporting environment Addresses common points of confusion Demystifies IFRS Your company could swing from profit to loss without a single change in operations, simply by movement of exchange rates. Get ready with the on-the-spot foreign currency answers you need in Foreign Currency Financial Reporting from Euro to Yen to Yuan. It's the easy-to-use, definitive source you can turn to for a clear, concise, practical understanding of multicurrency environments.
