The International Political Economy of the Renminbi: Currency Internationalization and Reactive Currency Statecraft

Cover
Endorsement
Half Title
Series Information
Title Page
Copyright Page
Dedication
Table of Contents
Illustrations
Preface
Acknowledgements
Abbreviations
1 Introduction
	The International Politics Surrounding Renminbi Internationalization
		International Political Implications of Currency Internationalization
		Negotiated Currency
	Long Neglect of Foreign States
	Reactive Currency Statecraft Toward the Renminbi
	The Approach
	Caveats
	The Plan of the Book
2 The Politics of Reactive Currency Statecraft
	Reactive Currency Statecraft
		Concept
		Policy Options
		Policy Choices and Goals
	Determinants
		Expected Gains
		Latent Risks
	Extension of Analysis
	Governments Or Private Actors?
	Conclusion
3 The Rise of the “People’s Currency”
	State-driven Internationalization
		Motives
		Policy Support
	A Promising Start
	A Weakening Pace
	A Rebound?
	Conclusion
4 The United Kingdom: A Passionate Advocate
	A First Mover
	London’s Rise as a Leading Renminbi Hub
	The Building of a “Golden Era” in UK–Sino Relations
	Little Involvement of Other Policy Goals
	Limited Roles of Private Actors
	Conclusion
5 Japan: A Diplomatic User of the Renminbi
	The Pursuit of “Hot Politics”
	Tensions, But a Search for a Breakthrough
		Renminbi Policy Under the Changing Sino–Japanese Relationship
		Strategic Motives
	The View as to Potential Negative Outcomes
	Little Attractiveness of the Renminbi for Private Actors
		Non-financial Corporations
		Financial Institutions
	Conclusion
6 South Korea: A Late But Active Accommodator
	Initial Disinterest
	Jumping On the Bandwagon
	Pursuit of Economic Gains
	Little Concerns About Potential Costs
	Policy Effects and Their Limitations
	Conclusion
7 The United States
	From Benign Neglect to Active Tolerance
		Neglect
		Tolerance
	Desire for Dollar Supremacy
		A Historical Analysis
		Increasing Skepticism But Little Change Yet
	Confidence in the Dollar’s Persistent Preeminence
	Use of Renminbi Policy as a Foreign Policy Tool
	Return to Neglect Under the Trump Administration
	Firms and Financial Institutions
	Conclusion
8 Conclusion
	Determinants of Reactive Currency Statecraft
	The International Politics of Renminbi Internationalization
	Contributions and Remaining Issues
	The Future of the World Monetary Order
Notes
References
Index