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Economics Research International
Volume 2011 (2011), Article ID 161074, 13 pages
http://dx.doi.org/10.1155/2011/161074
Review Article

The People's or the World's: RMB Internationalisation in Longer Historic Perspective

School of Humanities and Languages, University of Western Sydney, Sydney, NSW 2751, Australia

Received 29 June 2011; Accepted 18 August 2011

Academic Editor: Richard C. K. Burdekin

Copyright © 2011 Niv Horesh. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Prognoses of China's currency—Renminbi or RMB in short—going global have become a hotly debated topic in the economic and popular literature of late. While some analysts are tipping a gradual transformation of the RMB into the world's next principal reserve currency in lieu of the US$, others contend that the deficiencies of China's financial market will continue to preclude any such transformation for a long time to come. The aim of this paper is to survey the arguments put forward by either camp and to weigh into this debate not only through the prism of applied economic theory or political economy but also through the prism of economic history.