The notion of the Renminbi becoming a reserve currency is a hot topic in economics and international relations, and Renmin University's Chen Yulu addresses this at length in this compact, yet highly complex study. Chen Yulu examines the various factors that are required for the Renminbi to be internationalized, but does not give sufficient attention to the obstacles to the Renminbi's internationalization, including the very stringent capital controls currently in place, and the reality that the Chinese government does not normally remove restrictions overnight, they are removed gradually. Therefore one may expect a gradual internationalization of the Renminbi. As to how long this would take, it remains unclear as this book does not offer many predictions. However, a decent, and informative study, and an indispensible work for those who interested in global monetary policy and reserve currencies.
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