The Role of Renminbi (RMB) in the International Monetary System
开始时间: 04/22/2022
持续时间: Unknown
课程主页: https://www.coursera.org/course/renminbi
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课程详情
Despite the rapid growth of the Chinese economy, the RMB is still not ready to be an international currency. For the RMB to be an international currency, China’s financial markets should be conceptually well developed. Further, China will have to build up the credibility that the Central Bank can maintain the stability of its currency and ensure full convertibility of the RMB.
This self-contained course will discuss our policy views on various topics of RMB internationalization. Specifically, we will provide innovative suggestions on increasing the autonomy of the People’s Bank of China (PBC), implementing an inflation targeting policy, developing securities markets for corporate borrowing, establishing a flexible and market-determined exchange rate, removing restrictions on capital control, and improving the legal infrastructure and regulations for financial markets. Since the internationalization of Renminbi is of major importance to the further development of Hong Kong as an international financial centre, we will also discuss how this process affects Hong Kong and other Asian economies.
课程大纲
Week 1: Monetary and Exchange Rate Policy in China
We will start with the legal framework of monetary regulation, the role of the Central Bank, and the objective of monetary policies. We will review the concept of base money and the inter-bank market. We will then provide an analysis on the approach, instrument, and intermediate targets of China’s monetary policy. We will also share with you some thoughts on interest rate and exchange rate liberalization. We will review the monetary policy stance of China over the years, and discuss the recent experience of monetary policymaking in China.
Week 2: The Future of Hong Kong’s Monetary System
In this lecture we will talk about the monetary system of Hong Kong. We will review the history of Hong Kong monetary policy and monetary control. We will show how Hong Kong's monetary system has been designed to serve the public interest in the best manner possible and maintain Hong Kong as an international financial centre. We will also discuss the future of the Linked Exchange Rate System, which has served Hong Kong well for almost 30 years.
Week 3: Internationalization of Renminbi and Renminbi Offshore Market
This lecture will address the following questions: Why is there a need to internationalize the Renminbi? What is China aiming to achieve? How can the Renminbi, which is not yet a convertible currency, be internationalized? For China, what are the benefits and costs of establishing Renminbi off-shore markets? How can the risks to monetary and financial stability be prudently managed? What are the implications for other areas, particularly Hong Kong?
Week 4: The Role of the Renminbi in the International Monetary System
We will first review the role of money in the domestic and international monetary system. We will also discuss global governance and institutional reform of the international monetary system. Then we will provide a Chinese view on the costs and benefits of internationalization of the Renminbi for the system.
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