This lecture will present why it has become imperative for China to increase the international use of its currency, the Renminbi (RMB), considering the growing reliance of the United States on economic warfare, including financial warfare, and the fracturing of the liberal global monetary order.
The focus is on mapping the internationalization of the RMB, particularly key recent breakthroughs in the preconditions for the RMB to function as an international currency. The primary agents in the making of the RMB into an international currency are China's Party-state, counterpart state agencies, and especially the participating market actors, Chinese corporate actors, the leading commercial banks and manufacturing-and-trading companies -- and their overseas partners -- who are increasingly using the RMB, internationally, for their economic transactions. RMB internationalization has entered a key phase, where pre-existing obstacles still have to be overcome, but where the gradual increases in the RMB's international use are also being met by profound changes in the global monetary order, namely the ongoing shifts to a more multipolar global monetary system and to digital currencies.
Meet our speaker and chair
Gregory T Chin is Associate Professor in the Department of Political Science, York University (Canada). He co-directs the Emerging Global Governance Project with Global Policy journal. He has published widely on the political economy of China and international money and finance. From 2000 to 2006, Chin served in the Government of Canada, Department of Foreign Affairs and International Trade, the Canadian International Development Agency, and the Canadian Embassy in Beijing.
Kathryn Hochstetler (@hochstet) is Professor and Head of Department in the Department of International Development at LSE. She has published widely on the emerging powers and their global roles, including as providers of development finance and in climate negotiations.
More about this event
The Department of International Development (@LSE_ID) is a leading development studies department. Its Mayling Birney Global Scholars Programme honours late faculty member Dr Birney and aims to promote consideration of Greater China and the region's role in international development
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