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Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System by Sara Eisen

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CHAPTER 6

REBALANCING GROWTH IN CHINA: THE ROLE OF THE YUAN IN THE POLICY PACKAGE

ANOOP SINGH AND PAPA N'DIAYE1

“We need to quicken the pace of internationalization of our capital markets to improve the global status of the yuan.”

—Yi Gang, Deputy Governor, People’s Bank of China, March 2011

The Chinese economy has achieved a remarkable transformation over a span of three decades to become the world’s second largest economy. More than 380 million jobs have been created, and about 500 million people have been lifted out of poverty. This great achievement reflects years of reforms to open up the Chinese economy and make it more market-oriented, particularly to encourage the production of tradable goods. This has allowed China to better exploit ...

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