Abstract
In March 2009, shortly after Chinese trade registered its worst ever quarterly performance in the aftermath of the global financial crisis, Zhou Xiaochuan, the influential governor of the People’s Bank of China (PBOC), the country’s central bank, wrote an article questioning the wisdom of a single currency’s prominence in international trade. Even as Chinese companies scrambled to raise precious dollar funds to meet trade commitments, the article called for a greater participation of emerging countries such as China in the International Monetary Fund’s Special Depository Rights (SDR) scheme — an international reserve asset which stood at $310 billion as of 20 August 2012. The article was the first time that officials at the highest level in China had indicated their desire in reducing the dollar’s role in international trade.
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© 2013 Saikat Chatterjee
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Chatterjee, S. (2013). China’s Offshore Yuan Market: Inside the Engine Room of the World’s Next Trade Currency. In: Wong, M.C.S., Chan, W.F.C. (eds) Investing in Asian Offshore Currency Markets. Global Financial Markets. Palgrave Macmillan, London. https://doi.org/10.1057/9781137034649_7
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DOI: https://doi.org/10.1057/9781137034649_7
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