The People's Money: How China is Building a Global Currency

Hardcover | November 22, 2016

byPaola Subacchi

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Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation-and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge?

In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.

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From the Publisher

Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation-and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has be...

Paola Subacchi is the director of international economics research at Chatham House (the Royal College of International Affairs) in London. She is a regular media commentator and writes for Project Syndicate and Foreign Policy.

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Format:HardcoverDimensions:256 pages, 9 × 6 × 0.98 inPublished:November 22, 2016Publisher:Columbia University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0231173466

ISBN - 13:9780231173469

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Table of Contents

PrefaceIntroduction1. Money Is the Game Changer2. China's Extraordinary but Still Unfinished Transformation3. A Financially Repressed Economy4. China: A Trading Nation Without an International Currency5. Living with a Dwarf Currency6. Creating an International Currency7. Building a Market for the Renminbi8. The Renminbi Moves Around9. Managing Is the Word10. The Age of Chinese MoneyNotesIndex

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