On the rationale and implications of China’s RMB internationalization: A global historical perspective

IF 1.7 1区 历史学 Q1 HISTORY Journal of Global History Pub Date : 2023-02-27 DOI:10.1017/S1740022823000025
Kean Fan Lim
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引用次数: 3

Abstract

Abstract This article addresses two interrelated questions pertaining to the Communist Party of China’s (CPC) attempt to internationalize the Chinese currency – the renminbi (RMB). First, what is the historical rationale of RMB internationalization, and what are its implications? Second, how does the rationale for, and implications of, RMB internationalization distinguish this process from the emergence of the US dollar as the global reserve currency? The article proceeds by framing the RMB internationalization process as a historical palimpsest that emerges from three critical moments following the establishment of the People’s Republic of China in 1949. It then assesses their collective global historical significance through a comparison with the rationale and effects of dollar internationalization. Through foregrounding the domestic and global path-dependence of the RMB’s historical evolution, the article argues that RMB internationalization does not constitute a rupture in global historical terms by challenging the dollar’s global reserve currency status; rather, it paradoxically consolidates a dollar-centric global monetary system because the CPC is committed to sustaining the Mao-era (1949-76) legacy of absolute macroeconomic control.
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中国人民币国际化的理论基础与启示:一个全球历史的视角
摘要本文论述了中国共产党(CPC)试图使人民币国际化的两个相互关联的问题。首先,人民币国际化的历史依据是什么?其含义是什么?第二,人民币国际化的基本原理和影响如何将这一过程与美元成为全球储备货币的过程区分开来?本文将人民币国际化进程描述为1949年中华人民共和国成立后三个关键时刻出现的历史重写。然后,通过与美元国际化的基本原理和影响的比较,评估它们的总体全球历史意义。本文通过对人民币历史演变的国内路径依赖性和全球路径依赖性的展望,认为人民币国际化挑战美元的全球储备货币地位,并不构成全球历史意义上的断裂;相反,它自相矛盾地巩固了以美元为中心的全球货币体系,因为中国共产党致力于维持毛时代(1949-76)对绝对宏观经济控制的遗产。
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来源期刊
CiteScore
3.30
自引率
5.30%
发文量
28
期刊介绍: Journal of Global History addresses the main problems of global change over time, together with the diverse histories of globalization. It also examines counter-currents to globalization, including those that have structured other spatial units. The journal seeks to transcend the dichotomy between "the West and the rest", straddle traditional regional boundaries, relate material to cultural and political history, and overcome thematic fragmentation in historiography. The journal also acts as a forum for interdisciplinary conversations across a wide variety of social and natural sciences. Published for London School of Economics and Political Science
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