1、4000 英文单词， 2.2 万英文字符 ，中文 6650 字 文献出处： Tobin D. Renminbi internationalisation: precedents and implicationsJ. Journal of Chinese Economic and Business Studies, 2013, 11(2): 81-99 Renminbi internationalisation: precedents and implications Damian Tobin Although it is commonly assumed that there are no p
2、recedents against which to benchmark Renminbi (RMB), this study argues that the Peoples Republic of China (PRC) own development experience provides a useful perspective on the internationalisation debate. This study indicates that lessons can be learnt from both the successes and the shortcomings of
3、 efforts to internationalise the RMB in the 1970s. During this period, state-owned banks in Hong Kong played a central role in mobilising nance for foreign trade. Access to Hong Kongs nancial institutions allowed the PRC to maximise international trade receipts while minimising the risk of undue swi
4、ngs in capital ows. This study shows that although China no longer faces foreign exchange scarcity, economic reforms have not yet resolved vulnerabilities in Chinas nancial institutions. As a con- sequence, Hong Kong has retained its role in mitigating the risks of internationalisation and as a glob
5、alising force for Chinas banking sector more generally. Keywords: China; Hong Kong; Renminbi; currency internationalisation; banking reform; trade 1. Introduction Taking the perspective that theory can only advance the understanding of pressing new macroeconomic developments so far and that history
6、is the only true laboratory for the study of pressing macroeconomic developments (e.g. Taylor 2012), this study argues that Renminbi (RMB) internationalisation is best understood in the context of the long- term importance attached by the Peoples Republic of China (PRC) to hard currency earnings as part of its objective of economic modernisation. This attachment has seen the Chinas economy shift from a shortage of foreign currency pre-1979 to a post-1979 surplus, but it has not nec
