China's Strategy toward Regional Currency Integration during the Financial Tsunami: A Choice between the Asian Currency Unit and the Renminbi

Chen-Dong Tso ； Kuo-Chun Yeh

《Prospect Journal》 6期 (2011/10) Pp. 49-72

https://doi.org/10.6443/PJ.201110.0049

並列摘要

As one of the by-products of the Asian Financial Crisis, the Asian Currency Unit was expected by many to have good chances to grow during the 2008 financial tsunami. However, with China surpassing Japan in terms of its economic size and the Renminbi becoming much stronger, there is serious doubt over whether China is willing to share monetary sovereignty with other countries in the region. China's decision to choose between working with Japan to pursue the Asian Currency Unit project or going alone to transform the Renminbi into an international reserve currency inevitably involves a delicate calculation. This paper argues that, due to a desire to confront American hegemony and a need to reduce the costs that the Renminbi's internationalization would incur, China is not bound to oppose the Asian Currency Unit despite its suspicions of the project. The Asian Currency Unit still has the chance of prevailing as long as it can forge a single currency with the Renminbi on board before China dramatically expands its domestic market and speeds up its financial liberalization.

並列關鍵字

Asian Currency Unit ； Renminbi ； Financial Tsunami ； International Monetary System ； Asian Monetary Fund