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Sto caricando le informazioni... The People’s Money: How China Is Building a Global Currency (edizione 2016)di Paola Subacchi (Autore)
Informazioni sull'operaThe People's Money: How China is Building a Global Currency di Paola 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. Non sono state trovate descrizioni di biblioteche |
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The Chinese “system” is an evolving network of kludges. The rules are different if you are mainlander, a foreigner, or in Hong Kong or Singapore or Toronto. There are separate offshore markets for international trade, and even bonds – though no secondary market for bonds at all. Similarly for equities, there’s China’s famous A share scheme and strict limitations on who can purchase what in Shanghai and Hong Kong. There are quotas for everything – arbitrary numbers. For example, Americans are only allowed to convert $20,000 a year. And with all the various limitations and requirements there is the inevitable paper burden. This is not your mother’s market economy. It is a collection of small experiments.
Subacchi wisely begins with an overview of how reserve currencies work, what privileges and burdens they afford, and how the renminbi (Chinese for “people’s money”) isn’t there yet, though it seems it might be building towards that.
What is missing from the entire book is the elephant in the room – the party. The Communist Party of China is very much about control. It is afraid to lose even the tiniest part of it. It manages and mangles all kinds of relationships out of this fear. Currency is just one. Foreign takeovers are kept small because the party doesn’t know what reverberations there might be at home, what trouble its companies (most are state owned) might get into overseas, and so that it can learn on the job how manage western style. Even Chinese bankers tell Subacchi there is no renminbi strategy. You just have to take it day by day.
As a result of this elephant that dares not speak its name, The People’s Money reads like a bank brochure. It’s all there, pleasantly laid out, comprehensive and revealing – but empty of motive and context.
David Wineberg (