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The Internationalization of the RMB: Opportunities and Pitfalls

A CGS/IIGG Working Paper

Author: Takatoshi Ito, Professor, Graduate School of Economics and Graduate School of Public Policy, University of Tokyo

The Internationalization of the RMB: Opportunities and Pitfalls - the-internationalization-of-the-rmb-opportunities-and-pitfalls

Publisher Council on Foreign Relations

Release Date November 2011

20 pages


China is making swift strides toward internationalizing its currency, the renminbi, but it must be careful when sequencing these changes. Without the proper reforms, wide-open Chinese financial markets would be vulnerable to massive flows of foreign capital that could send China into the throes of financial crisis. In this Center for Geoeconomic Studies Working Paper, produced in association with CFR’s International Institutions and Global Governance program, Professor Takatoshi Ito examines the progress of the renminbi’s march toward international status and evaluates the possible paths forward.

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Takatoshi Ito is professor at the Graduate School of Economics and the Graduate School of Public Policy at the University of Tokyo. He has taught extensively both in the United States and Japan, including at University of Minnesota, Columbia Business School, Harvard University, and Hitotsubashi University.

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