from International Institutions and Global Governance Program and Greenberg Center for Geoeconomic Studies

What Drives CNH Market Equilibrium?

November 01, 2011

Report

More on:

China

Monetary Policy

Capital Flows

Overview

The recent rapid growth of the offshore renminbi market presents a puzzle for analysts of China's development strategy. By allowing renminbi to flow offshore uncontrolled before loosening government controls over internal financial markets, Chinese officials are straying from the normal sequence of steps toward currency internationalization. Why might that be? In this Center for Geoeconomic Studies Working Paper, produced in association with CFR's International Institutions and Global Governance program, Peter Garber seeks to answer that question by investigating what drives offshore renminbi markets and how they are evolving.

More on:

China

Monetary Policy

Capital Flows

Top Stories on CFR

Asia

The partnership India has forged with the United States, Australia, and Japan appears to be gaining momentum, but some challenges remain.

Pharmaceuticals and Vaccines

The swift development of effective vaccines against the new coronavirus was an unprecedented scientific achievement. But production challenges, vaccine nationalism, and new virus strains have all presented hurdles.

Peacekeeping

Africa continues to have more peacekeeping missions than any other continent. As conflict-stricken countries increasingly look outside the United Nations for support, experts say reforms are necessary to improve peacebuilding.