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Cornell Studies in Money
The Great Wall of Money: Power and Politics in China's International Monetary Relations
As an economic superpower, China has become an increasingly important player in the international monetary system. Its foreign exchange reserves are the largest in the world and its exchange rate policy has become a major subject of international economic diplomacy. The internationalization of the renminbi (RMB) raises critical questions in international policy circles: What kinds of power is China acquiring in international monetary relations? What are the priorities of the Chinese government? What explains its preferences?
In The Great Wall of Money, a distinguished group of contributors addresses these questions from distinct perspectives, revealing the extent to which China's choices, and global monetary affairs, will be shaped by internal political factors and affect world politics. The RMB is a likely competitor for the dollar in the next couple of decades; its emergence as an important international currency would have substantial effects on the balance of power between the United States and China. By illuminating the politics of China s international monetary relations, this book provides a timely account of the global economy, the role of the renminbi in international relations, and the trajectory of China s continuing ascendency in the coming decades.
Contributors: Gregory Chin, York University; Benjamin J. Cohen, University of California, Santa Barbara; Eric Helleiner, University of Waterloo and Balsillie School of International Affairs; Yang Jiang, Danish Institute for International Studies; Jonathan Kirshner, Cornell University; Bessma Momani, University of Waterloo and Balsillie School of International Affairs; David Steinberg, University of Oregon; Andrew Walter, University of Melbourne; Hongying Wang, University of Waterloo and Balsillie School of International Affairs"
In The Great Wall of Money, a distinguished group of contributors addresses these questions from distinct perspectives, revealing the extent to which China's choices, and global monetary affairs, will be shaped by internal political factors and affect world politics. The RMB is a likely competitor for the dollar in the next couple of decades; its emergence as an important international currency would have substantial effects on the balance of power between the United States and China. By illuminating the politics of China s international monetary relations, this book provides a timely account of the global economy, the role of the renminbi in international relations, and the trajectory of China s continuing ascendency in the coming decades.
Contributors: Gregory Chin, York University; Benjamin J. Cohen, University of California, Santa Barbara; Eric Helleiner, University of Waterloo and Balsillie School of International Affairs; Yang Jiang, Danish Institute for International Studies; Jonathan Kirshner, Cornell University; Bessma Momani, University of Waterloo and Balsillie School of International Affairs; David Steinberg, University of Oregon; Andrew Walter, University of Melbourne; Hongying Wang, University of Waterloo and Balsillie School of International Affairs"
288 pages, Paperback
First published September 4, 2014
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May 19, 2025
I found it an interesting read. Beyond the politically typical domestic factors, the book explores other motivations shaping China's stance. The desire for greater international status and influence is evident in its push for a larger role in global forums like the G20 and within the IMF itself. China's historical engagement with the Bretton Woods institutions also shows a longstanding interest in an international system that supports its development goals and ensures more equal treatment of nations, particularly concerning issues like balance of payments adjustments and the power dynamics between surplus and deficit countries.
Furthermore, the book emphasizes China's strong preference for policy autonomy. Contributing to a cautious approach to currency liberalization and a defense of capital controls, drawing lessons from the Asian Financial Crisis which highlighted the risks of unchecked financial globalization championed by the US and IMF. The book also makes the case that the GFC also served as a watershed moment, increasing China's desire for distance from the dollar-centric system and accelerating interest in RMB internationalization as an answer to the flaws of the American financial model.
Furthermore, the book emphasizes China's strong preference for policy autonomy. Contributing to a cautious approach to currency liberalization and a defense of capital controls, drawing lessons from the Asian Financial Crisis which highlighted the risks of unchecked financial globalization championed by the US and IMF. The book also makes the case that the GFC also served as a watershed moment, increasing China's desire for distance from the dollar-centric system and accelerating interest in RMB internationalization as an answer to the flaws of the American financial model.
Displaying 1 - 1 of 1 review