Reform Of The International Monetary System: Chinese Perspectives And Strategies

The book proposes that the short-term goal of the current reform of the international monetary system should be a combination of controlling imbalances and the risk of the dollar, and that the reforms of international reserve currencies, international financial institutions, and international financial regulation provide a good external environment for the stable development of the world economy. It also predicts that the current international currency system dominated by the US dollar will remain sustainable for a long time and proposes four strategies for China's participation in the reform.

Format: Hardback
Length: 804 pages
Publication date: 14 July 2021
Publisher: World Scientific Publishing Co Pte Ltd

The book makes a compelling argument that the short-term objective of the ongoing reform of the international monetary system should be to address both imbalances and the potential risks associated with the dollar. To achieve this, it suggests utilizing the balance of payments coordination mechanism, which involves exchange rate cooperation, as a means to mitigate risks. The reforms in international reserve currencies, international financial institutions, and international financial regulation are seen as crucial in creating a favorable external environment for the stable growth of the global economy.

The book delves into the mechanisms that will continue to sustain the dominance of the US dollar and the US dollar system in the future. These include the commodity dollar return mechanism, the international debt repayment mechanism, the petroleum dollar pricing mechanism, and the dollar rescue mechanism in financial crises. The author predicts that the current international currency system, largely controlled by the US dollar, will remain sustainable for an extended period.

Furthermore, the book offers four strategies for China's participation in the reform of the international monetary system. These strategies involve promoting the renminbi as an international currency, enhancing the role of the International Monetary Fund (IMF) in global governance, participating in the development of new international financial institutions, and promoting financial cooperation among emerging economies.

Overall, this book provides valuable insights into the current state of the international monetary system and offers practical recommendations for China's involvement in shaping its future. It is a must-read for policymakers, economists, and anyone interested in understanding the complex dynamics of global finance.

ISBN-13: 9789811218866