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SUMMARY:Crossing the River\, by Feeling for Stones: China’s Gradual Curr
 ency Internationalization - Dr. Gregory Chin - Assistant Professor of Poli
 tical Science at York University (Toronto) and senior fellow of the Centre
  for International Governance Innovation (CIGI)
DTSTART:20100505T160000Z
DTEND:20100505T173000Z
UID:TALK24244@talks.cam.ac.uk
CONTACT:Dan Kim
DESCRIPTION:China’s $2.4 trillion foreign currency reserve has become a 
 source of new international power and vulnerability for the country.  On t
 he one hand\, the massive national reserve has enabled the Chinese governm
 ent to take unilateral and concerted actions to protect the domestic econo
 my from the effects of the recent global financial crisis.  The large rese
 rves have also facilitated China’s rise as an international creditor\, i
 n both the developed and developing worlds.  On the other hand\, the massi
 ve dollar holdings have exposed China to international economic uncertaint
 y\, caused by instability in the value of the dollar and the fragilities o
 f the US economy.  In response\, Chinese authorities have initiated two st
 rategies.  At the multilateral level\, they have advocated for reforming t
 he international monetary system\, and expanding the role of a supplementa
 l global reserve currency.  At the bilateral level\, Beijing has started t
 o reduce the country’s reliance on the dollar by gradually introducing m
 easures to internationalize China’s currency\, the Renminbi (“the Peop
 le’s Money”).  In this presentation\, Gregory Chin will discuss how th
 e Chinese government is attempting to increase the international use of th
 e Renminbi\; the challenges it faces in doing so\; and the pivotal role of
  Hong Kong and Shanghai for the experimentation. 
LOCATION:Senior Common Room\, POLIS\, 17 Mill Lane
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