中国・人民元「国際化」と現代の国際通貨システム : 世界経済秩序のパラダイム転換か

Abstract

In July 2015, Shanghai stock exchange of China faced serious collapse, and the People’s Bank of China （PBoC） announced in the middle of August that Chinese Renminb（i RMB） exchange rate against the US dollar was depreciated by 2. 0%. On depreciating RMB exchange rate from August 2015, financial conditions of China in general gradually came to be tightened, regardless the government’s effort to relax a set of regulations restraining increasing prices of property under speculation. To break through stressed financial conditions of China, the PBOC has set up Bond Connect between Hong Kong and Shanghai in May 2017, following after Hong Kong － Shanghai Connect in Nov. 2014 and Hong Kong － Shenzhen Connect in Dec. 2016. All of these steps are designed to open up its financial and capital market to foreign investor; that’s deregulation of international financial transaction. Depreciating RMB exchange rate and falling down of Shanghai stock price index, however, have kept foreign capital from inflowing into China, contrary to what was expected. Will internationalization of RMB be realized? Will RMB be international currency alternative to the US dollar? In this paper, we will consider possibility of internationalization of RMB, which is the national currency of China with the second largest economy, under the current world economic order,.