This book presents the theoretical framework for the evolution of the international monetary system and the internationalization of the RMB. Combining theoretical research and empirical study, it then provides an in-depth analysis of the relevant issues from multiple perspectives based on this framework. Written by former chief economist at the Bank of China, this book explains the "two-step strategy" from the capital account opening to the full convertibility of the RMB, it also analyzes the status and functions of the HK offshore financial market in internationalizing the RMB.

Autorentext
Yuanzheng Cao is the former chief economist at the Bank of China and president of the Bank of China International Research Corporation

Inhalt
Chapter 1 Monetary System and International Monetary System: Evolution and Reform.- Chapter 2 Internationalization of the RMB: origin and challenge.- Chapter 3 Experiences of internationalizing sovereign currencies and lessons learnt.- Chapter 4 Selecting a path for the RMB's internationalization.- Chapter 5 The status and the function of the HK financial market in the process of internationalizing the RMB.- Chapter 6 The opening of the capital account and the full convertibility of the RMB.- Chapter 7 Way of accelerating the RMB's internationalization.- Chapter 8 Prospect of internationalizing the RMB.