-1- May 2012 THE YUAN'S LONG MARCH* Benjamin J. Cohen Can ...

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-16- House Briefing Paper (London: Royal Institute of International Affairs). Subramanian, Arvind (2011), Eclipse: Living in the Shadow of China’s Economic Dominance (Washington: Peterson Institute for International Economics). World Bank (2012), China 2030: Building a Modern, Harmonious, and Creative High-Income Society (Washington). Yu, Yongding and Haihong Gao (2011), “The Internationalization of the RMB,” in Yin-Wong Cheung and Guonan Ma, eds., Asia and China in the Global Economy (Singapore: World Scientific), 191-217. Zhang, Ming (2009), “China’s New International Financial Strategy amid the Global Financial Crisis,” China and World Economy 17:5, 22-35.
-17- NOTES * This essay has benefitted from comments by Gregory Chin, Paola Subacchi, and participants in this collective project. The research assistance of Tabitha Benney is also gratefully acknowledged. A preliminary version of the essay was published in New Political Economy (Cohen 2012b). 1. Among the more notable commentaries in a vast literature are Dobson and Masson 2009; Lee 2010; Peng and Shu 2010; Subacchi 2010; Chen and Cheung 2011; Subramanian 2011; Yu and Gao 2011; Mallaby and Wethington 2012; Prasad and Ye 2012. 2. See e.g., J. Li 2007; Lee 2010; Subramanian 2011. 3. As reported by Dow Jones News Service, 17 February 2011. The advisor was Xia Bin, an academic member of the central bank’s monetary committee. 4. As of March 2012 swap agreements had been signed with Argentina, Australia, Belarus, Hong Kong, Iceland, Indonesia, Kazakhstan, Malaysia, Mongolia, New Zealand, Pakistan, Russia, Singapore, South Korea, Thailand, Turkey, United Arab Emirates, and Uzbekistan. 5. The designation CNH for offshore yuan deposits is in contrast to CNY, the designation for onshore yuan. 6. A bit immodestly, I can take pride in originating the standard taxonomy in an early book of mine on the pound sterling (Cohen 1971). 7. X. Li 2010: 13. See also Goldstein 2005; Grimes 2009. 8. See e.g. World Bank (2012), which called for far-reaching economic reforms, including full financial liberalization. The report was published in February 2012 jointly with the Development Research Center, a Chinese government research organization, and was followed by a statement from a senior PBOC official, based on a previously confidential PBOC research project, outlining a three-stage plan for comprehensive opening of China’s capital account over the next decade (Sheng 2012).
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