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Reform of the International Monetary System and Internationalization of the Renminbi.


Reform of the International Monetary System and Internationalization of the Renminbi

Li Ruogu

World Scientific


297 pages




The author argues that to prevent another economic crisis from occurring, the theory of the free market economy must be reconsidered to find balance between the internal market mechanism and the external adjustment of governments. He describes why the international monetary system is responsible for the global financial crisis and how China needs to develop new models to meet its development needs. He contends that reform of the dollar-based international monetary system can occur by promoting the internationalization of the renminbi and diversifying the international monetary system, breaking the monopoly of the dollar. He traces the evolution of the system and discusses its characteristics, appraisal of its functions and conflicts, and its unsustainability, as well as the causes, development, and impact of the financial crisis, its impact on the international monetary system, and its reform, including the role of China. He also discusses regional currency cooperation as a reform, and the advantages and disadvantages of the internationalization of the renminbi. ([umlaut] Ringgold, Inc., Portland, OR)

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Article Type:Book review
Date:Mar 1, 2016
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