Which Way Forward for the Renminbi? A Historical Perspective
Bill Allen, Allen Economics
Forrest Capie, Emeritus Professor, Cass Business School
Hui Zheng, Coordinator, China Group (London), Allen & Overy LLP
Chair: Paola Subacchi, Research Director, International Economics, Chatham House
The emergence of the renminbi (RMB) as an internationalized currency is dependent on China's on-going financial reform. During the course of the 20th century, four major national currencies rose to international currency status: the dollar, in the first half of the century, the mark and the yen over the two decades following the break-up of the Bretton Woods system, and finally the euro. These four cases differ in many respects, including the terms on which the currencies ended the century, but there are some common elements in the circumstances in which each rose to international currency status, which may hold lessons for the renminbi.
Taking a historical perspective, the panel will discuss what the future holds for the Chinese currency, drawing on lessons from the dollar and the pound.
Attendance is by invitation only.