Page 76 - 2017 White Paper
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7 White Paper on the Business Environment in China
decision a “recognition of China’s reform and opening- Works Cited
up achievements, and will enable China to be more
engaged in global economic governance” (Xinhua 2015). Asia Times. 2016. “China AIIB Chief: 30 More Nations Want to Join.”
Accessed December 2, 2016. http://www.atimes.com/article/china-
The State Council’s announcement was followed aiib-chief-30-more-nations-want-to-join/
shortly by a statement from Xing Yujing, director general
of the No 2 monetary policy department of the People’s Bastin, Mike. 2015. “AIIB Investment Will Benefit The West.”
Bank of China who said the inclusion of the yuan into Telegraph. Last modified July 26, 2015. http://www.telegraph.co.uk/
the International Monetary Fund’s (IMF) global reserve sponsored/china-watch/business/11763107/aiib-investment-will-
currencies basket is the starting point for deeper benefit-the-west.html
financial reforms, which include a greater liberalization of
its capital account. She said the yuan’s admission into the Bradsher, Keith. 2015. “China’s Renminbi Is Approved by I.M.F. as
IMF’s Special Drawing Rights basket would help improve a Main World Currency.” New York Times. Last modified November 30,
price discoverability for the currency. However, she 2015. http://www.nytimes.com/2015/12/01/business/international/
noted the yuan lagged behind other major currencies china-renminbi-reserve-currency.html?_r=0
in terms of convertibility on the capital account and
that China still needed to open up its financial markets Campbell, Charlie, and Siqi Yang. 2016. “China’s Xi Jinping Talks
further (South China Morning Post 2015). Up ‘One Belt, One Road’ as Keynote Project Fizzles.” TIME. Accessed
December 2, 2016. http://time.com/4457044/xi-jinping-one-belt-one-
While the yuan is already convertible under China’s road-obor-south-china-sea-economic-trade-business/
current account, the broadest measure of trade in goods
and services, the capital account, which covers portfolio Dollar, David. 2015. “China’s Rise as a Regional and Global Power:
investment and borrowing, is still subject to restrictions AIIB and OBOR.” Last modified 2015. http://www.brookings.edu/
as Beijing worries about abrupt capital flight and hot- research/papers/2015/07/china-regional-global-power-dollar
money inflows.
Drezner, Daniel. 2015. “Will Congress Approve The Trans-Pacific
US and Global Market Implications Partnership?” Washington Post. Last modified October 6, 2015. https://
www.washingtonpost.com/posteverything/wp/2015/10/06/will-
Experts say that even though President Xi Jinping congress-approve-the-trans-pacific-partnership/
may have been quoted in mid-November as saying that
the yuan’s new status “will improve the international Ganguly, Robin. 2016. “China’s Yuan Joins IMF Reserves in First
monetary system and safeguard global financial stability” Revision Since 1999.” Bloomberg. Accessed November 28, 2016.
(Bradsher 2015), “the IMF decision may have limited https://www.bloomberg.com/news/articles/2016-10-01/china-s-
market impact in a world dominated by the U.S. dollar. yuan-joins-imf-reserves-in-first-revision-since-1999
Still, though largely perceived as a symbolic reflection Holland, Tom. 2016. “China’s Real Reason For Getting Yuan Into
of China’s rising economic power, the decision may have IMF’s (Otherwise Pointless) Currency Basket.” South China Morning
a bigger geopolitical impact in providing China a voice Post. Accessed November 28, 2016. http://www.scmp.com/week-asia/
in international monetary decisions; in possibly enabling article/2024064/chinas-real-reason-getting-yuan-imfs-otherwise-
China to create a money transfer system to compete pointless-currency-basket
with the widely used “Swift” system; and in likely limiting
the dollar’s use in enforcing political sanctions. Most Hughes, Krista. 2015. “White House to Work with Congress on TPP
importantly, the yuan’s new status could also encourage Vote Timing.” Reuters. Last modified November 12, 2015. http://www.
China to accelerate its financial sector reforms – a move reuters.com/article/us-trade-tpp-usa-idUSKCN0T12JR20151112
which would be welcomed by foreign investors.
Illmer, Andreas. 2016. “AIIB: Chinese investment paving the new
silk road.” BBC. Accessed December 2, 2016. http://www.bbc.com/
news/business-36309516
IMF Survey. 2015a. “Chinese Renminbi to Be Included in IMF’s
Special Drawing Right Basket.” Last modified December 1, 2015.
76
decision a “recognition of China’s reform and opening- Works Cited
up achievements, and will enable China to be more
engaged in global economic governance” (Xinhua 2015). Asia Times. 2016. “China AIIB Chief: 30 More Nations Want to Join.”
Accessed December 2, 2016. http://www.atimes.com/article/china-
The State Council’s announcement was followed aiib-chief-30-more-nations-want-to-join/
shortly by a statement from Xing Yujing, director general
of the No 2 monetary policy department of the People’s Bastin, Mike. 2015. “AIIB Investment Will Benefit The West.”
Bank of China who said the inclusion of the yuan into Telegraph. Last modified July 26, 2015. http://www.telegraph.co.uk/
the International Monetary Fund’s (IMF) global reserve sponsored/china-watch/business/11763107/aiib-investment-will-
currencies basket is the starting point for deeper benefit-the-west.html
financial reforms, which include a greater liberalization of
its capital account. She said the yuan’s admission into the Bradsher, Keith. 2015. “China’s Renminbi Is Approved by I.M.F. as
IMF’s Special Drawing Rights basket would help improve a Main World Currency.” New York Times. Last modified November 30,
price discoverability for the currency. However, she 2015. http://www.nytimes.com/2015/12/01/business/international/
noted the yuan lagged behind other major currencies china-renminbi-reserve-currency.html?_r=0
in terms of convertibility on the capital account and
that China still needed to open up its financial markets Campbell, Charlie, and Siqi Yang. 2016. “China’s Xi Jinping Talks
further (South China Morning Post 2015). Up ‘One Belt, One Road’ as Keynote Project Fizzles.” TIME. Accessed
December 2, 2016. http://time.com/4457044/xi-jinping-one-belt-one-
While the yuan is already convertible under China’s road-obor-south-china-sea-economic-trade-business/
current account, the broadest measure of trade in goods
and services, the capital account, which covers portfolio Dollar, David. 2015. “China’s Rise as a Regional and Global Power:
investment and borrowing, is still subject to restrictions AIIB and OBOR.” Last modified 2015. http://www.brookings.edu/
as Beijing worries about abrupt capital flight and hot- research/papers/2015/07/china-regional-global-power-dollar
money inflows.
Drezner, Daniel. 2015. “Will Congress Approve The Trans-Pacific
US and Global Market Implications Partnership?” Washington Post. Last modified October 6, 2015. https://
www.washingtonpost.com/posteverything/wp/2015/10/06/will-
Experts say that even though President Xi Jinping congress-approve-the-trans-pacific-partnership/
may have been quoted in mid-November as saying that
the yuan’s new status “will improve the international Ganguly, Robin. 2016. “China’s Yuan Joins IMF Reserves in First
monetary system and safeguard global financial stability” Revision Since 1999.” Bloomberg. Accessed November 28, 2016.
(Bradsher 2015), “the IMF decision may have limited https://www.bloomberg.com/news/articles/2016-10-01/china-s-
market impact in a world dominated by the U.S. dollar. yuan-joins-imf-reserves-in-first-revision-since-1999
Still, though largely perceived as a symbolic reflection Holland, Tom. 2016. “China’s Real Reason For Getting Yuan Into
of China’s rising economic power, the decision may have IMF’s (Otherwise Pointless) Currency Basket.” South China Morning
a bigger geopolitical impact in providing China a voice Post. Accessed November 28, 2016. http://www.scmp.com/week-asia/
in international monetary decisions; in possibly enabling article/2024064/chinas-real-reason-getting-yuan-imfs-otherwise-
China to create a money transfer system to compete pointless-currency-basket
with the widely used “Swift” system; and in likely limiting
the dollar’s use in enforcing political sanctions. Most Hughes, Krista. 2015. “White House to Work with Congress on TPP
importantly, the yuan’s new status could also encourage Vote Timing.” Reuters. Last modified November 12, 2015. http://www.
China to accelerate its financial sector reforms – a move reuters.com/article/us-trade-tpp-usa-idUSKCN0T12JR20151112
which would be welcomed by foreign investors.
Illmer, Andreas. 2016. “AIIB: Chinese investment paving the new
silk road.” BBC. Accessed December 2, 2016. http://www.bbc.com/
news/business-36309516
IMF Survey. 2015a. “Chinese Renminbi to Be Included in IMF’s
Special Drawing Right Basket.” Last modified December 1, 2015.
76
