The Emerging Marketization of RMB Offshore Finance --A Case Study of RMB Offshore Financial Market
Author
Li, Haiyang
Term
2. Term (Master)
Education
Publication year
2019
Abstract
This thesis examines the emerging marketization of RMB offshore finance through a case study of Hong Kong’s RMB offshore market in a neoliberal context. It addresses what implications offshore financial markets have for RMB internationalization, what drives this process, and why offshore RMB markets have appeared. Drawing on neoliberalism and financial innovation theory, the study combines a qualitative case study with analysis of official data from institutions such as the Hong Kong Monetary Authority and the IMF, focusing on cross-border trade settlement and the Belt and Road Initiative. The thesis highlights key drivers of RMB internationalization, including expanding use in cross-border trade and settlement, inclusion in the IMF’s SDR basket, and the Belt and Road Initiative. It reviews the background, development path, and significance of Hong Kong’s market and the role of financial innovations such as the Shanghai–Hong Kong and Shenzhen–Hong Kong Stock Connect programs and Dim Sum bonds, and notes extensions to Singapore and London. Findings presented in the excerpt indicate that offshore RMB markets expand the currency’s circulation, increase liquidity, and strengthen the foundations for internationalization, offering a practical pathway while China’s capital account remains only partially open.
Afhandlingen undersøger den fremvoksende markedsgørelse af RMB-offshorefinans gennem et casestudie af Hongkongs RMB-offshoremarked i en neoliberal kontekst. Den adresserer, hvilke implikationer offshore finansielle markeder har for RMB-internationalisering, hvilke kræfter der driver denne udvikling, og hvorfor offshore-RMB-markeder er opstået. Med udgangspunkt i neoliberalisme og finansiel innovationsteori kombinerer studiet et kvalitativt casestudie med analyse af officielle data fra blandt andre Hong Kong Monetary Authority og IMF, og fokuserer på grænseoverskridende handelssafregning samt Bælte-og-Vej-initiativet. Afhandlingen fremhæver centrale drivkræfter for RMB’s internationalisering, herunder stigende brug i handel og afregning på tværs af grænser, Kinas optagelse i IMF’s SDR-kurv og Bælte-og-Vej-initiativet. Den gennemgår baggrund, udviklingsvej og betydning af Hongkongs marked samt finansielle innovationer som Shanghai–Hong Kong og Shenzhen–Hong Kong Stock Connect og Dim Sum-obligationer, og berører udvidelser til Singapore og London. Ifølge de præsenterede fund bidrager offshore-RMB-markeder til at udvide valutaens cirkulation, øge likviditeten og styrke fundamentet for internationalisering, og de tilbyder en praktisk vej, mens Kinas kapitalkonto fortsat kun er delvist åbnet.
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