2013 Fiscal Year Research-status Report

中国の経済外交とソフトパワー戦略　‐人民元のグローバル化‐

Research Project

Project/Area Number	25780126
Research Category	Grant-in-Aid for Young Scientists (B)
Research Institution	Ritsumeikan Asia Pacific University
Principal Investigator	VYAS Utpal 立命館アジア太平洋大学, アジア太平洋学部, 准教授 (10550337)
Project Period (FY)	2013-04-01 – 2015-03-31
Keywords	China / renminbi / internationalisation / power / policy / reserve currency / offshore trading / liberalisation
Research Abstract	I have identified useful sources of information on the progress of renminbi (RMB) internationalisation and have acquired books and articles with Grants-in-Aid funds, including some Chinese sources, which will be used as a basis for my theoretical background and literature review and as primary and secondary sources of evidence for the research cases. I have been able to use the subscription to the London Financial Times, purchased with Grants-in-Aid funds, to follow the development of offshore currency trading of the RMB in London, Singapore and elsewhere. As this is a new and developing process, this detailed reporting and analysis has been an invaluable source. I carried out a research field trip to China, visiting Beijing, Shanghai and Tianjin, and during the trip I was able to gain information in the form of interviews as well as books, articles and visual data. In particular I was able to meet several scholars, one of whom is closely involved in the People’s Bank of China’s research on currency internationalisation, and who provided me with deep insight into the debates surrounding RMB internationalisation which are now happening in China. I was also able to visit an international finance museum in Beijing, and the financial district in Shanghai, which provided me with insight into Chinese perspectives on these issues. I also attended lectures on the Chinese economy and political system at Beijing University and Shanghai Municipal Library. In Tianjin, I was able to visit a city exhibition detailing the development of Tianjin and its economy and international port.
Current Status of Research Progress	Current Status of Research Progress 2: Research has progressed on the whole more than it was originally planned. Reason Due to a research plan revision I have some funds remaining from FY2013. I am planning to make a research trip to the UK in Summer 2014 to gather data on RMB offshore trading there, and I plan to make a trip to Singapore in February 2015. I plan to have gathered enough data to be able to produce two or more research papers by the end of the research grant period, i.e. by the end of FY2014. At the current time, my understanding of the reasons for RMB internationalisation and the current progress has deepened considerably due to my documentary and field research. In the remaining research period I plan to increase my understanding of how far internationalisation of the RMB has progressed in practical terms and how it is being received in London and Singapore.
Strategy for Future Research Activity	I am planning to organize the information I have collated so far into an outline for a paper over the next three months (May-July 2014). I will make my planned research trip to the UK in August 2014, where I will interview scholars and practitioners regarding the progress of RMB usage and trading in London. I plan to present a paper on this research project at a conference to be held at Ritsumeikan Asia Pacific University in January 2015, and this paper is scheduled to be published as a book chapter in 2015. I will also be writing a paper to be submitted to a peer-reviewed journal during the next year. I plan to use the remaining Grants-in-Aid funds mostly for the UK field trip, and also to obtain further documentary resources which may be necessary. I plan also to travel to Singapore to carry out my postponed research trip in February 2015 with my remaining funds. I therefore anticipate the research project will be completed on schedule.
Expenditure Plans for the Next FY Research Funding	I rescheduled my visit to Singapore for field research. I plan to use the carried over funds to carry out a research trip to Singapore in February 2015.