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Internationalization of the Chinese Renminbi: A Political Study of Currency Internationalization

Research Project

Project/Area Number 26380206
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field International relations
Research InstitutionNational Graduate Institute for Policy Studies

Principal Investigator

CHEY Hyoung-kyu  政策研究大学院大学, 政策研究科, 准教授 (20626999)

Project Period (FY) 2014-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywordsinternational currency / renminbi / yuan / internationalization / China / political economy / international money / international finance / International currency / Internationalization / Renminbi / Currency statecraft / Japan / United States / United Kingdom / South Korea / currency statecraft / the United States / the United Kingdom / currency / 長すぎて入らない / 人民元の国際化 / 通貨の国際化 / global currency
Outline of Final Research Achievements

This research project has carried out a systematic political economy study of currency internationalization, focusing on the case of the Chinese renminbi. It has several significant findings with regard to both the domestic and the international politics surrounding renminbi internationalization. As to the domestic politics, this research project has examined the issues of who has been in the driving seat promoting internationalization of the renminbi, why this actor has been pushing it, and how it has managed to acquire support from other domestic actors. With regard to the international politics, this research project has addressed how foreign actors have coped with renminbi internationalization, through in-depth qualitative analysis focusing largely on major countries - including the United States, Japan, the United Kingdom and South Korea - as well as quantitative cross-country research. The research outcomes have been published in major journals in international political economy.

Academic Significance and Societal Importance of the Research Achievements

The research outcomes have made substantial contributions to the literature on currency internationalization, in particular by shedding new light on the roles of foreign actors in the internationalization of a currency and by reassessing the benefits and costs of currency internationalization.

Report

(6 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • 2015 Research-status Report
  • 2014 Research-status Report

Research Products

(31 results)

All 2019 2018 2017 2016 2015 Other

All Int'l Joint Research (1 results) Journal Article (6 results) (of which Int'l Joint Research: 5 results,  Peer Reviewed: 5 results,  Acknowledgement Compliant: 2 results) Presentation (24 results) (of which Int'l Joint Research: 10 results,  Invited: 4 results)

  • [Int'l Joint Research] East Asia Studies Center (EASC) of USC(米国)

    • Related Report
      2017 Research-status Report
  • [Journal Article] Which Foreign States Support the Global Use of the Chinese Renminbi? The International Political Economy of Currency Internationalization2019

    • Author(s)
      Chey, Hyoung-kyu, Geun-Young Kim and Dong Hyun Lee
    • Journal Title

      The World Economy

      Volume: forthcoming Pages: 1-24

    • DOI

      10.1111/twec.12794

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] The Domestic Politics behind the International Rise of the Renminbi: The People’s Bank of China and Chinese Financial Reform2019

    • Author(s)
      Chey, Hyoung-kyu, and Yu Wai Vic Li
    • Journal Title

      Political Science Quarterly

      Volume: forthcoming Pages: 1-21

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] The International Politics of Reactive Currency Statecraft: Japan’s Reaction to the Rise of the Chinese Renminbi2018

    • Author(s)
      Chey Hyoung-kyu
    • Journal Title

      New Political Economy

      Volume: 印刷中 Pages: 1-20

    • DOI

      10.1080/13563467.2018.1461820

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] Who Are the First Users of a Newly-Emerging International Currency? A Demand-Side Study of Chinese Renminbi Internationalization2016

    • Author(s)
      Hyoung-kyu Chey Geun-Young Kim Dong Hyun Lee
    • Journal Title

      Bank of Korea Working Paper (Working Paper)

      Volume: Working Paper No.2016-19 Pages: 1-46

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Renminbi in Ordinary Economies: A Demand-Side Study of Currency Globalization2015

    • Author(s)
      Hyoung-kyu CHEY
    • Journal Title

      China & World Economy

      Volume: 23 Pages: 1-21

    • DOI

      10.1111/cwe.12111

    • NAID

      120006801947

    • Related Report
      2015 Research-status Report
    • Peer Reviewed / Int'l Joint Research / Acknowledgement Compliant
  • [Journal Article] The Renminbi in China’s Next-Door Neighbor2015

    • Author(s)
      Hyoung-kyu CHEY
    • Journal Title

      The Review of Northeast Asian Studies

      Volume: 7

    • Related Report
      2015 Research-status Report
    • Int'l Joint Research / Acknowledgement Compliant
  • [Presentation] The Impacts of Policy Infrastructures on the International Use of the Chinese Renminbi: A Cross-Country Analysis2019

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      2019 Korea’s Allied Economic Associations Annual Meeting
    • Related Report
      2018 Annual Research Report
  • [Presentation] The International Politics of Reactive Currency Statecraft: Japan’s Reaction to the Rise of the Chinese Renminbi2018

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      2018 Korean Political Science Association Spring Conference
    • Related Report
      2018 Annual Research Report
  • [Presentation] Why No Great Power Conflict over the Rise of the Chinese Renminbi? The International Politics of Currency Internationalization2018

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      Workshop on Monetary Conflict and Disorder in the New Age of Uncertainty, Cornell University
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] China’s Gravitational Power and Its Limits: The International Politics of Renminbi Internationalization2018

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      2018 Korean Political Science Association Annual Convention
    • Related Report
      2018 Annual Research Report
  • [Presentation] Which Foreign States Support the International Use of the Chinese Renminbi? A Cross-country Analysis2018

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      Fifth International Conference on The Chinese Economy: Past, Present and Future
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] How Does a Monetary Hegemon React to the Emergence of a New International Currency? The United States and the Chinese Renminbi2018

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      Political Economy of Asia’s Monetary and Financial Landscape
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research / Invited
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Chinese Renminbi Internationalization2017

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2017 Korean Economic Association Annual Conference
    • Place of Presentation
      Sogang University (Seoul Korea)
    • Year and Date
      2017-02-09
    • Related Report
      2016 Research-status Report
  • [Presentation] The Chinese Renminbi and Japan: Suppressing the International Rise of a Rival’s Money?2017

    • Author(s)
      Chey, Hyoung-kyu
    • Organizer
      International Studies Association International Conference
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] What’s behind the Driving Seat? Bureaucratic Politics and Interest Group Dynamics of Renminbi Internationalization2017

    • Author(s)
      Li, Yu Wai Vic and Chey, Hyoung-kyu
    • Organizer
      International Studies Association International Conference
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Chinese Renminbi Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2016 World Finance & Banking Symposium
    • Place of Presentation
      University of Dubai (Dubai, UAE)
    • Year and Date
      2016-12-14
    • Related Report
      2016 Research-status Report
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency?A Demand-side Study of Chinese Renminbi Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2016 Korean Association of International Studies Annual Convention
    • Place of Presentation
      Seoul, Korea
    • Year and Date
      2016-12-01
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency, the Chinese Renminbi? A Demand-side Study of Currency Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      14th Asia Pacific Conference
    • Place of Presentation
      Ritsumeikan Center for Asia Pacific Studies (Beppu, Oita)
    • Year and Date
      2016-11-05
    • Related Report
      2016 Research-status Report
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Chinese Renminbi Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2016 Japan Association of International Relations Annual Convention
    • Place of Presentation
      Makuhari Messe (Chiba-shi, Chiba)
    • Year and Date
      2016-10-14
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Currency Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2016 International Studies Association Asia-Pacific Conference
    • Place of Presentation
      City University of Hong Kong (Hong Kong)
    • Year and Date
      2016-06-25
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY, Yu Wai Vic LI
    • Organizer
      2016 International Studies Association Annual Convention
    • Place of Presentation
      Atlanta, Georgia, USA
    • Year and Date
      2016-03-16
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Currency Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY, Geun-Yong KIM, Dong Hyun LEE
    • Organizer
      2016 International Studies Association Annual Convention
    • Place of Presentation
      Atlanta, Georgia, USA
    • Year and Date
      2016-03-16
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Currency Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      RIETI Research Meeting "Exchange Rates and International Currency"
    • Place of Presentation
      The Research Institute of Economy, Trade and Industry (RIETI) (Chiyoda-ku, Tokyo)
    • Related Report
      2016 Research-status Report
  • [Presentation] Who Are the First Users of a Newly-emerging International Currency? A Demand-side Study of Chinese Renminbi Internationalization2016

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      Bank of Korea seminar
    • Place of Presentation
      Bank of Korea (Seoul, Korea)
    • Related Report
      2016 Research-status Report
    • Invited
  • [Presentation] Renminbi in Ordinary Economies: A Demand-Side Study of Currency Globalization2015

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2015 Japan Association of International Relations Annual Conference
    • Place of Presentation
      Sendai International Center, Sendai, Miyagi
    • Year and Date
      2015-10-31
    • Related Report
      2015 Research-status Report
  • [Presentation] Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence and Internationalization2015

    • Author(s)
      Hyoung-kyu CHEY, Yu Wai Vic LI
    • Organizer
      Bank of Korea seminar
    • Place of Presentation
      Seoul, South Korea
    • Year and Date
      2015-09-24
    • Related Report
      2015 Research-status Report
    • Invited
  • [Presentation] The Renminbi in Ordinary Economies: A Demand-side Study of Currency Globalization2015

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      2015 Spring Conference of the Korean Political Science Association
    • Place of Presentation
      Seoul, South Korea
    • Year and Date
      2015-04-24
    • Related Report
      2015 Research-status Report
  • [Presentation] The Renminbi in Ordinary Economies: A Demand-side Study of Currency Globalization2015

    • Author(s)
      Hyoung-kyu CHEY
    • Organizer
      Bank of Korea seminar
    • Place of Presentation
      Seoul, South Korea
    • Year and Date
      2015-04-21
    • Related Report
      2015 Research-status Report
    • Invited
  • [Presentation] The Renminbi in Ordinary Economies: A Demand-Side Study of Currency Globalization2015

    • Author(s)
      Hyoung-kyu Chey
    • Organizer
      2015 International Studies Association Annual
    • Place of Presentation
      New Orleans, USA
    • Year and Date
      2015-02-18 – 2015-02-21
    • Related Report
      2014 Research-status Report
  • [Presentation] Changing Global Financial Governance? International Financial Standards and Emerging Economies since the Global Financial Crisis2015

    • Author(s)
      Hyoung-kyu Chey
    • Organizer
      2015 International Studies Association Annual
    • Place of Presentation
      New Orleans, USA
    • Year and Date
      2015-02-18 – 2015-02-21
    • Related Report
      2014 Research-status Report

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Published: 2014-04-04   Modified: 2022-02-21  

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