A internacionalização do RMB diante do controle sobre o sistema financeiro chinês

The internationalization of the RMB in view of the control over the Chinese financial system

Resumo

After the 2008 crisis, China started a process of internationalization of its currency, the Renminbi (RMB), stimulated domestic reforms in the financial sector, boosting exports and investments. Exchange swap agreements were included, a specific international payments system was created, and the RMB was included in the IMF's currency basket. However, since the 2010s, the trajectory of the RMB's internationalization has presented difficulties for its advancement. In this work, our objective is to analyze these difficulties. We argue that external and internal factors contribute to understanding the difficulties of currency internationalization: externally, the role played by the dollar, which remains central with networks of externalities reproducing its strength as an international currency; domestically, China's option to maintain control of its capital account is difficult for the external insertion of the RMB. We conclude that China has sacrificed the internationalization of the RMB in order to maintain control over its financial system.