Publicado

2021-02-04

El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China

The renminbi (RMB) and its role in China's quest for economic hegemony

O renminbi (RMB) e seu papel na busca por hegemonia econômica da China

DOI:

https://doi.org/10.15446/cuadecon.v40n82.81270

Palavras-chave:

Renminbi, China, Geopolítica, Divisas, Monedas de Reserva (es)
renminbi, China, geopolítica, câmbio, moedas de reserva (pt)
Renminbi, China, Geopolitics, Foreign Exchange, Reserve currencies (en)

Autores

Ante un orden mundial unipolar, con Estados Unidos como Estado dominante, China busca reconfigurar este orden hacia uno multipolar. Una vez alcanzados resultados importantes en el ámbito económico, pareciera que su próximo objetivo es posicionar el renminbi (RMB). El primer logro fue alcanzado cuando el FMI autorizó su ingreso a una selecta canasta de divisas, lo que lo convierte en moneda de reserva internacional. Sin embargo, el RMB está lejos de ser relevante como el dólar. Este artículo evalúa las causas, las consecuencias y el grado de posicionamiento que el RMB ha alcanzado en el orden internacional.

Before a unipolar world order, China seeks to reconfigure this order towards a multipolar one. Once important results have been achieved in the economic field, it seems that its next objective is the positioning of the Renminbi. The first achievement was achieved when the IMF authorized the entry of the RMB into a select basket of currencies, which makes it an international reserve currency. However, the RMB is far from being as relevant as the dollar. This article aims to assess the degree of the positioning of the RMB in the international order; what are its causes and what are its consequences.

Diante de uma ordem mundial unipolar, com os Estados Unidos como o estado dominante, a China busca reconfigurar essa ordem para uma ordem multipolar. Tendo alcançado resultados importantes na esfera econômica, parece que seu próximo objetivo é posicionar o renminbi (RMB). A primeira conquista foi alcançada quando o FMI autorizou sua entrada em uma cesta de moedas seleta, o que a torna uma moeda de reserva internacional. No entanto, o RMB está longe de ser relevante como o dólar. Este artigo avalia as causas, consequências e o grau de posicionamento que o RMB alcançou na ordem internacional.

Referências

Acemoglu, D., & Robinson, J. A. (2012). Por qué fracasan los países. Los orígenes del poder, la prosperidad y la pobreza. Bogotá: Ediciones Deusto.

Ang, Y. (2018). Autocracy with Chinese characteristics. Foreign Affairs, 97(3), 38-46.

Angrick, S. (2018). Structural conditions for currency internationalization: International finance and the survival constraint. Review of International Political Economy, 99-725. https://doi.org/10.1080/09692290.2018.1472129

Banco Mundial. (2018). PIB (US$ a precios actuales). https://datos.bancomundial.org/indicador/ny.gdp.mktp.cd

Banco Mundial. (2019). https://www.worldbank.org/

Barma, N., Ratner, E., & Weber, S. (2007). A world without the West. National Interest, 90, 23-35.

Bloomberg (2018). Bloomberg Professional. Consultado el 19 de abril de 2018. https://www.bloomberg.com/

Bowles, P., & Wang, B. (2008). The rocky road ahead: China, the US and the future of the dollar. Review of International Political Economy, 15(3), 335-353.

Cheng, L., Luo, J., & Liu, L. (2018). Is renminbi a (truly) international currency? An evaluation based on offshore foreign exchange market trading patterns. https://mpra.ub.uni-muenchen.de/89279/1/MPRA_paper_89279.pdf

Cheung, Y. W., Chinn, M. D., & Fujii, E. (2007). The overvaluation of renminbi undervaluation. Journal of International Money and Finance, 26(5), 762-785.

Cohen, B. J. (2015). Currency power: Understanding monetary rivalry currency power: Understanding monetary rivalry. Princeton y Oxford: Princeton University Press.

Das, D. K. (2010). The renminbi yuan and its accelerating global clout. Journal of Asia Business Studies, 4(2), 109-116.

De Conti, B., & Prates, D. M. (2018). The international monetary system hierarchy: Current configuration and determinants. Texto para discussão 335. Campinas: Instituto de Economia. http://www.eco.unicamp.br/images/arquivos/artigos/3613/TD335.pdf

De Paula, L. F., Fritz, B., & Prates, D. M. (2017). Keynes at the periphery: Currency hierarchy and challenges for economic policy in emerging economies. Journal of Post Keynesian Economics, 40(2), 183-202.

Dollar, D. (2018). Long-term and short-term impediments to the RMB’s rise as a Reserve Currency. Cato Journal, 18(2), 537-547.

Eichengreen, B., & Lombardi, D. (2017). RMBI or RMBR? Is the renminbi destined to become a global or regional currency? Asian Economic Papers, MIT Press, 16(1), 35-59.

Fatum, R., Yamamoto, Y., & Zhu, G. (2017). Is the renminbi a safe haven? Journal of International Money and Finance, 79(C), 189-202.

Frankel, J. A. (2006). The Balassa-Samuelson relationship and the renminbi. Harvard University, The Kennedy School of Government, December. Available at: http://ksghome.harvard.edu/jfrankel/BalasaSamuelson&ChinaRMB.pdf

Germain, R., & Schwartz, H. (2014). The political economy of failure: The euro as an international currency. Review of International Political Economy, 21(5), 1095-1122.

Guttmann, R. (2016). Finance-led capitalism: Shadow banking, re-regulation, and the future of global markets. Nueva York (NY): Palgrave Macmillan.

He, D., & McCauley, R. (2010). SSRN offshore markets for the domestic currency: Monetary and financial stability issues (Working Paper, 320). BIS. https://www.bis.org/publ/work320.pdf

Higueras, G. (2015). La Ruta de la Seda del siglo XXI. Política Exterior, 29(167), 40-52.

Kaltenbrunner, A. (2015). A post Keynesian framework of exchange rate determination: A Minskyan approach. Journal of Post Keynesian Economics, 38, 426-44.

Kissinger, H. (2016). Orden mundial. Reflexiones sobre el carácter de los países y el curso de la historia. México: Debate.

Kostov, D. (2016). A new yuan or a new monetary system. Narodnostopanski Arhiv, 2, 68-90.

Krugman, P. (1984). The international role of the dollar: Theory and prospect. En J. F. Bilson & R. C. Marston (eds.), Exchange rate theory and practice (pp. 261-278). Chicago (IL): University of Chicago Press.

Li, A. (2015). Tumbled stock market, RMB devaluation and financial reform in China. China Perspectives, 4. http://journals.openedition.org/chinaperspectives/6870

Liao, S., & McDowell, D. (2015). Redback rising: China’s bilateral swap agreements and renminbi internationalization. International Studies Quarterly, 59(3), 401-422. https://doi.org/10.1111/isqu.12161

Liao, S., & McDowell, D. (2016). No reservations: International order and demand for the renminbi as a reserve currency. International Studies Quarterly, 60(2), 272-293. https://doi.org/10.1093/isq/sqv020

Lo, Ch. (2017). Earthquake coming: Sooner or later, how the Chinese renminbi is going to shake up the global financial system. The International Economy, 4, 52-56.

McDowell, D., & Steinberg, D. A. (2017). Systemic strengths, domestic deficiencies: The renminbi’s future as a reserve currency. Journal of Contemporary China, 26(088), 801-819.

McKinnon, R. (2007). Why China should keep its dollar peg. International Finance, 10(1), 43-70. https://doi.org/10.1111/j.1468-2362.2007.00195.x

Ministerio de Comercio de China. (2019). Red de servicios de la zona de libre comercio de China. Consultado el 29 de marzo de 2019. http://fta.mofcom.gov.cn/

Patiño, C. A. (2017). Imperios contra Estados. La destrucción del orden internacional contemporáneo. Bogotá: Debate.

Prasad, E. S. (2018). The slow, uneven rise of the renminbi. Cato Journal, 38(2), 521-529.

RMB Tracker. (2018). RMB Tracker document centre. https://www.swift.com/our-solutions/compliance-and-shared-services/business-intelligence/renminbi/rmb-tracker/document-centre?tl=en#topic-tabs-menu

Rodríguez, E. (25 de agosto de 2016). El gran salto Adelante. La hambruna secreta de Mao. El orden mundial. https://elordenmundial.com/2016/08/25/gran-salto-adelante-la-hambruna-secreta-mao/

Rotblat, C. (2017). Weaponizing the plumbing: Dollar diplomacy, yuan internationalization, and the future of financial sanctions. Journal of International Law and Foreign Affairs, 21(2), 311-60.

Roubini, N. (2007). Why China should abandon its dollar peg. International Finance, 10(1), 71-89. https://doi.org/10.1111/j.1468-2362.2007.00197.x

Sen, A. (1981). Poverty and famines: An essay on entitlement and deprivation: The great bengal famine. Oxford: Claredon Press.

Shambaugh, D. (2015). China’s soft-power push. Foreign Affairs, 94(4), 99-107.

Tricky Troika. (14 de octubre de 2017). The internationalisation of China’s currency has stalled. The Economist. https://www.economist.com/financeand-economics/2017/10/14/the-internationalisation-of-chinas-currencyhas-stalled?zid=306&ah=1b164dbd43b0cb27ba0d4c3b12a5e227

U. S. Department of the Treasury. (s. f.). Sanctions programs and country information. https://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx

Wang, Y. Ch., Tsai, J. J., & Chen, T. W. (2017). Renminbi internationalization: Progress and comparison. Journal of Discrete Mathematical Sciences and Cryptography, 20, 6-7.

Yuan, Y. (2018). The emergence of renminbi as an international invoicing currency and the spillover. Journal of Applied Business & Economics, 20(3), 11-33.

Zhang, Q. (2013). Analysis on the relationship between the RMB internationalization and the capital account openness. Proceedings of the 2013 International Academic Workshop on Social Science. https://doi.org/10.2991/iaw-sc.2013.69

Como Citar

APA

Rodríguez Gómez, W. F. (2021). El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China. Cuadernos de Economía, 40(82), 227–252. https://doi.org/10.15446/cuadecon.v40n82.81270

ACM

[1]
Rodríguez Gómez, W.F. 2021. El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China. Cuadernos de Economía. 40, 82 (jan. 2021), 227–252. DOI:https://doi.org/10.15446/cuadecon.v40n82.81270.

ACS

(1)
Rodríguez Gómez, W. F. El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China. Cuad. econ 2021, 40, 227-252.

ABNT

RODRÍGUEZ GÓMEZ, W. F. El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China. Cuadernos de Economía, [S. l.], v. 40, n. 82, p. 227–252, 2021. DOI: 10.15446/cuadecon.v40n82.81270. Disponível em: https://revistas.unal.edu.co/index.php/ceconomia/article/view/81270. Acesso em: 15 jul. 2024.

Chicago

Rodríguez Gómez, Wilson Fernando. 2021. “El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China”. Cuadernos De Economía 40 (82):227-52. https://doi.org/10.15446/cuadecon.v40n82.81270.

Harvard

Rodríguez Gómez, W. F. (2021) “El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China”, Cuadernos de Economía, 40(82), p. 227–252. doi: 10.15446/cuadecon.v40n82.81270.

IEEE

[1]
W. F. Rodríguez Gómez, “El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China”, Cuad. econ, vol. 40, nº 82, p. 227–252, jan. 2021.

MLA

Rodríguez Gómez, W. F. “El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China”. Cuadernos de Economía, vol. 40, nº 82, janeiro de 2021, p. 227-52, doi:10.15446/cuadecon.v40n82.81270.

Turabian

Rodríguez Gómez, Wilson Fernando. “El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China”. Cuadernos de Economía 40, no. 82 (janeiro 1, 2021): 227–252. Acessado julho 15, 2024. https://revistas.unal.edu.co/index.php/ceconomia/article/view/81270.

Vancouver

1.
Rodríguez Gómez WF. El renminbi (RMB) y su papel frente a la búsqueda de hegemonía económica de China. Cuad. econ [Internet]. 1º de janeiro de 2021 [citado 15º de julho de 2024];40(82):227-52. Disponível em: https://revistas.unal.edu.co/index.php/ceconomia/article/view/81270

Baixar Citação

CrossRef Cited-by

CrossRef citations0

Dimensions

PlumX

Acessos à página de resumo

466

Downloads

Não há dados estatísticos.