Prasad, Eswar - East Asian Bureau of Economic Research (EABER) - 2014
global financial markets. Although the People’s Republic of China (PRC) does not have either an open capital account or a … flexible exchange rate, the renminbi has attained considerable traction as an international currency on account of the PRCâ …€™s rising shares of global trade and gross domestic product. Through bilateral swaps that the People’s Bank of China has …