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Resaarch on the Relationship of RMB and Japanese Yen in East Ssian Monetary Cooperation

Author: LiuLu
Tutor: SuHang
School: Dongbei University of Finance
Course: World economy
Keywords: East Asian currency cooperation Yen and RMB competition andcooperation
CLC: F832.6
Type: Master's thesis
Year: 2012
Downloads: 42
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Abstract


East Asian countries have realized the risk of pegging their currencies to the dollar and begun to explore the issue of Asian currency cooperation since the Asian financial crisis broke out in1997.The Sub-prime Mortgage Crisis broke out in2007and quickly changed into a global financial crisis which made the East Asian countries realize the urgency of accelerating regional monetary cooperation.After several decades of efforts, the East Asian monetary cooperation has got a series of achievements. However, lacking of axis powers and currency anchor, regional monetary cooperation walked with difficulty.As we know, China and Japan are economic giants and play a important role in East Asia. Japan is the only developed country in East Asia but China has replaced Japan to become the largest economy in East Asia in2010. China and Japan are twin-engine fueling the economic growth of East Asia and able to take the leading roles of promoting the regional monetary cooperation. Yen has returned to Asia after it directly challenged the hegemony status of dollar with difficulties, encountering RMB internationalization. Owing to the differences of economic strength, economic cycle and the profit motive, the competition between China and Japan is inevitable. However, Japan’s economy is in recession, its prime minister replaces frequently and social problems are serious in the recent years.At the same time, China’s financial system is incomplete and it’s interest and exchange rate have not realized liberalization. Furthermore, RMB internationalization has just started. Considering the above situation, China and Japan can’t lead regional monetary cooperation by themselves when they encounter the hegemonic status of dollar in Asia. But their economic cycles are becoming similar and the economic relationship is becoming closer. Moreover, the abilities of communicating and coordinating with each other are stronger in the future. China and Japan will gain more profits by collaboration with development of regional monetary cooperation.This article describes the achievements and difficulties of the regional cooperation in East Asia. Then author analyses the competitive and cooperative relationship between Yen and RMB which are both the key currencies. The author forecasts the relationship of Yen and RMB by analyzing income and cost of different strategies.The first part is introduction which presents the background, significance of this article. The structure and content of this article lie on summarizing domestic and overseas scholar’s researches.The second part describes the present situation of the East Asian currency cooperation, which introduced the effects that the two economic crisis produced and the status of regional currency cooperation. It also analyses the difficulties of the Asian currency cooperation. Lacking of Axis powers and currency anchor are major problems of the regional currency cooperation. This part is prepared for the following parts to introduce the relationship of Yen and RMB.The third part analyses the competitive relationship of Yen and RMB. This part compares advantages and disadvantages of Yen and RMB from five aspects. The aspects includes economic strength, market position, progress of the currency internationalization, the degree of development in financial system, the regime and credit of exchange rate. The author draw a conclusion that China and Japan can’t lead regional currency cooperation by themselves.The fourth part discusses the coordination of Yen and RMB. The article introduces the achievements of cooperation between them on the settlement, currency swap, bond, foreign exchange reserve of the East Asia and dialogue mechanism. Then this part analyses necessities, possibilities and difficulties of the coordination between Yen and RMB. At last, the author come up with several proposals to promote the cooperation of Yen and RMB.The fifth part forecasts the relationship of Yen and RMB. The article discusses the cost and benefit of choosing strategy in competition or cooperation.The Asian currency cooperation is a long progress, Yen and RMB should adjust their relationship in different periods.The sixth part is the conclusion. This article describes relationship of Yen and RMB detailedly. The author consider China and Japan both gain from peaceful coexistence and lose from conflicts. China should take advantage of beneficial prospect of economy development and international environment to accelerate the pace of internationalization of RMB.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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