VYAS Utpal
   Department     College of Asia Pacific Studies
   Position   Associate Professor
Research Period 2013/04~2015/03
Research Topic China's economic diplomacy and soft power strategy: internationalisation of the renminbi
Research Type Individual Research
Research Division KAKENHI Research
Consignor Japan Society for the Promotion of Science
Research Program Type Grant-in-Aid for Young Scientists (B)
KAKENHI Grant No. 25780126
Responsibility Representative Researcher
Representative Person VYAS Utpal
Details After the global financial crisis which started in the USA in 2007, the pace of change in the shape of the international political economy accelerated with China’s relatively strong growth, increasing foreign currency reserves and increasing economic and political influence in the world. Within this context, the Chinese government decided to try to promote the international use of its national currency, the renminbi (RMB). This study therefore posed the following research questions (1) how and why is the Chinese government promoting the RMB at this time, (2) what outcomes is the Chinese government looking for, and (3) how is RMB promotion being viewed around the world? The study determined that there is substantial evidence to suggest that the Chinese government is not pursuing RMB internationalisation for purely economic reasons, but is pursuing it as part of its long-term goal to gain international political status and restore its great power identity.