VYAS Utpal    Department   Ritsumeikan Asia Pacific University  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.