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Internationalization of the Renminbi

Its Implications for China's Domestic Reform and the International System

June 7-8, 2012

This two-day conference brought together leading policy experts and economists from China, Hong Kong, Asia, and the U.S. to analyze the logic, dynamics, and the domestic and international ramifications of the internationalization of the Renminbi, or RMB.

Conference participants had a rare opportunity to hear top officials, bankers, and scholars on one of the most important issues facing global economy today, and to participate in networking opportunities with keynote speakers, panelists, and other attendees.

Conference Program | Conference Summary

Keynote Address

Keynote Address: Day 1

JIN Zhongxia (金中夏), Director General of Research Institute, People’s Bank of China
"The Use of RMB in International Transactions: Background, Development and Prospect"

Keynote Discussion

Chair and Moderator: Susan SHIRK,Chair, 21st Century China Center, GPS, UC San Diego

Keynote Luncheon Address

Richard W. FISHER, President and CEO, Federal Reserve Bank of Dallas
"Implications of Renminbi Internationalization for the U.S. and the Global Economy"

Chair and Moderator: Susan SHIRK
Chair, 21st Century China Center, GPS, UC San Diego

Keynote Address: Day 2

Barry EICHENGREEN, George Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science, UC Berkeley

Keynote Discussion

Chair and Moderator: Peter COWHEY, Dean of GPS and Qualcomm Endowed Chair in Communications and Technology Policy, UC San Diego

Featured Presentations: Day 1

Opening Remarks by Peter F. COWHEY and Video Welcome from Dr. Charles ZHANG

Dean of GPS and Qualcomm Endowed Chair in Communications and Technology Policy, UC San Diego
Chairman of the Board and CEO of, presenting sponsor of the Internationalization of the Renminbi conference.

Panel I: China's Domestic Reform and RMB Internationalization

Session Sponsored by Emerging Sovereign Group

Nicholas LARDY, Anthony M. Solomon Senior Fellow, Peterson Institute for International Economics
"Domestic Financial Reform and RMB Internationalization"

QIN Xiao (秦晓) Chairman of the Board, Boyuan Foundation
"The RMB Internationalization and Price Deregulation in Factor Market"

Michael PETTIS, Professor of Finance, Guanghua School of Management, Peking University
"The RMB and Chinese Rebalancing"

Chair and Moderator: Victor SHIH, Associate Professor, GPS, UC San Diego
Panel I: Q&A Session

Panel II: Steps Toward RMB Internationalization

Session Sponsored by Bank of Tokyo Mitsubishi UFJ and Union Bank

SUN Tao (孙涛), Senior Economist, Monetary and Capital Market Department, International Monetary Fund
"Unleashing the Dragon: Possible Effects of Capital Flow Liberalization in China"

MA Jun (马骏), Chief Economist, Greater China; Head of China/Hong Kong Strategy,  Deutsche Bank
"RMB Offshore Market and China’s Capital Account Liberalization"

ZHANG Ming (张明), Senior Research Fellow, Chinese Academy of Social Sciences
"RMB Internationalization or Onshore-Offshore Arbitraging"

Chair and Moderator: Barry NAUGHTON, Sokwanlok Professor of Chinese Economy, GPS, UC San Diego
Panel II: Q&A Session

Featured Presentations: Day 2

Panel III: Renminbi Internationalization -- The Role of Hong Kong and Shanghai

HE Dong (何东), Executive Director of Research, Hong Kong Monetary Authority; Director, Hong Kong Institute for Monetary Research
"International Use of the Renminbi: Hong Kong’s Experience"
"Renminbi Internationalisation: A Primer"

XIAO Geng (肖耿), Director of Research and Senior Fellow, Fung Global Initiative
"The Role of RMB in Stabilizing the Chinese and Global Economy"

SUN Lijian (孙立坚), Professor of Finance, Fudan University
"What Does Shanghai Need to do to Become an International Financial Center?"

Chair and Moderator: Stephan HAGGARD, Lawrence and Sallye Krause Professor of Korea-Pacific Studies, GPS, UC San Diego
Panel III: Q&A Discussion

Panel IV: The International Economic and Geo-Political Consequences of RMB Internationalization
Session Sponsored by GLG Research

Robert DOHNER, Deputy Assistant Secretary for Asia, Department of the Treasury
"U.S. Views on RMB Internationalization"

HE Di (何迪), Vice Chairman, Investment Banking, UBS; Director-General, Boyuan Foundation
"Regional Economic Integration and Cooperation and RMB Internationalization"

Peter GARBER, Global Strategist in Global Markets Research, Deutsche Bank
"The Geopolitical Impact of Internationalization of a Large Currency"

Chair and Moderator: Peter GOUREVITCH, Distinguished Professor of Political Science, GPS, UC San Diego
Panel IV: Q&A Discussion

Panel V: RMB Internationalization and the Global Financial Architecture

Simon FLINT, Head of Global Foreign Exchange Strategy, Joint Head of Fixed Income Research, Asia ex-Japan, Nomura
"RMB - A Leftist Approach"

Takatoshi ITO, Professor, Graduate School of Economics and the Graduate School of Public Policy, University of Tokyo
"The RMB Internationalization and its Impact on Asia"

Robert MCCAULEY, Senior Adviser, Monetary and Economic Department,  Bank for International Settlements
"Euro–dollar Banking and Currency Internationalization"

Chair and Moderator: Takeo HOSHI, Pacific Economic Cooperation Professor of International Economic Relations, GPS, UC San Diego
Panel V: Q&A Discussion

Closing Remarks by Lei GUANG, Victor SHIH, Susan SHIRK

Lei GUANG, Director, 21st Century China Center, GPS, UC San Diego; Associate Professor, GPS, UC San Diego
Susan SHIRK, Chair, 21st Century China Center, GPS, UC San Diego


The 21st Century China Center gratefully acknowledges the generous support of:

Renminbi Conference Sponsors