The big powers there have not made good atmosphere politically for carrying out monetary and financial cooperation, which causes the lack of promotion force.
By careful analysis of East Asia in politics and economy, the thesis concludes that: East Asia has had a strong basis of monetary and financial cooperation in economy but a weak basis in politics.
So every country in East Asia should draw on the experence of regional monetary integration in the world to strongthen their monetary and financial cooperation and when conditions are ripe,they should establish East Asia Moneytary Uion to fit developing trend of regional monetary integration and meet the needs of deep development of economic integration in East Asia district.
China should make its domestic policies adapt to the target of regional monetary and financial cooperation, and promote the “Asianization” of Renminbi with multi-dimension and multi-level efforts.
Using the theory of currency integration and especially the theory of the optimal currency zone, this paper analyses the feasibility of establishing a currency system in East Asia and discusses the economic base for the regional currency cooperation from both the static and dynamic angles.
The paper points out that monetary cooperation in the east Asia region and the currencies integration process will be accelerated when a coordinated stable mechanism is set up for commodity trade channels between China and ASEAN with a common basket of currencies.
Using the European monetary policy as an example, I have analysed the history of the establishment of the Euro and the European financial cooperation model.
Along with China-ASEAN Free Trade Area(CAFTA) advancing,and the region currency finance cooperation unceasingly strengthening,the lack of cooperation and the coordinated exchange rate system arrangement among the member nation obviously has already restricted the region economy long-term development.
The CMI on the other hand was born out of the agreement in 2000 to enhance currency cooperation in the region thru currency swap agreement.
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The Chiang Mai Initiative was developed as a regional swap mechanism to promote currency cooperation in the region.
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This paper studies the internationalization of Renminbi under the background of the introduction of the Euro and the failure of the internationalization of Yen. We put forward the argument of the “Asianization of Renminbi” and analyze its necessity, feasibility and strategy. We argue that under current international monetary system, challenging a hegemony currency solely will not succeed. Renminbi must achieve the aim of full internationalization through regionalization or the “collective action” of region...
This paper makes detailed discussion on the necessity of RMB's asianization, the conditions that RMB should possess and has possessed to realize the asianization, puts forward some strategies and measures for realizing RMB`s asianization, and points out that China should combine the formulation and adjustment of economic policies with the financial corporation of regional currency in a strategic way.
Using the theory of currency integration and especially the theory of the optimal currency zone, this paper analyses the feasibility of establishing a currency system in East Asia and discusses the economic base for the regional currency cooperation from both the static and dynamic angles.