Books

03.28.12

What the U.S. Can Learn from China

Ann Lee
Mainstream media and the U.S. government regularly target China as a threat. Rather than viewing China’s power, influence, and contributions to the global economy in a negative light, Ann Lee asks: What can America learn from its competition? Why did China suffer so little from the global economic meltdown? What accounts for China’s extraordinary growth, despite one of the highest corporate tax rates in the world? How does the Chinese political system avoid partisan rancor but achieve genuine public accountability? From education to governance to foreign aid, Lee details the policies and practices that have made China a global power and then isolates the ways the United States can use China’s enduring principles to foster much-needed change at home.This is no whitewash. Lee is fully aware of China’s shortcomings, particularly in the area of human rights. She has relatives who suffered during the Cultural Revolution. But by overemphasizing our differences with China, the United States stands to miss a vital opportunity. Filled with sharp insights and thorough research, What the U.S. Can Learn from China is Lee’s rallying cry for a new approach at a time when learning from one another is the key to surviving and thriving.  —Berrett-Koehler

China’s Death-Row Reality Show

Jonathan Mirsky from New York Review of Books
Until it was taken off the air last December, one of the most popular television programs in China’s Henan province, which has a population of 100 million, was “Interviews Before Execution.” The presenter was Ding Yu, a pretty young woman, always...

Sinica Podcast

03.23.12

L’affaire Daisey

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
If you smell anything burning, it’s likely your Internet cable melting from the heat of all these rumors. Which is why at Sinica we turn our unforgiving gaze this week at unsubstantiated press, foreign and domestic, focusing first on reports of...

China’s Falling Star

Ian Johnson from New York Review of Books
In China, the year is traditionally divided into periods based on the moon’s orbit around the earth and the sun’s path across the sky. This lunisolar calendar is laden with myths and celebrated by rituals that allowed Chinese to mark time and make...

Sinica Podcast

03.16.12

Midnight in Peking

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
In a China accustomed to glacial political change, Bo Xilai’s dramatic fall from power this week has stunned observers nationwide. Joining us to help make sense of things is Guardian correspondent Tania Branigan, who helps review what exactly...

Sinica Podcast

03.09.12

The Mirror of History: China Through the Looking Glass

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
Sinica is coming out a bit earlier than usual this week: We were lucky enough to catch Jeffrey Wasserstrom on Monday during a well-timed visit to Beijing, and dragged him into the studio to get his views on the recent elections in Wukan, what is...

Books

03.08.12

Ballot Box China

Kerry Brown
Since 1988, China has undergone one of the largest, but least understood experiments in grassroots democracy. Across 600,000 villages in China, with almost a million elections, some three million officials have been elected. The Chinese government believes that this is a step towards "democracy with Chinese characteristics". But to many involved in them, the elections have been mired by corruption, vote-rigging and cronyism. This book looks at the history of these elections, how they arose, what they have achieved and where they might be going, exploring the specific experience of elections by those who have taken part in them — the villagers in some of the most deprived areas of China.  —Zed Books

Reports

03.07.12

Bringing China’s Criminal Procedure Law in Line With International Standards

Amnesty International
In August 2011, the Standing Committee of the National People’s Congress issued the Criminal Procedure Law Draft Revisions, which were then submitted for approval at the March 2012 meeting of the National People’s Congress. This Amnesty...

Books

03.06.12

Need, Speed, and Greed

Vijay Vaitheeswaran
World-renowned economist Vijay V. Vaitheeswaran provides a deeply insightful, brilliantly informed guide to the innovation revolution now transforming the world. With echoes of Clayton Christensen’s The Innovator’s Dilemma, Tim Brown’s Change by Design, and Jared Diamond’s Guns, Germs, and Steel, Vaitheeswaran’s Need, Speed, and Greed introduces readers to the go-getters, imagineers, and visionaries now reshaping the global economy. Along the way, Vaitheeswaran teaches readers the skills they must develop to unleash their own inner innovator and reveals why America and other wealthy, privileged societies must embrace a path of inclusive growth and sustainability—or risk being left behind by history.  —Harper Collins

Books

03.02.12

Cinderella’s Sisters

Dorothy Y. Ko
The history of footbinding is full of contradictions and unexpected turns. The practice originated in the dance culture of China’s medieval court and spread to gentry families, brothels, maid’s quarters, and peasant households. Conventional views of footbinding as patriarchal oppression often neglect its complex history and the incentives of the women involved. This revisionist history, elegantly written and meticulously researched, presents a fascinating new picture of the practice from its beginnings in the tenth century to its demise in the twentieth century. Neither condemning nor defending foot-binding, Dorothy Ko debunks many myths and misconceptions about its origins, development, and eventual end, exploring in the process the entanglements of male power and female desires during the practice's thousand-year history. Throughout her narrative, Ko deftly wields methods of social history, literary criticism, material culture studies, and the history of the body and fashion to illustrate how a practice that began as embodied lyricism—as a way to live as the poets imagined—ended up being an exercise in excess and folly. —University of California Press

Books

03.02.12

The Mongols and Global History

Morris Rossabi
An accessible, documents-based introduction to the history of the Mongols. The volume opens with a brief original essay by Morris Rossabi, one of the world's foremost scholars on the Mongols. Rossabi's essay gives a historical and interpretive overview of the Mongols and charts their invasions and subsequent rule over the largest contiguous land empire in world history. Following is a rich collection of primary sources translated into English from Armenian, Arabic, Chinese, Franco-Italian, Italian, Korean, Latin, Persian, Russian, Syriac, and Tibetan that will give students a clear sense of the extraordinary geographic and linguistic range of the Mongol Empire as well as insight into the empire's rise, how it governed, and how it fell. Each primary source includes a headnote and study questions. The volume ends with a list of further readings. —WW Norton & Company, Inc.

Sinica Podcast

03.02.12

China in the World

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
This week on Sinica, your hosts Kaiser Kuo and Jeremy Goldkorn are pleased to welcome Geremie R Barmé, the well-known Chinese historian, author, filmmaker, and translator, and the Director of the Australian Centre on China in the World at the...

Learning How to Argue

Ian Johnson from New York Review of Books
One of China’s most outspoken public intellectuals, Ran Yunfei was detained last year after calls went out for China to emulate the “Jasmine Revolution” protests sweeping North Africa. He was held without trial for six months until last August...

Books

02.29.12

The Culture of War in China

Joanna Waley-Cohen
What particularly distinguished the Qing from other ruling houses in China's imperial period? In this pathbreaking book, Joanna Waley-Cohen overturns conventional wisdom to identify military power and an accompanying martial ethos as defining characteristics of the high Qing empire. From 1636 to 1800, Emperors reinforced massive military expansion with a wide-ranging cultural campaign intended to bring military success, and the martial values associated with it, into the mainstream of cultural life. Military prowess and imperial power were linked in the popular imagination though endless repetition in literature, art and architecture a startlingly modern use of words and images that demonstrates the imperial grasp of culture's potency as a political tool. Overturning the presumption that reads back China's late-nineteenth-century military weakness into the past, Waley-Cohen shows that the Qing strongly emphasized military affairs, which they understood as complementary rather than subordinate to civil matters. Arguing that the militarization of culture that took place under the high-Qing emperors provided fertile ground from which the modern militarized nation-state could develop, Waley-Cohen contends that the past two centuries of Chinese weakness on the international scene may turn out to have been a protracted aberration, rather than the normal state of affairs. The Culture of War in China is a striking revisionist history that brings new insight into the nature of the Qing dynasty and the roots of the militarized modern state.  —I. B. Tauris

Books

02.27.12

Public Passions

Eugenia Lean
In 1935, a Chinese woman by the name of Shi Jianqiao murdered the notorious warlord Sun Chuanfang as he prayed in a Buddhist temple. This riveting work of history examines this well-publicized crime and the highly sensationalized trial of the killer. In a fascinating investigation of the media, political, and judicial records surrounding this cause célèbre, Eugenia Lean shows how Shi Jianqiao planned not only to avenge the death of her father, but also to attract media attention and galvanize public support.Lean traces the rise of a new sentiment—"popular sympathy"—in early twentieth-century China, a sentiment that ultimately served to exonerate the assassin. The book sheds new light on the political significance of emotions, the powerful influence of sensational media, modern law in China, and the gendered nature of modernity.  —University of California Press

Sinica Podcast

02.24.12

Journey to the West

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
This week on Sinica, Kaiser Kuo and Jeremy Goldkorn are pleased to host Ed Wong from The New York Times, along with Adrienne Mong, whom you’ve seen on NBC News. First up is Xi Jinping’s recent visit to the United States, and a closer look at the...

The Chinese Are Coming!

Richard Bernstein from New York Review of Books
The day after the Russian parliamentary elections in early December, the Chinese publication Global Times, an English-language newspaper and website managed by People’s Daily, the official organ of the Communist Party official, ran an editorial on...

Reports

02.20.12

China’s Banking System: Issues for Congress

Michael F. Martin
Peony Lui
Congressional Research Service
China’s banking system has been gradually transformed from a centralized, government-owned, and government-controlled provider of loans into an increasingly competitive market in which different types of banks, including several U.S. banks, strive...

Books

02.16.12

Grounds of Judgment

Pär Kristoffer Cassel
Perhaps more than anywhere else in the world, the nineteenth century encounter between East Asia and the Western world has been narrated as a legal encounter. Commercial treaties—negotiated by diplomats and focused on trade—framed the relationships among Tokugawa-Meiji Japan, Qing China, Choson Korea, and Western countries including Britain, France, and the United States. These treaties created a new legal order, very different than the colonial relationships that the West forged with other parts of the globe, which developed in dialogue with local precedents, local understandings of power, and local institutions. They established the rules by which foreign sojourners worked in East Asia, granting them near complete immunity from local laws and jurisdiction. The laws of extraterritoriality looked similar on paper but had very different trajectories in different East Asian countries.Par Cassel's first book explores extraterritoriality and the ways in which Western power operated in Japan and China from the 1820s to the 1920s. In Japan, the treaties established in the 1850s were abolished after drastic regime change a decade later and replaced by European-style reciprocal agreements by the turn of the century. In China, extraterritoriality stood for a hundred years, with treaties governing nearly one hundred treaty ports, extensive Christian missionary activity, foreign controlled railroads and mines, and other foreign interests, and of such complexity that even international lawyers couldn't easily interpret them.Extraterritoriality provided the springboard for foreign domination and has left Asia with a legacy of suspicion towards international law and organizations. The issue of unequal treaties has had a lasting effect on relations between East Asia and the West. Drawing on primary sources in Chinese, Japanese, Manchu, and several European languages, Cassel has written the first book to deal with exterritoriality in Sino-Japanese relations before 1895 and the triangular relationship between China, Japan, and the West. Grounds of Judgment is a groundbreaking history of Asian engagement with the outside world and within the region, with broader applications to understanding international history, law, and politics.  —Oxford University Press

Sinica Podcast

02.10.12

The Allure of the Southwest

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
This week on Sinica, Kaiser Kuo and Jeremy Goldkorn take a closer look at the beautiful city of Chongqing in a forthright discussion that delves into the myriad attractions of this beautiful and occasionally mysterious Chinese city, famous recently...

Books

02.09.12

Mao Zedong and China in the Twentieth-Century World

Rebecca E. Karl
Throughout this lively and concise historical account of Mao Zedong’s life and thought, Rebecca E. Karl places the revolutionary leader’s personal experiences, social visions and theory, military strategies, and developmental and foreign policies in a dynamic narrative of the Chinese revolution. She situates Mao and the revolution in a global setting informed by imperialism, decolonization, and third worldism, and discusses worldwide trends in politics, the economy, military power, and territorial sovereignty.Karl begins with Mao’s early life in a small village in Hunan province, documenting his relationships with his parents, passion for education, and political awakening during the fall of the Qing dynasty in late 1911. She traces his transition from liberal to Communist over the course of the next decade, his early critiques of the subjugation of women, and the gathering force of the May 4th movement for reform and radical change. Describing Mao’s rise to power, she delves into the dynamics of Communist organizing in an overwhelmingly agrarian society, and Mao’s confrontations with Chiang Kai-shek and other nationalist conservatives. She also considers his marriages and romantic liaisons and their relation to Mao as the revolutionary founder of Communism in China. After analyzing Mao’s stormy tenure as chairman of the People’s Republic of China, Karl concludes by examining his legacy in China from his death in 1976 through the Beijing Olympics in 2008. —Duke University Press

He Told the Truth About China’s Tyranny

Simon Leys from New York Review of Books
Better than the assent of the crowd: The dissent of one brave man!—Sima Qian (145–90 BC)Records of the Grand HistorianTruth will set you free.—Gospel according to JohnThe economic rise of China now dominates the entire landscape of international...

Books

02.03.12

The Wobbling Pivot

Pamela Kyle Crossley
This comprehensive but concise narrative of China since the eighteenth century builds its story around the delicate relationship between central government and local communities. With a nod to Ezra Pound's translation of the Chinese classic Zhongyong (The Unwobbling Pivot), Pamela Kyle Crossley argues that China's modern history has not wholly adhered to the ideal of the "unwobbling pivot", with China as a harmonious society based on principles of stability. Instead she argues that developments can be explained through China's surprising swings between centralization and decentralization, between local initiative and central authoritarianism. The author's approach is broad enough to provide a full introduction to modern Chinese history. Students new to the subject will be supported with timelines, maps, illustrations, and extensive notes to further readings, while those with a background in Chinese history will find an underlying theme in the narrative addressing long-standing interpretive issues. —Wiley-Blackwell 

Sinica Podcast

02.03.12

Running Dogs and Locusts

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
Ongoing tension between Hong Kong and mainland citizens erupted into open flames on February 1, when a Hong Kong group raised more than HKD 100,000 to publish a full-page anti-China advertisement in the Apple Daily comparing mainlanders to parasitic...

Reports

02.01.12

Fostering Greater Chinese Investment in the United States

David M. Marchick
He Jianan
Council on Foreign Relations
China’s outward investment has substantial room to grow, and the United States has the potential to capture a larger share of it—an outcome that would benefit the U.S. and Chinese economies and strengthen the bilateral economic relationship. China...

Reports

01.31.12

Putting the Pedal to the Metal

Usha C.V. Haley
Economic Policy Institute
China is currently the largest car market in the world. It is also one of the largest auto-parts producers and exporters in the world, with exports, primarily to the United States, constituting about a third of its production. The Chinese...

Is Democracy Chinese?

Ian Johnson from New York Review of Books
Chang Ping is one of China’s best-known commentators on contemporary affairs. Chang, whose real name is Zhang Ping, first established himself in the late 1990s in Guangzhou, where his hard-hitting stories exposed scandals and championed freedom of...

Sinica Podcast

01.20.12

The Elections in Taiwan

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
If your impression of Taiwanese politics has been dominated by the island’s recurring stories of vote-buying and parliamentary brawls, you’ll probably be shocked to hear what Mary Kay Magistad has to say about her recent trip to cover last week’s...

Sinica Podcast

01.13.12

Year-End Roundup

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
It was the year of the housing market (up then down), Ai Weiwei’s imprisonment, Wukan, the Wenzhou train crash, air pollution, gutter oil, tainted milk, clenbuterol, China bulls and bears, government transparency, the soaring price of Maotai, Guo...

Notes from a Chinese Cave: Qigong’s Quiet Return

Ian Johnson from New York Review of Books
Lift up your head Calm your eyes Look far away, as far as you can Look beyond the walls What do you see?The Jinhua caves are located in a wooded, hilly area about 200 miles southwest of Shanghai. The most famous cave, Double Dragon Cave, is entered...

The New York Review of Books China Archive

from New York Review of Books
Welcome to the New York Review of Books China Archive, a collaborative project of ChinaFile.org and The New York Review of Books. In the archive you will find a compilation of full-length essays and book reviews on China dating from the Review'...

Banned in China

Jonathan Mirsky from New York Review of Books
In late December, a foreign correspondent in Beijing emailed me to say that a four-page article on China I’d written for a special New Year’s edition of Newsweek had been carefully torn from each of the 731 copies of the magazine on sale in China...

Reports

01.06.12

China’s Assertive Behavior

Michael D. Swaine
He Jianan
China Leadership Monitor
In examining the origins, characteristics, and likely future course of a “more assertive” China, many analysts point to the supposedly growing role of the Chinese military (or People’s Liberation Army—PLA) in Beijing’s overall foreign and foreign-...

Reports

01.06.12

Taiwan Elections Head to the Finish: Concerns, Cautions, and Challenges

Alan D. Romberg
He Jianan
China Leadership Monitor
Two major political developments in recent weeks have played an important role in Taiwan’s presidential election: Tsai Ing-wen’s visit to Washington and the problems she encountered convincing American officials she has a workable formula to manage...

Reports

01.06.12

Liu Yuan: Archetype of a “Xi Jinping Man” in the PLA?

James Mulvenon and Leigh Ann Ragland
China Leadership Monitor
Liu Yuan and Xi Jinping clearly share a great deal in common. Both were born to senior CCP cadres, and are members of the elite “princelings” cohort. Yet both men’s fathers were subjected to purge and mistreatment during the late Mao era, and both...

Reports

01.06.12

Macroeconomic Policy to the Forefront: The Changing of the Guard

Barry Naughton
He Jianan
China Leadership Monitor
Worries continue to swirl around the Chinese and global economies, and China’s growth is slowing at the end of 2011. However, the news from China in the third quarter of 2011 was basically positive: inflationary pressures eased while growth slowed...

Reports

01.06.12

“Social Management” as a Way of Coping With Heightened Social Tensions

Joseph Fewsmith
He Jianan
China Leadership Monitor
Over the last year there has been an increasing emphasis on “social management” as a way of managing increasing social tensions in Chinese society. Indeed, the effort the CCP is putting into publicizing this concept underscores high-level concerns...

Reports

01.06.12

The Road to the 18th Party Congress

Alice L. Miller
He Jianan
China Leadership Monitor
The recent scheduling of the Chinese Communist Party’s 18th National Congress kicks off the long process of preparations for what will bring about a turnover in leadership generations next year. National party congresses are the most important...

Reports

01.06.12

Preparing for the 18th Party Congress: Procedures and Mechanisms

Cheng Li
He Jianan
China Leadership Monitor
By now, just about every China observer knows that the Chinese leadership will undergo a major generational change at the 18th National Congress of the Chinese Communist Party in the fall of 2012. Knowledge of the leadership transition’s actual...

Reports

01.01.12

A Preliminary Mapping of China-Africa Knowledge Networks

Tatiana Carayannis and Nathaniel Olin
The Social Science Research Council
Given the growing importance of Chinese engagement in Africa, over the past year, the Conflict Prevention and Peace Forum (CPPF) of the SSRC has expanded its research engagement and policy outreach on China-Africa. The origins of this preliminary...

Sinica Podcast

12.31.11

The Wukan Uprising

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
For the last few days, international attention has focused on the small fishing town of Wukan in southern China, where villagers are in open revolt. Simmering tensions caused by corruption and illegal land sales have escalated into an armed uprising...

China Gets Religion!

Ian Johnson from New York Review of Books
This autumn, China has been marking the one hundredth anniversary of the collapse of its last imperial dynasty, the Qing, with a series of grand celebrations. The government has released an epic film showing how the revolution of 1911 prepared the...

Do China’s Village Protests Help the Regime?

Ian Johnson from New York Review of Books
Over the past two weeks, the Western press has focused on a striking story out of China: a riveting series of protests in Wukan, a fishing village in the country’s prosperous south. The story is depressingly familiar: Corrupt cadres sell off public...

Sinica Podcast

12.16.11

Learning Chinese

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
Shortly after his arrival in China, the late great 19th-century Sinologist Robert Hart would write his frustrations in his private diary, confiding that the convoluted phonemes of the Chinese language struck him like nothing so much as “the sounds...

Sinica Podcast

12.09.11

Chinese Literature

Jeremy Goldkorn & Alice Xin Liu from Sinica Podcast
Our podcast this week is all about books and money in modern China. If you, like us, are tired of Lu Xun and Lao She, listen to Sinica this week as we look into the state of contemporary Chinese literature, asking what writers are hot, what writers...

Sinica Podcast

12.06.11

The Soul of Beijing

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
Today, we’re pleased to share a special live edition of Sinica recorded last Saturday at Capital M in Beijing. Held to a standing-room only crowd, we talked all about our ongoing love-hate relationship with Beijing, and asked what on earth is...

Sinica Podcast

12.02.11

The Bears Are Back in Town

Kaiser Kuo & Arthur R. Kroeber from Sinica Podcast
Falling housing prices, soaring inflation, and an export market peering over the brink of what seems a cataclysmic abyss. If you’ve been following the economic news lately, you can be forgiven for being overwhelmed by the chorus of bearish voices...

Sinica Podcast

11.25.11

Occupy Sinica

Jeremy Goldkorn & Michael Anti from Sinica Podcast
Earlier this week, The New York Times published an editorial by prominent Chinese academic Yan Xuetong claiming that China would defeat the United States on the grounds of moral superiority. While the American bafflement over this piece has died...

Sinica Podcast

11.18.11

Is Soft Power Always This Damn Boring?

Kaiser Kuo, Jeremy Goldkorn & more from Sinica Podcast
In some ways, the latest deluge of rhetoric from the Party feels timeless. Ever since Mao’s famous speech in Yan’an on literature and art in 1942, the CCP has made clear that culture ought to serve politics. But there’s also something new about the...

Reports

11.16.11

Telecoms and the Huawei Conundrum

Claude Barfield
American Enterprise Institute for Public Policy Research
The Chinese company Huawei has emerged as the second-largest telecommunications equipment company in the world. It operates in 140 countries around the globe, providing equipment, software, and services to forty-five of the world’s fifty largest...

The Real Deng

Fang Lizhi from New York Review of Books
When a scientific experiment uncovers a new phenomenon, a scientist is pleased. When an experiment fails to reveal something that the scientist originally expected, that, too, counts as a result worth analyzing. A sense of the “nonappearance of the...

Reports

11.10.11

Taiwan and East Asian Regionalism

Claude Barfield
American Enterprise Institute for Public Policy Research
With a population of only 23 million, Taiwan boasts a gross domestic product of $822 billion, which ranks 19th among the world’s economies. It is the fourth largest economy in Asia. Real GDP per capita increased by roughly 130 percent from 1995 when...

My ‘Confession’

Fang Lizhi from New York Review of Books
From reading Henry Kissinger’s new book On China,1 I have learned that Mr. Kissinger met with Deng Xiaoping at least eleven times—more than with any other Chinese leader—and that the topic of one of their chats was whether Fang Lizhi would confess...

Making It Big in China

Jonathan Mirsky from New York Review of Books
Jianying Zha describes China as “way too big a cow for anyone to tackle in full.” Therefore, Ms. Zha says, she omits “the rural life, the small-town stories, the migrants working in huge manufacturing plants…continued poverty in parts of interior...

Sinica Podcast

11.04.11

The Extremes of China Media

Jeremy Goldkorn, David Moser & more from Sinica Podcast
It seems to be the consensus among longtime China watchers that the Chinese media has become more radicalized over the last five years, with both online and traditional channels now feeding the public conflicting stories of both reflexive scorn for...

Reports

11.03.11

Foreign Direct Investment, Corruption and Democracy

Aparna Mathur, Kartikeya Singh
American Enterprise Institute for Public Policy Research
How do factors such as corruption perception and the level of democracy influence foreign direct investment to developing economies? The authors of this paper suggest that less corrupt countries and less democratic countries receive more foreign...

Reports

11.01.11

Internationalizing the Renminbi and China’s Financial Development Model

Robert N. McCauley
He Jianan
Council on Foreign Relations
Internationalization was a spontaneous outcome of the marketplace for the rest of the world’s major currencies, but China is breaking with history by making it official policy to steer the renminbi on a path toward reserve currency status. However,...

Reports

11.01.11

Historical Precedents for Internationalization of the RMB

Jeffrey Frankel
He Jianan
Council on Foreign Relations
The twentieth century saw the rise of the US dollar, the German mark, and the Japanese yen as international currencies. Now the Chinese renminbi is on a similar course toward reserve currency status, but its path is deviating from those of its...

Reports

11.01.11

The Future of International Liquidity and the Role of China

Alan M. Taylor
He Jianan
Council on Foreign Relations
Financial crises in the 1930s and 1970s showed the world that economic instability results when demand for international liquidity allows a small number of countries to run up massive debts in their own currencies. Named for the economist who first...

Reports

11.01.11

The Internationalization of the RMB: Opportunities and Pitfalls

Tatatoshi Ito
He Jianan
Council on Foreign Relations
China is making swift strides toward internationalizing its currency, the renminbi, but it must be careful when sequencing these changes. Without the proper reforms, wide-open Chinese financial markets would be vulnerable to massive flows of foreign...