Subject The article addresses the currency policy of China. It explores factors influencing China’s implementation of its potential as a rising economic superpower. Objectives The study aims at investigating the problems, motives and institutional mechanisms of renminbi internationalization by China. Methods The study draws on the dialectical approach. To examine the specifics of China's integration into the world economy, I applied the institutional approach, methods of historical, logical and system analysis. Results Historically, China has been far ahead of the West in scientific discoveries and technological inventions, but then it switched to isolationism. In the 21st century, China has become the world manufacture for global replication of Western civilization products. The currency policy plays an important role in this process. International financial and economic institutions founded under the auspices of China create competition but present no alternative to Pan-American institutions. Conclusions China is making active efforts to internationalize the yuan. However, the existence of fundamental differences between the American and Chinese approaches to globalization do not allow the yuan to qualify for the multifunction and dominant role played by the American currency in the world today. Moreover, China supports the introduction of a supranational currency, which would be beyond any sovereign jurisdiction.
Keywords: US dollar, globalization, internationalization, international financial institutions, world money
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