Creating an Alternative? The Impact of Ukraine War Sanctions on Renminbi Internationalization

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dc.contributor.author Wendt, Julian
dc.date.accessioned 2023-09-01T10:00:45Z
dc.date.available 2023-09-01T10:00:45Z
dc.date.issued 2023-08
dc.identifier.issn 2749-9014
dc.identifier.uri http://hdl.handle.net/10900/145207
dc.identifier.uri http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-1452079 de_DE
dc.identifier.uri http://dx.doi.org/10.15496/publikation-86549
dc.description.abstract The Chinese currency renminbi and its potential to compete with other international currencies, such as the US dollar and the euro, is the subject of an intense and ongoing debate. This working paper investigates whether sanctions imposed as a reaction to the Ukraine war accelerated the process of renminbi internationalization. It tests whether international sanctions drive governments and private actors wary of dollar and euro dominance over the international financial system toward the renminbi as an alternative currency. To test the hypothesis and give a detailed overview of the current status of renminbi internationalization, this working paper compiles the functions international currencies fulfill for private and official actors. It then employs the interrupted time series regression method to trace the impact of Ukraine war sanctions on the renminbi. The results indicate that international sanctions overall did not lead to increased popularity of the renminbi. Instead, the renminbi is used less as a reserve currency and for investment purposes. As a means of payment, sanctions did not have a big impact, although renminbi currency swap lines and renminbi trade finance have seen an increase in popularity. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podok de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_mit_pod.php?la=de de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_mit_pod.php?la=en en
dc.subject.classification China , Währung , Sanktion , Finanzwirtschaft , Renminbi Yuan de_DE
dc.subject.ddc 320 de_DE
dc.subject.ddc 330 de_DE
dc.subject.other China en
dc.subject.other renminbi en
dc.subject.other currency en
dc.subject.other international sanctions en
dc.subject.other international financial system en
dc.title Creating an Alternative? The Impact of Ukraine War Sanctions on Renminbi Internationalization en
dc.type Article de_DE
utue.publikation.fachbereich Politikwissenschaft de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
utue.publikation.noppn yes de_DE

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