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  • Dimitar Kostov
    A New Yuan or a New Monetary System
    JEL: F31, O24
    Keywords: China, Chinese yuan, reserve currencies, international monetary system, foreign-exchange reserves
    Summary: The research area of the present study is the Chinese yuan (renminbi). The research subject is the evolution of the Chinese yuan from a national to a global reserve currency. The paper tests the proposition that the rise of the Chinese currency is a sign of deep and qualitative changes in the international monetary system. The aim of the study is to analyse and track the evolution in the current situation in the international monetary system, in order to highlight the factors and the reasons for the rise of the Chinese yuan and to find indications of the direction of the future development of the system as a whole.