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Central Bank Bilateral Currency Swap And Trade Flows : An Implication For Renminbi Internationalisation, Abdullahi Ahmed Mohammed

Lingnan Theses and Dissertations (MPhil & PhD)

The emerging economic prosperity of China and its increasing economic integration with the rest of the world as the second largest economy seems to give China an edge to amplify its global competitiveness. For example, the accession of China to World Trade Organization in the early 2001 has intensified its rapid GDP growth, growing trade and current account surpluses, financial inflows and growing stockpiles of reserves holdings. The global financial crisis of 2008 nearly put a halt to China’s export-led and current account surpluses trajectory, in 2007 China’s current account surplus fell from 10% of GDP to about 2% in …