In this presentation, Daniel Koldyk discussed China’s rise as an economic power and its policy to transform the renminbi (RMB) into an international reserve currency. He also explained why the policy will ultimately prevail and why all of this matters for Canada.
Daniel Koldyk is a Senior Researcher at Export Development Canada (EDC) where he works on international investment and Chinese economics. Prior to arriving at EDC, Daniel was a China specialist for Global Affairs Canada and spent more than five years in Beijing, Shandong, and Liaoning. He has completed a doctorate on Chinese policy making at Oxford University (St. Antony’s College), published his research in North American, European, and Asian journals, and won numerous research awards, including the Wai Seng Senior Research Scholarship and a Social Sciences and Humanities Research Council fellowship.
“China’s quest to internationalize its currency—the renminbi—was proceeding according to plan. The world’s bankers were buying in, billion dollar deals were being struck, and foreign capitals were tripping over each other to take part in the action. Then came the double-whammy—an economic slowdown in China and a move by the U.S. Federal Reserve to raise interest rates. In an instant, the world’s confidence in RMB internationalization was rattled…”
—Excerpt from Daniel’s paper: In contravention of the “impossible trinity”: China’s bumpy road to renminbi internationalization and why it matters for Canada (forthcoming).