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The People's Republic of China (PRC) lacks the macroeconomic conditions to internationalise its currency, the renminbi (RMB). Despite tight controls on capital markets in China, the international use of the RMB has increased significantly with the RMB becoming the fifth most used currency in global trade and financial markets. We argue that the internationalisation of the RMB has followed an unusual process, differing from the more typical features depicted in the literature on currency internationalisation. The RMB has internationalised despite the reluctance of the Chinese government to liberalise the country's current and capital accounts and its financial market. We argue that the investment role of money—overlooked or downplayed in this literature—is the main driver of RMB internationalisation. The Chinese government has created specific investment channels for non‐Chinese investors that allow a controlled flow of capital to enter China's securities markets. The major players promoting the international use of the RMB are Western banks, the investment fund industry and financial services firms that have included Chinese securities in their indices. In the absence of structural conditions to expand the RMB's international use, we suggest that agents matter the most in this phase of limited RMB internationalisation. [ABSTRACT FROM AUTHOR]

BACKGROUND RESULTS CONCLUSION Cereal–legume intercropping provides a solution for achieving global food security, but the mechanism of greenhouse gas emissions and net ecosystem economic benefits of maize–soybean relay intercropping are poorly understood. Hence, we conducted a two‐factor experiment to investigate the effects of cropping systems, containing maize–soybean relay intercropping (IMS), monoculture maize (M) and monoculture soybean (S), as well as three nitrogen levels at 0 (N0), 180 (N1), 240 (N2) kg N ha−1 on crop grain yield, greenhouse gas emissions, soil carbon stock and net ecosystem economic benefit (NEEB).The average grain yield of IMS (7.7 t ha−1) increased by 28.5% and 242.4% compared with M (6.0 t ha−1) and S (2.2 t ha−1). The land equivalent ratio (LER) of IMS was 2.0, which was mainly contributed by maize (partial LER: 1.2) rather than soybean (partial LER: 0.8). Although the total grain yield of IMS remarkably enhanced by 43.6% and 45.5% in N1 and N2 contrast in N0, the LER was 37.5% and 38.6% lower in N1 and N2 than in N0. The net global warming potential (GWP) of maize and soybean was 11.6% and 1.8% lower in IMS than in the corresponding monoculture, which resulted from a decline in GWP and enhanced soil organic carbon stock rate. Moreover, NEEB was 133.5% higher in IMS (14 032.0 Chinese yuan per year) than in M, mainly resulting from an increase in total economic gains and a decline in GWP cost. A more robust response in yield gain rather than total costs to N inputs of IMS led to 46.8% and 48.3% higher NEEB in N1 and N2 than in N0.Maize–soybean relay intercropping with 180 kg N ha−1 application can obtain yield advantages without raising environmental costs, which provides an approach to achieving sustainable agricultural production. © 2024 Society of Chemical Industry. [ABSTRACT FROM AUTHOR]

Despite the slow process of RMB internationalisation over the last decade, we make an empirical argument that China has recently intensified the RMB's international and domestic capacity to make it a formidable challenger to the dollar as a global currency in the medium and long-term range. We highlight that China has made substantial progress in expanding the RMB currency network and institutionalising a deep and open domestic financial market, the two most severe obstacles emphasised by the skeptics on RMB internationalisation. In developing this argument, we draw on the 'credit theory' of money and explain the global expansion of the RMB currency network in terms of the external and internal production of credit and debt relations denominated in the RMB across borders. Our empirical findings suggest that the pace of the growing foreign demand for RMB-denominated assets has recently taken off. [ABSTRACT FROM AUTHOR]

Dust removal in ports exacerbates water shortages and coastal pollution, particularly in coal ports with significant dust production. Constructing green ports for water conservation and emissions reduction is the future direction for port development. Stormwater harvesting, especially through low-impact development (LID), emerges as an attractive solution in line with green ports. concept. However, determining optimal LID layouts is complex due to multiple objectives. Fluctuations in runoff coefficients, stemming from changing underlying surface types in coal ports, are often overlooked, resulting in costly and ineffective LID layouts that fail to adequately control runoff across varying scenarios. This study innovatively addresses the impact of underlying surface stochasticity on optimizing LID layouts in coal ports. First, the storm water management model (SWMM) is employed to simulate runoff changes in coal ports under various representative underlying surface scenarios, generated through the K-Medoids method. The analysis reveals a significant 70.6% variation in the stockyard's total runoff during a 1-year 2-h design rainfall, ranging from 14,100 m3 to 48,000 m3. Subsequently, a multiobjective stochastic programming model for LID layout optimization is proposed, coupled with a surrogate model for SWMM. Two objectives for LID layout optimization are considered: investments and total runoff harvesting. Finally, the Nash bargaining solution is applied to balance the trade-off between the two objectives and obtain the optimal LID layout considering underlying surface stochasticity. Results indicate that the optimal LID layout has a cost of 1.636 billion Chinese yuan (CNY) and achieves a 50.98% runoff harvesting rate. Compared to previous studies ignoring underlying surface stochasticity, it demonstrates a 2% improvement in harvesting rate, a cost reduction of 200 million CNY, and shows higher robustness with 96 compliance instances out of 100 simulations. This study offers methodological support for developing economically efficient planning and construction schemes for stormwater harvesting facilities in coal ports. [ABSTRACT FROM AUTHOR]

The article delves into the process of determining SEP license fees and infringement compensation in China, particularly focusing on negotiations between patent holders and implementers. The recent ruling by the Supreme People’s Court in the case between ACT and OPPO established a Chinese model for resolving SEP disputes, emphasizing factors like negotiation behaviors, market value considerations, and good faith negotiations. The court's guidelines address issues such as the application of different approaches in determining compensation, the obligation of implementers to provide sales data, and the importance of a favorable judicial environment for all parties involved in the SEP industry. The ongoing resolution of SEP disputes is viewed as a step towards developing a comprehensive adjudicative system in China. [Extracted from the article]

Upstream stages of production chains are often capital intensive, so financial liberalization which improves the availability of financial resources may expand the supply of domestic inputs and then raise domestic value added in exports of downstream firms. After China's accession to the WTO, China's government removed the restrictions on foreign banks' business and allowed foreign banks in China to offer Chinese currency (RMB) services to Chinese firms. We utilize this policy change to test the effects of financial liberalization on Chinese firms' domestic value added in exports. We have three main findings: (1) domestic value added in Chinese firms' exports is positively associated with the removal, (2) the removal of foreign bank business restrictions leads to a general change of local financial markets, which facilitates firms' financing activities and (3) the improvement in domestic value added following the removal is not mainly driven by export mode switching from processing trade to ordinary trade but by the increase in domestic inputs. [ABSTRACT FROM AUTHOR]

Cyber fraud has surfaced as a serious social problem in China, resulting in billions of Chinese yuan worth of financial losses in recent years. The high prevalence and large quantity financial losses from cyber fraud have sparked widespread public concerns about online safety. Based on survey data from over 1000 university students in China, this study explores the prevalence of fear and perceived risk of cyber fraud and its correlates among university students. The results showed that although only 10% of the respondents believed they would likely experience cyber fraud victimization in the next 12 months, approximately 50% reported feeling fearful of cyber fraud in the past 3 months. The logistic regression results show that both fear and perceived risk are influenced by different domains of risk factors, with higher self-control and deviant online behaviors explaining greater odds of fear. In contrast, the perceived risk of crime is linked to vicarious victimization experiences, perceived crime seriousness, and satisfaction with the police. Implications for future research and policy are discussed. [ABSTRACT FROM AUTHOR]

This policy brief presents a new comprehensive dataset on the currency compositions of international reserves of 64 economies from 1996 to 2023. The dataset contains country-specific shares in international reserves for the eight major international currencies, i.e. the United States Dollar (USD), the Euro (EUR), the Japanese Yen (JPY), the British Pound (GBP), the Canadian Dollar (CAD), the Australian Dollar (AUD), the Chinese Yuan or Renminbi (CNY), and the Swiss Franc (CHF). The dataset provides an up-to-date and comprehensive account of publicly available data on the denomination of international reserves, including data on international currencies other than the USD, EUR, JPY, and GBP. While the USD and the EUR remain the dominant global reserve currencies, the data indicate their significance has diminished as countries diversify their reserves. Currencies, including the CNY, have gained prominence, hinting at a gradual fragmentation of the international monetary system. While the USD should retain its leading role in the medium term, ongoing geoeconomic shifts suggest a move towards a multipolar reserve currency landscape. The eventual look of this landscape will depend on the credibility of reserve currency candidates and their ability to retain the characteristics that make them desirable as reserve currencies in the face of future economic and political developments. [ABSTRACT FROM AUTHOR]

This study assesses the global and cross-regional influence of China's currency, the renminbi (RMB). We first develop a theoretical framework to determine the channel through which progress in RMB internationalization can be mapped onto the market influence of the RMB exchange rate on that of other currencies. Using a volatility connectedness approach, we then construct a series of spillover indices reflecting the international influence of the RMB. We find that the RMB's influence is worldwide but is smaller than that of major international currencies, such as the US dollar. Overall, the RMB has basically become a peripheral currency in Greater China, Central Asia, Eastern Europe, and some South Asian economies. Because of the Belt and Road initiative, regionalization of the RMB has also progressed in developing economies; however, China still has far to go in fully achieving internationalization of its currency. [ABSTRACT FROM AUTHOR]

This paper studies the dynamic relationship between the parallel and official exchange rates of Chinese Yuan (CNY) to U.S. Dollar (USD). Motivated by recent evidence about Bitcoin as a major channel for capital flight from China, we construct a parallel exchange rate implied by Bitcoin prices in the Chinese and U.S. crypto exchanges. While the dual exchange rates are cointegrated, adjustment to long-run equilibrium is non-linear and depends on policy changes and state of the markets. Results from our Markov Switching Vector Error Correction model suggest the parallel exchange rate responds one-to-one in the long-run with respect to an official exchange rate innovation. However, an unexpected change in the parallel rate is countered by an opposite and state-dependent response in the official exchange rate, suggesting active exchange policy interventions by the Chinese monetary authority. [ABSTRACT FROM AUTHOR]

Background: To compare the effectiveness, cost, and safety of four regimens recommended by the World Health Organization (WHO) for rifampicin resistance/multidrug-resistance tuberculosis (RR/MDR-TB) Treatment in Eastern China. Methods: We performed a cohort study among patients with RR/MDR between 2020 and 2022 in Jiangsu Province. The treatment success rate, cost, and drug adverse reaction rate were compared. Results: Between 2020 and 2022, 253 RR/MDR-TB patients were enrolled in the study. 37 (14.62%), 76 (30.04%), 74 (29.25%), and 66 (26.09%) patients had the short-term regimens, the new long-term oral regimens, the new long-term injectable regimens, and the traditional long-term regimens, respectively. The treatment success rate was the highest among patients treated with the short-term regimen (75.68%) and was the lowest among patients treated with the traditional long-term regimens (60.61%). The estimated mean cost per favorable outcome was 142.61 thousand Chinese Yuan (CNY), and the short-term regimens showed the lowest cost in the four regimes (88.51 thousand CNY vs. 174.24 thousand CNY, 144.00 thousand CNY, and 134.98 thousand CNY). Incremental cost-effectiveness ratios of the short-term regimens, the new long-term oral regimen, and the new long-term injectable regimens were -3083.04, 6040.09, and 819.68 CNY compared to the traditional long-term regimens. Conclusions: For RR/MDR-TB patients in China who meet the criteria for short-term regimens, the short-term regimens were proven to be the most cost-effective of the four regimens recommended by WHO. For RR/MDR-TB patients in China who don't meet the criteria for short-term regimens, the new long-term injectable regimens are more cost-effective than the remaining two regimens. [ABSTRACT FROM AUTHOR]

AbstractThis article calls for a new research agenda that helps capture the dynamic processes of RMB internationalization in particular and currency internationalization in general. The aperture we have found in the existing, transaction-based literature is that there is relatively little to say about the process of currency network expansion. Indeed, no serious work on currency internationalization ignores the role of currency networks in the politics of the currency pyramid. However, the problem is that these works treat the currency networks exogenously. By exogenous treatment, we mean that they explain the expansion and constriction of currency networks as by-products of trade and investment. In our view, this exogenous treatment of currency networks results in an analytical blind spot regarding how currency network expansion occurs, which is pivotal to the success or failure of currency internationalization. Instead, this article suggests that adequate assessment of RMB internationalization requires shifting the analytical focus to the endogenous process of currency network expansion across borders that involves the emerging and ongoing process of RMB’s financial rise in the global economy. China’s recent move toward financial opening may work to speed up RMB-based global financial networks. [ABSTRACT FROM AUTHOR]

To better aid the quick and accurate assessment of economic loss after the occurrence of future damaging earthquakes, we develop a grid-level fixed asset model for China covering the period from 1951 to 2020. The modelling process can be divided into two stages: (1) the compilation of provincial-level fixed asset data series using the perpetual inventory method (PIM) and fixed assets-related statistics; (2) the disaggregation of provincial-level fixed assets into grid-level (1 km × 1 km resolution) using different combinations of remote sensing ancillary data (i.e., nighttime light, built-up surface area, population) for different periods, considering their temporal availability. As of 2020, the total estimated value of fixed assets in China reaches 589.31 trillion Chinese yuan (in the 2020 price level). Consistency checks have been performed by comparing our modelled fixed assets with those from other studies and data sources at different administrative levels, and good consistency has been achieved. The modelled grid-level fixed asset maps from 1951 to 2020 will be publicly accessible and can be conveniently extended to more recent years as new statistics on fixed assets become available in the future. [ABSTRACT FROM AUTHOR]

In this article, we explore the effects of China's foreign aid on its exports. To do this, we use a sample of 165 countries during the period 2000–2014 and employ a gravity model. We find that the return on Chinese exports for every dollar spent on foreign aid is from $0.156 to $0.4, at the aggregate level. The aid provided in past periods continues to promote China's exports. We also show, while taking into account aid heterogeneity, that China experiences a higher return in terms of exports when providing development aid intended for infrastructure, to the recipients. Additionally, we find that China's international aid helps the country to trade more with similar income-level economies. Hence, it can, to a certain extent, foster South-South trade relations. [ABSTRACT FROM AUTHOR]

It is widely assumed that the renminbi (RMB) cannot acquire a meaningful place in central bank reserve portfolios without full liberalization of China's capital account. We argue that the RMB can in fact develop into an international reserve currency in the absence of capital‐account convertibility. Trade and investment links can drive use despite limited access to Chinese financial markets. But this route to currency internationalization requires policy support. China must provide access to RMB through loans and the People's Bank of China (PBoC) currency swaps. It must ensure the convertibility of RMB into US dollars in offshore markets. It must provide RMB services at a stable and predictable price. Currency internationalization without full capital‐account liberalization thus requires the RMB to be backed by dollar reserves, which the PBoC consequently will continue to hold and use. Hence, we do not foresee RMB internationalization as supplanting dollar dominance. [ABSTRACT FROM AUTHOR]

The UN's Sustainable Development Goals (SDGs) highlight the role of debt sustainability in achieving sustainable development. China's Belt and Road Initiative (BRI) is an international cooperation effort that is endorsed by over 150 countries and organizations. Given the alignment between BRI development goals and the SDGs, the issue of debt sustainability in BRI countries warrants attention. While existing studies focus on sovereign risk in debt sustainability, there is a lack of emphasis on currency risk, indicating a need for further investigation to mitigate risks and comprehensively evaluate debt stability. Using data from 142 countries, this study examines currency risk reduction in BRI countries by assessing currency competitiveness. We find that the US dollar (USD) is the most competitive currency among BRI countries, followed by the Euro (EUR), Chinese yuan (CNY), sterling pound (GBP), and Japanese yen (JPY). The USD maintains its competitive edge over time, making it the preferred choice, with the EUR as a less optimal option and the CNY showing potential. Geographically, the EUR's close ties with BRI countries lend it prominence, followed by the USD, with the CNY gaining traction. GBP and JPY are considered conservative choices. Recommendations for currency selection vary based on countries' competitiveness, bilateral relationships, and development status. [ABSTRACT FROM AUTHOR]

This paper investigates whether the euro or renminbi could join or even replace the US dollar as a dominant global reserve currency. The US dollar has long been dominant in international trade and finance, due to the size and stability of the US economy and the liquidity of US financial markets. The euro of the European Union (EU) and the renminbi of China challenge the hegemony of the US dollar. The Eurozone's institutional framework provides political stability and strong monetary authority, which make the associated currency, the euro, attractive as a potential reserve currency. China's rise as a global economic power promotes the use of its currency in international transactions, propelling global acceptance of the renminbi. China has explicitly challenged US dominance in many international arenas, including finance. In this paper, it is useful for an econophysics approach to measure the sign of the strength of coupling. This approach is adapted to define the divergence rate of the US dollar in relation to other currencies, specifically the euro and the renminbi, by quantifying how the dollar diverges over time based on currency indexes. It involves calculating forces that represent the divergence rates between the US dollar and these currencies, using a modified version of Coulomb's law. It also illuminates the dynamics of reserve currency competition, reaffirming the US dollar's central role in the global financial system from 2001 to 2022. Despite the emergence of potential challengers like the euro and renminbi, the dollar's dominance is likely to continue. As China's economy, international trade, and military power have expanded, the renminbi is increasingly seen as a potential reserve currency in the global financial system. However, China has shown a willingness to centralize political power, perhaps making other countries more likely to resist the renminbi becoming a reserve currency. The euro and renminbi do not present credible alternatives to the US dollar because (1) political fragmentation within the EU and differing fiscal policies among member states undermine the euro's reliability as a universal reserve asset, and (2) China enacts significant capital controls, lacks financial market transparency, and maintains a tight grip on economic policies. The US dollar's unparalleled liquidity, its deep financial markets, and America's geopolitical influence ensure the dollar's continued dominance as the world's primary reserve currency. The inherent structural and political challenges the euro and renminbi face make both unlikely to displace the dollar in the foreseeable future. Broader US hegemony, arising from it having the world's largest economy and strongest military, has supported the dollar's dominant role as a reserve currency, a dominance expected to endure. [ABSTRACT FROM AUTHOR]

The network effect is an important factor for the inertia and path dependence in the international monetary system. In this paper, we explore its influence, both theoretically and empirically: (a) by extending the standard monetary search model to a three‐country three‐currency model with multiple transitions to clarify the network effect on currency choices; (b) by showing empirically that the network effect is positive, statistically significant, and quantitatively comparable with other factors, such as trade share. The empirical results hold both for major international currencies and emerging currencies, such as RMB, and for various estimation specifications and subsamples. [ABSTRACT FROM AUTHOR]

This paper calculates the trade efficiency of China's exports to Africa by considering trade inefficiency factors, such as Chinese aid to Africa and Chinese contracted projects. Based on a stochastic frontier gravity model and data for China's exports to 38 African countries from 2010 to 2020, this study draws the following conclusions. First, trade inefficiencies, such as China's aid and contracted projects, play a positive role in promoting China's export trade to Africa. Second, the efficiency of China's export trade to Africa varies significantly in different regions, among which countries with high export trade efficiency are concentrated in North and South Africa. Third, the trade potential and trade expansion space of China's exports to Africa vary significantly among different product sectors, which provides much space for promoting trade policy. We highlight that China's government should develop differentiated regional trade policies due to regional heterogeneity in terms of export trade efficiency between China and African countries. [ABSTRACT FROM AUTHOR]

China–Malaysia economic engagement has deepened since the 1990s. The scale and scope of this relationship has also expanded significantly following the 2013 announcement of the Belt and Road Initiative. Offering a context-rich, historically-nuanced perspective, this paper analyses how Malaysian policymakers have engaged with economic opportunities opened up by the burgeoning Chinese market. In particular, it examines how Chinese foreign direct investment has contributed to industrial upgrading trajectories in Malaysia. The paper makes two inter-related arguments. First, it uncovers a correlation between closer Chinese–Malaysian economic integration and services liberalization, which results in Malaysia's lower emphasis on manufacturing and 'proper' industrialization. In other words, structural transformation has occurred, but it is geared towards the services sector. Relatedly, Chinese investment entering Malaysia, notwithstanding its relatively recent status, is composed primarily of service industries. The services-heavy nature of Chinese investment results in a relatively modest economic multiplier effect, potentially exacerbating some societal tensions and inequality. [ABSTRACT FROM AUTHOR]

Travelers who lack extensive experience or those visiting multiple countries in a short timeframe often need help to differentiate and identify the values of mixed foreign coins. This paper introduces a model that employs You Only Look Once (YOLO) object detection to identify various foreign coins within a single image frame and thoroughly evaluate its performance. The model, developed on Google Colab, has been trained using a dataset of 8,100 images and successfully identifies 18 different classes of coins, including the US dollar, European euro, and Chinese yuan. Implementing the model as a mobile-friendly web application allows users to upload images of their coins, and the application will provide identification results along with the option to receive the latest currency exchange information. The performance metrics scores of the model were 0.892, 0.932, and 0.925 for Precision, Recall, and Accuracy, respectively, showing satisfactory results. [ABSTRACT FROM AUTHOR]

Since the Belt and Road (B&R) initiative was put forward in 2013, China has signed cooperation documents with more than 150 countries and more than 30 international organizations. The Chinese government and banks have lent a large amount to B&R countries for infrastructure development, and China's foreign contracted projects and trade with these countries have increased significantly. However, many B&R countries face severe debt repayment problems, and China has actively engaged in debt relief. To avoid debt crises, China needs to adopt new B&R development strategies, including putting B&R development firmly on commercial principles, reducing government loans to B&R countries and restructuring debt, expanding trade with B&R countries, increasing imports from debtor countries, and encouraging private enterprises' direct investment in these countries. [ABSTRACT FROM AUTHOR]

The Chinese Government has promulgated the "Belt and Road Initiative" (BRI) to increase trade flows and integrate goods markets between China and BRI countries. The validity of purchasing power parity (PPP) implies well‐integrated goods markets, a precondition for further economic convergence, and the next stage of economic integration in factor, service, and financial markets. Our study aims to examine the validity of the PPP and the extent of goods market integration between China and selected BRI countries in Africa. Since the functional form of the cointegrating relationship may not be exact or linear, we adopt the nonparametric rank tests for analysis without prior knowledge and specification of the functional form. We also address the rank problems that occur in multivariate rank tests. Our empirical results provide strong evidence of an unrestricted PPP relationship with reasonably strong evidence of nonlinearity in the data. We also find that some African BRI countries have experienced goods market integration with China during the second‐half period only. This indicates that the introduction of the BRI in 2013 and China's active involvement in African economic development through BRI projects are leading to enhanced goods market integration between China and Africa. The results indicate favorable prospects of closer economic cooperation in the factor, service, and financial markets to build a free trade area or common markets with BRI countries in Africa. [ABSTRACT FROM AUTHOR]

This paper empirically examines the role of USD, EUR, and CNY as international payment currencies in Korea, China, and Japan. Our survey of business people in those countries finds that higher convertibility and stability of these currencies in the SDR enhance their acceptability and usability for international payments. However, even during times of instability, USD remains highly accepted and usable as a trade payment currency unlike the cases of EUR and CNY. Therefore, maintaining exchange rate stability is essential for improving the acceptability and usability of EUR and CNY as international payment currencies. [ABSTRACT FROM AUTHOR]

In what ways might the digital renminbi (RMB), also known as e-CNY, bolster China’s efforts to internationalize its currency? Utilizing Susan Strange’s concept of currency negotiation and borrowing the concept of infrastructures from science, technology, and society studies, this article argues that RMB internationalization is a gradual process that relies heavily on negotiation involving both state and non-state actors (i.e., private financial authorities). It further argues that while e-CNY may create new opportunities for RMB internationalization, it also raises new challenges. First, the e-CNY’s lack of coordination with other central banks represents a challenge for future evolution and standardization with other digital currency platforms, thus rendering first-mover status a potential disadvantage. Second, as a result of China’s divergent data governance direction from both the US and the EU, the e-CNY is disadvantaged when it comes to interoperability, trust of users, and diversity of data. The purpose of this study is not to predict the future of RMB internationalization once the e-CNY rolls out but rather to highlight various ways in which the latter may influence the former in order to widen analyses of the topic.

As global demand for offshore wind energy continues to rise, the imperative to enhance the profitability of wind power projects and reduce their operational costs becomes increasingly urgent. This study proposes an innovative approach to optimize the inspection routes of offshore wind farms, which integrates the K-means clustering algorithm and genetic algorithm (GA). In this paper, the inspection route planning problem is formulated as a multiple traveling salesman problem (mTSP), and the advantages of the K-means clustering algorithm in distance similarity are utilized to effectively group the positions of wind turbines, thereby optimizing the inspection schedule for vessels. Subsequently, by harnessing the powerful optimization capability and robustness of genetic algorithms, further refinement is conducted to search for the optimal inspection routes, aiming to achieve cost reduction objectives. The results of simulation experiments demonstrate the effectiveness of this integrated approach. Compared to traditional genetic algorithms, the inspection route length has been significantly reduced, from 93 kilometers to 79.36 kilometers. Simultaneously, operational costs have also experienced a notable decrease, dropping from 141,500 Chinese Yuan to 125,600 Chinese Yuan. [ABSTRACT FROM AUTHOR]

This paper aims to explore the relation between international competitiveness and currency internationalization by employing an analytical framework and applying it to RMB internationalization. Our results reaffirm that economic size, financial market development and network externalities are keys in currency internationalization. We also find that international competitiveness is a potential determinant of currency internationalization. However, a more comprehensively and fully measured index of international competitiveness than the GCI is needed to investigate the potential relation between international competitiveness and currency internationalization. The RMB could become an international reserve currency that is larger than the Japanese yen and the British pound sterling, but still lags far behind the US dollar and the euro by 2035. Given the network externalities and historical experience of currency internationalization, however, it will be a long and bumpy process for the RMB to become an international currency, particularly an international reserve currency. Exploring the relation between international competitiveness and currency internationalization; Reaffirming economic size, financial market development and network externalities as keys in currency internationalization; International competitiveness is a potential determinant of currency internationalization; The RMB could become an international reserve currency by 2035; RMB internationalization will be a long and bumpy process. [ABSTRACT FROM AUTHOR]

The notion that the exchange rate affects exports is well understood. However, whether exporters respond to the expectations of the exchange rate is unknown. Hence, in this study, we construct a measure of exchange rate expectations based on news articles from the Factiva database. We use machine learning to identify and classify news articles about the appreciation of the renminbi (RMB, Chinese currency). Our empirical estimation shows that from 2000 to 2006, Chinese firms reduced their exports in response to a higher expectation of RMB appreciation. They switched their sales from export to domestic markets. The responses are larger in low‐productivity firms, state‐owned enterprises, processing trade, and final goods trade. [ABSTRACT FROM AUTHOR]

This paper proposes an imputation of a global input‐output matrix, where China is broken up into 332 prefecture‐type regions in three years of data, 2007, 2012, and 2017. Using the resulting global input‐output matrix, the paper documents that sizable spillover effects exist with regard to economic volatility. In particular, such volatility spillovers are important for prices and somewhat less so for quantity shocks. We demonstrate that individual Chinese prefectures are large recipients and donors of such shocks. All Chinese prefectures together have a very large impact on the world economy in terms of the considered volatility shocks. [ABSTRACT FROM AUTHOR]

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Background: To compare the cost-effectiveness of originator (reference) recombinant human follicle stimulating hormone alfa (rhFSH-α) (follitropin alfa, GONAL-f) and its biosimilar (rhFSH, JinSaiHeng) in assisted reproductive technology (ART) from a Chinese patient perspective. Methods: A decision tree model was developed to simulate the treatment pathway of infertile women undergoing ART using GONAL-f or JinSaiHeng. Published clinical and cost data were used to evaluate the cost-effectiveness of the rhFSH-α. The cumulative live birth rate (CLBR), direct medical costs and costs per cumulative live birth were estimated via an analytic decision-tree model. Results: CLBR of GONAL-f was higher than JinSaiHeng preparation (88.3% vs 84.4%), while the cost per cumulative live birth was lower (51,475 vs 52,095 CNY). Conclusion: The originator rhFSH-α was associated with higher CLBR and lower cost per cumulative live birth, with incremental cost per additional live birth of 38,096 CNY (Chinese Yuan). [ABSTRACT FROM AUTHOR]

This study examines the role of the Chinese renminbi (RMB) as an international anchor currency. After China abandoned its tight US dollar (USD) peg in 2005, the RMB found greater popularity as a reserve currency. This change in the RMB's role reflected China's growing presence in the global economy, even challenging the USD in some of the 155 countries that signed on to the Belt and Road initiative (BRI). Modifying the approach of Ahmed (2021) to estimate basket weights in exchange rate policy for the currencies of 63 advanced and emerging economy currencies, we account for potential drivers of the exchange rate omitted in previous studies to obtain unbiased anchor weight estimates. Unlike earlier studies, we find that the RMB's anchor weight in exchange rate policies remains low irrespective of China's global role. Overall, the weight of the RMB averaged 6 %, compared to an average share of 58 % for the USD and 35 % for the euro. We also find that the USD, euro and yen anchor choices are strongly interlinked. A change in the anchor weight of any of these three currencies results in a strong opposite change in the weights of other two. Changes in RMB anchoring, however, do not materially impact USD, euro and yen weights. An increase in financial markets volatility leads developing countries to increase anchor weights of the developed countries currencies USD, euro and yen. Heightened geopolitical uncertainty only increases the weights of the USD and euro. [ABSTRACT FROM AUTHOR]

The restoration of ancient ceramics has attracted widespread attention as it can reveal the overall appearance of ancient ceramics as well as the original information and artistic charm of cultural relics. However, traditional manual restoration is constrained due to its time-consuming nature and susceptibility to damaging ancient ceramics. Herein, a three-dimensional (3D) printing technique was employed to accurately restore Chinese Yuan Dynasty Longquan celadon using hollow Al2O3 microsphere-modified 3D printing paste. The results show that the hollow Al2O3 microsphere content plays a vital role in the printability, physical properties, and firing performance of the modified 3D printing paste. The printed green bodies show no noticeable spacing or voids under moderate rheological conditions. The as-prepared ceramic body modified with 6 wt.% hollow Al2O3 microspheres and fired at 1280 °C exhibits optimal bending strength of 56.66 MPa and a relatively low density of 2.16 g∙cm−3, as well as a relatively uniform longitudinal elastic modulus and hardness along the interlayer. This 3D printing technique based on hollow Al2O3 microsphere-modified paste presents a promising pathway for achieving non-contact and damage-free restoration of cultural relics. [ABSTRACT FROM AUTHOR]

In what ways might the digital renminbi (RMB), also known as e-CNY, bolster China's efforts to internationalize its currency? Utilizing Susan Strange's concept of currency negotiation and borrowing the concept of infrastructures from science, technology, and society studies, this article argues that RMB internationalization is a gradual process that relies heavily on negotiation involving both state and non-state actors (i.e. private financial authorities). It further argues that while e-CNY may create new opportunities for RMB internationalization, it also raises new challenges. First, the e-CNY's lack of coordination with other central banks represents a challenge for future evolution and standardization with other digital currency platforms, thus rendering first-mover status a potential disadvantage. Second, as a result of China's divergent data governance direction from both the US and the EU, the e-CNY is disadvantaged when it comes to interoperability, trust of users, and diversity of data. The purpose of this study is not to predict the future of RMB internationalization once the e-CNY rolls out but rather to highlight various ways in which the latter may influence the former in order to widen analyses of the topic. [ABSTRACT FROM AUTHOR]

The 38th ECMS International Conference on Modelling and Simulation took place in Krakow, Poland, from June 4th to 7th, 2024. The conference focused on finance, economics, and social sciences and attracted participants from around 20 countries. Presentations covered a wide range of topics, including real estate and hotel markets in Poland, China's economic policy, financial risk management, and option pricing. The conference facilitated lively discussions among attendees from Hungary, Poland, and the Czech Republic. The text highlights several research studies presented at the conference, which explore areas such as option valuation, the impact of green bonds on innovation, the integration of ESG factors in banks' risk management systems, simulation frameworks for dental caries prevention, and mental health modeling. These studies contribute to a better understanding of complex economic, financial, and social phenomena. The text also mentions the recipients of the Best Paper Award at the conference. [Extracted from the article]

This study employs Bayesian vector autoregressive method to investigate spillover effects from China's monetary policy to Asian economies through the exchange rate, domestic demand, and financial channels. The domestic demand channel plays dominant role to the transmission of China's monetary spillover. While the weak impact of the exchange rate channel could be explained by the positive correlated response of Asian currencies to renminbi shock, the limited influence of the financial channel is due to low financial development and high restrictions on capital flows of China. We suggest Asian authorities should reduce the export reliance on China and prepare macro-prudential instruments to minimize their economies' vulnerability to foreign shocks. [ABSTRACT FROM AUTHOR]

The present article relies on an original institutional economics perspective of the international monetary system to argue that contrary to what is generally maintained in international relations literature, China's effort to internationalize the renminbi has not stalled after its inclusion in the International Monetary Fund's (IMF) Special Drawing Rights in 2015. This argument rests upon on the evaluation of the global petroleum market as a possible reinforcement of China's establishment of the renminbi as an international unit of account and means of payment through its participation in both fossil and renewable energy markets. To that end, we analyze China's energy-yuan strategy aimed at both fostering renminbi internationalization and securing energy provision. [ABSTRACT FROM AUTHOR]

This study examines the impact of exchange rate volatility on China-Pakistan trade flows from 1980 to 2020. Using data from 42 import industries and 34 export sectors, bilateral trade between China and Pakistan is analyzed, with the US as the third country. Cointegration analysis reveals a strong relationship between Pakistan-China trade flows and exchange rate volatility. The yuan/dollar exchange rate negatively affects 22 import and 24 export industries in Pakistan, while the rupee/dollar exchange rate negatively impacts 31 import and 17 export industries. Findings suggest that the exchange rate volatility of the third country hampers bilateral trade between Pakistan and China. [ABSTRACT FROM AUTHOR]

This paper reveals the inherent characteristics behind the statistical phenomena of exchange rate interactions and co‐movements, corroborated empirically by exploring a range of currencies with varied degrees of flexibility. It then studies purposely the historical evolution and development prospects of the RMB exchange rate regime. The RMB exchange rate behaviour and statistical patterns are contrasted with the freely floating currencies in this context. Taking up alternative policy positions, the expected developments in RMB characteristics are deliberated, projecting a trajectory for further RMB regime reforms. How the RMB would fulfil the significant role on the global currency market as signified by its position in the SDR basket is contemplated, beyond a conventional policy shift and under the paradigm that the global currency market tends to be tri‐polar. [ABSTRACT FROM AUTHOR]

"Shomotsu, insatsu, hon'ya: Nitchūkan o meguru hon no bunkashi" is a comprehensive volume of essays that explores the historical study of commercial publishing in pre-1900 East Asia, with a focus on Japan. While the majority of contributors concentrate on Japan, the volume aims to create space for Japanese-speaking scholars to engage with Chinese, Korean, and Japanese book histories. The book examines the history of "bookshop editions" published by commercial print shops and bookstores in Tokugawa Japan, Song-Qing China, and Chosŏn Korea, highlighting the diversity and interconnectedness of the commercial book in premodern East Asia. However, readers should be aware that the volume devotes more pages to Japan than to China or Korea. Overall, the book provides a valuable resource for researchers interested in East Asian book history and encourages comparative studies across the region. [Extracted from the article]

Extant research finds that exchange rate pegs do little to reduce firms' exposure to exchange rate risk in emerging markets. We study whether exchange rate risk exposures under a pegged/controlled floating currency regime can be priced in asset returns using unique data on exchange rate regime changes in China. As the only currency in the basket of International Monetary Fund's (IMF) Special Drawing Rights that is not fully market-driven for its exchange rate formation, the Chinese RMB (renminbi) offers an ideal case to study the pricing of exchange rate risk in pegged and controlled floating regimes. We find a negative stock market reaction to the announcement of changes from a pegged exchange rate to a controlled floating regime, suggesting a negative stock valuation effect of expectation of increased exchange rate exposure to currency appreciation. Under the managed floating exchange rate regime, the volatilities of accounting performance measures are significantly greater for the companies with stronger exposure to foreign-exchange rate risk. More importantly, foreign-exchange rate risk is priced in equity returns under the controlled floating regime but not under the strictly pegged regime. Furthermore, the pricing is stronger for firms with higher sensitivity to economic channels transmitting the exchange rate risk exposure to risk premiums. Overall, our results suggest that currency hedging for a multinational corporation with foreign-exchange exposure is warranted under a controlled floating currency regime. [ABSTRACT FROM AUTHOR]

This article analyses China's use of Bilateral Swap Lines (BSLs) as a form of 'financial statecraft' and its influence on the prevailing U.S.-led global financial order. The analysis covers the period from the 2008 global financial crisis to the 2020 COVID-19 pandemic crisis, focusing on specific instances of BSLs arrangements by Asian countries, such as South Korea, India, and ASEAN member states. The article suggests that China's monetary strategy, behind the extended institutionalisation of BSLs, is to elevate its 'relational power' within the USD-dominated 'Bretton Woods II system,' falling short of directly challenging it. Firstly, China is not yet ready to act as an international lender of last resort, as evidenced by its selectiveness in excluding certain countries with diplomatic issues from its extensive BSL agreements. Secondly, the practical utilisation of Chinese BSLs, demonstrated during the recent Covid-19 crisis, was not significant, rendering the Chinese renminbi BSLs more akin to a mere 'placebo' lender of last resort, providing nations with token insurance for hedging purposes. [ABSTRACT FROM AUTHOR]

This paper integrates trade policy and foreign direct investment into a unified analytical framework, and investigates the effects of input trade liberalization on the entry of foreign firms. To identify the causal effects, we utilize China's accession to the WTO in 2001 as a quasi-natural experiment, and perform difference-in-difference estimation. The results show that input trade liberalization significantly increases foreign entry. We also find that input trade liberalization not only promotes the entry of new foreign firms, but also restrains the exit of existing foreign firms, thereby contributing to the net growth of the number of foreign firms. The mechanism tests show that increasing variety as well as quality of intermediate input and reduction in marginal cost are the potential channels through which input trade liberalization promotes foreign entry. This paper further demonstrates that institutional environment strengths the positive effect of input trade liberalization on foreign entry, and the promotive effect of input trade liberalization on foreign entry increases with industry import intensity, additionally, input trade liberalization is also conducive to improving the quality of foreign investment. [ABSTRACT FROM AUTHOR]

We extend the opinion formation approach to probe the world influence of economical organizations. Our opinion formation model mimics a battle between currencies within the international trade network. Based on the United Nations Comtrade database, we construct the world trade network for the years of the last decade from 2010 to 2020. We consider different core groups constituted by countries preferring to trade in a specific currency. We will consider principally two core groups, namely, five Anglo-Saxon countries that prefer to trade in US dollar and the 11 BRICS+ that prefer to trade in a hypothetical currency, hereafter called BRI, pegged to their economies. We determine the trade currency preference of the other countries via a Monte Carlo process depending on the direct transactions between the countries. The results obtained in the frame of this mathematical model show that starting from the year 2014, the majority of the world countries would have preferred to trade in BRI than USD. The Monte Carlo process reaches a steady state with three distinct groups: two groups of countries preferring to trade in whatever is the initial distribution of the trade currency preferences, one in BRI and the other in USD, and a third group of countries swinging as a whole between USD and BRI depending on the initial distribution of the trade currency preferences. We also analyze the battle between three currencies: on one hand, we consider USD, BRI and EUR, the latter currency being pegged by the core group of nine EU countries. We show that the countries preferring EUR are mainly the swing countries obtained in the frame of the two currencies model. On the other hand, we consider USD, CNY (Chinese yuan), OPE, the latter currency being pegged to the major OPEC+ economies for which we try to probe the effective economical influence within international trade. Finally, we present the reduced Google matrix description of the trade relations between the Anglo-Saxon countries and the BRICS+. [ABSTRACT FROM AUTHOR]

In recent years, China has introduced a series of trade and financial liberalization policies and taken a crucial step towards the internationalization of RMB. These new developments bring about one question: how has openness affected the RMB real exchange rate volatility? Our empirical results reveal that in the long term, both trade and financial openness reduce exchange rate volatility; in the short term, the effect of financial openness varies across the three financial sub-accounts. Financial development can magnify (mitigate) the impact of trade openness on volatility in the short (long) term, but its role in affecting the impact of financial openness depends on the financial sub-account involved. Economic policy uncertainty (EPU) weakens the impact of openness on exchange rate volatility. In addition, financial openness absorbs more external shocks than trade openness. Foreign exchange reserves, while offsetting financial crisis shocks, cannot adequately absorb current account balance shocks. [ABSTRACT FROM AUTHOR]

This paper documents the increase in the number of global billionaires from mainland China between 2004 and 2018. One of the key findings is that under conditions of an open economy, grassroots billionaire entrepreneurs (e.g., Jack Ma) could mitigate political economy as well as financial frictions via capital injections from foreign venture capitalists. By building a unique database, I report that (i) the politically unconnected billionaire entrepreneurs financed by foreign venture capitalists are more likely to go public their companies outside mainland China (mainly in Hong Kong and the USA), use offshore financing vehicles, and enter the innovation sector and (ii) the politically connected global billionaire entrepreneurs, however, are closely associated with a record of state-owned enterprise (SOE) restructuring. Plain English Summary: The increase in the number of billionaire entrepreneurs (e.g., Jack Ma) from mainland China between 2004 and 2018 is a new phenomenon, which necessitates a reassessment of the crony capitalism arguments, the types of entrepreneurs, and the sources of innovation. This paper has important implications for future research on entrepreneurship in a global economy and the design of relevant policies. [ABSTRACT FROM AUTHOR]

This paper provides an alternative method to estimate the degree of RMB internationalization by combining the modified Frankel-Wei’s (1994, 2008) weight-inference technique and the state space model. Using a large sample of monthly exchange rate data of 54 economies, we estimate the dynamic currency weights of the U.S. dollar, Euro, RMB, Japanese yen and British pound. Results show that RMB has markedly increased since August 2015 as an international anchor currency, and then gradually decreased from June 2016 to December 2018. The currency weights ranked from highest to lowest are the U.S. dollar, Euro, RMB, British pound and Japanese yen for now. Furthermore, we also find that relative trade openness, capital account openness and exchange rate stability are the key drivers promoting the weight of the RMB. The above findings are robust to a battery of robustness tests. Our research contributes to the literature by providing a dynamic anchor currency weight estimation method and presenting a preliminary explanation for the changes of currency weight. [ABSTRACT FROM AUTHOR]