Apr 1, 2019 - Mar 31, 2021
The rise of China has been a major issue of debate among international relations scholars since the end of the Cold War. Most of the existing studies of China as a rising power tend to focus mainly on the security relations among China and other states. However, central to China’s rise has been the dramatic growth of its economy, and at this moment a key question related to the dynamics and consequences of China’s rise may thus be how other states react to its economic growth. Against this backdrop, the research project proposed here aims to address how foreign states have responded to China’s economic rise, in particular in the currency realm by analyzing their reactions to the internationalization of the Chinese renminbi. More specifically, this study will analyze whether China’s economic growth has generated gravitational forces attracting foreign actors toward its currency, by leading them to accommodate the internationalization of the renminbi. This research is expected to contribute significantly to the study of the international politics surrounding a rising power, by helping to expand the scope of the related analysis to encompass the currency sphere.