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9781032077833

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This absorbing book, with its focus on how nations respond to the internationalization of China's renminbi, breaks new ground in the study of international currencies. Based on a mountain of empirical evidence, Chey's analysis of 'reactive currency statecraft' is cogent and persuasive. The volume deserves to be on the book shelf of anyone with a serious interest in the political economy of finance. Benjamin J. Cohen, University of California, Santa Barbara In this fascinating book, Hyoung-kyu Chey sheds new light on a crucial, but neglected dimension of the politics of the RMB's internationalization: the reactions of foreign states. He reveals not just the varied nature of those reactions but also how much they are influenced by broader foreign policy goals. The lesson is clear and important: international monetary transformations are always deeply political processes. Eric Helleiner, University of Waterloo An incisive investigation into national responses to the internationalization of China's currency. Chey introduces a useful theoretical framework based on the novel concept of 'reactive currency statecraft.' The book's argument and case study evidence, which includes dozens of interviews with top political and financial officials in Japan, Korea, the United Kingdom, and the United States, will be of great interest to scholars of international money and anyone interested in how governments are responding to China's rise. Daniel McDowell, Syracuse University

This absorbing book, with its focus on how nations respond to the internationalization of China's renminbi, breaks new ground in the study of international currencies. Based on a mountain of empirical evidence, Chey's analysis of 'reactive currency statecraft' is cogent and persuasive. The volume deserves to be on the book shelf of anyone with a serious interest in the political economy of finance. Benjamin J. Cohen, University of California, Santa Barbara In this fascinating book, Hyoung-kyu Chey sheds new light on a crucial, but neglected dimension of the politics of the RMB's internationalization: the reactions of foreign states. He reveals not just the varied nature of those reactions but also how much they are influenced by broader foreign policy goals. The lesson is clear and important: international monetary transformations are always deeply political processes. Eric Helleiner, University of Waterloo An incisive investigation into national responses to the internationalization of China's currency. Chey introduces a useful theoretical framework based on the novel concept of 'reactive currency statecraft.' The book's argument and case study evidence, which includes dozens of interviews with top political and financial officials in Japan, Korea, the United Kingdom, and the United States, will be of great interest to scholars of international money and anyone interested in how governments are responding to China's rise. Daniel McDowell, Syracuse Universit

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Hyoung-kyu Chey is Associate Professor of International Political Economy at the National Graduate Institute for Policy Studies (GRIPS) in Tokyo. He is the author of International Harmonization of Financial Regulation? The Politics of Global Diffusion of the Basel Capital Accord (2014).

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