Ensuring technological sovereignty and independence of the financial infrastructure, the case of China
Abstract
For many years, the dollar has been considered the major currency for international settlements. However, nowadays, we observe the opposite trend of a gradual de-dollarization virtually all over the world. As the share of China’s economy in world GDP grows and its national currency becomes more significant in world trade, the need to adapt the world monetary system to new realities has become especially relevant. Transactions in national currencies in foreign trade reduce the dependence of countries on the situation on international monetary and financial markets, especially in a tense geopolitical environment. For Russia, it is fundamentally important to ensure the development of its own financial infrastructure and its technological sovereignty. The article provides a fundamental analysis of the current state of Russia’s scientific and technological potential, outlines the prospects for increasing the share of foreign trade settlements in rubles and achieving national technological sovereignty, and also presents the experience of promoting the RMB on international financial markets.
Keywords
Foreign companies,
technological sovereignty,
internationalization of the RMB,
financial infrastructure,
world monetary system,
the People’s Bank of China,
settlement and clearing centers,
de-dollarization
Supporting agencies: The study was not sponsored.
About the Author
V. V. Shapovalov
MGIMO University
Russian Federation
Russian Federation
Vladimir V. Shapovalov - PhD in Economics, Associate Professor, Department of Applied International Analysis, Dean, School of International Business
76, av. Vernadsky, Moscow, 119454
RSCI Author ID: 835711
Scopus Author ID: 57223027459
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Review
For citations:
Shapovalov V.V. Ensuring technological sovereignty and independence of the financial infrastructure, the case of China. International Business. 2022;(2 (2)):21-30.
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