Dr Paola Subacchi
Chaired by Associate Professor Susan Harris Rimmer, ARC Future Fellow, Griffith Law School
Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation-and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge?
In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
Paola Subacchi is an economist, writer and commentator on the functioning and governance of the international and monetary system. She is a senior fellow at Chatham House (The Royal Institute of International Affairs) in London, a visiting professor at the University of Bologna, and a non-executive director of Scottish Mortgage Investment Trust PLC and of BlackRock Greater Europe Investment Trust PLC. Her latest book, The People's Money: How China is building a global currency, was published by Columbia University Press. An Italian national, she studied at Universitá Bocconi in Milan and at the University of Oxford. In 2016 she was awarded the honour Cavaliere della Stella d'Italia.
Prior to the seminar copies of The People's Money: How China Is Building a Global Currency will be available for purchase.
RSVP on or before Thursday 30 November 2017 , by email email@example.com, or by phone 07 3735 5322