Intro; Foreword; A New Historical Starting Point for National Development; Series Preface; Preface; Acknowledgements; Contents; Introduction; Reasons for the RMB's overseas application in East Asia; The Special Path of Internationalizing the RMB and its Impacts on East Asia; The Special Path Taken by the RMB Toward International Applicability and its Corresponding Significance for China's Economic and Financial Development; The International Application of the RMB Further Facilitates Intra-regional Cooperation Among East Asian Economies

1 Monetary Systems and the International Monetary System: Evolution and Reform1.1 Money and the Monetary System: Evolution; 1.2 The International Monetary System: Formation and Evolution; 1.2.1 An International Monetary System with Precious Metals as the Standard Foundation; 1.2.2 The Fiat System; 1.3 Dilemma Facing the International Monetary System and a Request for Reform; 1.4 Choosing Which Direction the Reformation of the International Monetary System Will Take; 1.4.1 The Establishment of a Super-Sovereign Currency; 1.4.2 Regional Currency

1.4.3 The Internationalization of Multiple Sovereign Currencies2 The Internationalization of the RMB: Origins and Challenges; 2.1 The Internationalization of the RMB Is the Necessary Outcome of Rebalancing the Global Economy; 2.2 The Internationalization of the RMB Begins Under Specific Conditions; 2.3 The Progress of the RMB's Internationalization; 2.4 The Internationalization of the RMB Challenges the Financial System in China; 2.4.1 The Full Convertibility of the RMB; 2.4.2 A Mechanism for Forming the RMB's Deficit; 2.4.3 A Sophisticated Financial Market

2.4.4 The Independence of the Monetary Policy3 Experiences of Internationalizing Sovereign Currencies and Lessons Learnt in the Process; 3.1 The Formation of the Balance of Payments Surplus and Deficit, as Well as the Issue of Circulation-Experiences of the Deutschmark and the Japanese Yen as Well as Lessons Learnt; 3.1.1 The Internationalization of the Deutschmark; 3.1.2 The Internationalization of the Japanese Yen; 3.1.3 Common Points Between the Internationalization of the Deutschmark and the Japanese Yen

3.1.4 Divergences in the Process of Internationalizing the Deutschmark and the Japanese Yen3.2 Opening the Capital Account-A Traditional Difficulty Faced by Developing Countries; 3.3 Monetary Policies-The Different Choices of Developed Countries and Developing Countries; 3.4 Exchange Rate or Interest Rate-Lessons Learnt from the Monetary Policies of Developed and Developing Countries; 4 Selecting a Path for RMB's Internationalization; 4.1 Corner Solutions to the "Impossible Trinity"