1、此文檔是畢業(yè)設(shè)計(jì)外文翻譯成品（ 含英文原文+中文翻譯） ，無(wú)需調(diào)整復(fù)雜的格式！下載之后直接可用，方便快捷！本文價(jià)格不貴,也就幾十塊錢！一輩子也就一次的事！外文標(biāo)題：A novel pathway to power? Contestation and adaptation in China’s internationalization of the RMB外文作者：Christopher A. McNally and Julian Gru
2、in文獻(xiàn)出處: Review of International Political Economy, 2019 (如覺得年份太老，可改為近 2 年，畢竟很多畢業(yè)生都這樣做)英文 7285 單詞，41635 字符(字符就是印刷符)，中文 11763 漢字。 （如果字?jǐn)?shù)多了，可自行刪減，大多數(shù)學(xué)校都是要求選取外文的一部分內(nèi)容進(jìn)行翻譯的。 ）A novel pathway to power? Contestation and adaptat
3、ion in China’s internationalization of the RMBABSTRACT: In this article, we investigate the dynamics of contestation and adaptation that are unfolding within global financial markets as China seeks to internationalize it
4、s currency, the renminbi (RMB) or yuan. We develop a conceptual framework that stresses the potential malleability of the global monetary system. Economic actors and international institutions are not static but dynamic
5、and respond to events. Accordingly, we highlight two underexplored features of RMB internationalization: first, the variegated and politicized nature of capital account and currency management controls that China is impl
6、ementing; and second, the manner in which these unique currency management systems are interacting with the ideational and institutional underpinnings of how transnational financial markets are generated and stabilized.
7、Our analytical framework is then applied to examine the interface of China’s onshore/ offshore RMB markets. We argue that China is adopting a unique mode of monetary governance that reflects a different relationship betw
8、een the state and market from that which we see in the West at present. Whilst the prospects of China ‘muddling through’ this internationalization process are uncertain, it remains possible that RMB internationalization
9、will transform the global financial landscape in deeply qualitative as well as purely quantitative ways, ushering in an era of more illiberal state-managed monetary relations.establish an alternative multi-lateral instit
10、utional foundation for Chinese foreign economic relations, such as the Asian Infrastructure Investment Bank and the New Development Bank, as well as the more directly bilateral ‘One Belt, One Road’ initiatives. Through t
11、he simultaneous pursuit of these multiple programmes, Beijing is adroitly hedging its strategy for global financial integration. While the long-term contours of this integration remain highly uncertain, the eclectic aven
12、ues pursued by China indicate that an unadulterated transformation of its political economy to reflect a liberal conception of market supremacy is highly unlikely.A more probable outcome is that China will strategically
13、adapt to certain elements of the liberal order, while global economic actors in their desire to accommodate and profit from China’s financial clout will produce ‘lock-in’ effects that constrain their preferences and beha
14、viour, forcing them to adapt to Chinese ways. In other words, the international monetary system encompasses potential malleability. Market actors and international institutions are not set in stone; they are dynamic and
15、adapt to events. As China gains in economic heft, its unique currency management is likely to alter the ideational and institutional underpinnings of international monetary relations. A hybrid logic of institutional evol
16、ution could both reshape China’s and the globe’s monetary systems.So far, such a pathway to the RMB’s global monetary significance has not been analytically entertained in the literature. By investigating the nature of C
17、hina’s ‘state-centric’ monetary system, and the potential ways in which it will conflict and harmonize with the existing liberal system, we seek to provide a more comprehensive and nuanced perspective on how China’s fina
18、ncial emergence will influence the twenty-first century’s global monetary order. In the following sections, we develop an analytic framework for evaluating China’s process of currency internationalization. Its aim is to
19、better explicate connections between micro-level dynamics of currency demand and supply within financial market environments, and the macro-level trajectory of aggregate currency internationalization. In so doing, the fr
20、amework focuses on two under-explored features of RMB internationalization and, indeed, currency internationalization more generally: first, the potential for variegated state-managed capital account and currency managem