International Monetary Institute of Renmin University of China

1. Introduction

Established on December 20, 2009, International Monetary Institute (IMI) is a non-profit academic institution and think tank focusing on research on monetary finance theory, policy and strategy.

Taking the discipline framework and thinking model of “the General Theory of Macro-Finance”, IMI follows the principle of including both Chinese and western merits with precise and practical academic spirit. Aiming to build a world-class think tank focusing on the studies on international financial theory, strategy and policy in an international, professional and featured approach, IMI is dedicated to the cutting-edge theoretical researches in internationalization of RMB, reform of international monetary system, regional monetary and financial cooperation, China’s international financial strategies, and other monetary finance theories and policies. IMI has been proved very fruitful in promoting academic exchanges, serving society, facilitating practices of financial reform at home and abroad and facilitating cultivation of financial talents “who are able to flexibly move between the East and West cultural platforms.”

IMI’s Advisory Board includes: Mr. Su Ning, former deputy-governor of the People’s Bank of China (PBoC) and the chairman of China UnionPay; Mr. Wang Zhaoxing, Vice Chairman, China Banking Regulatory Commission; Mr. Pan Gongsheng, deputy-governor of PBoC; Prof. Robert A. Mundell, the 1999 Nobel Laureate in Economics and professor of the Columbia University; Mr. Yam Chi Kwong, former president of Hong Kong Monetary Authority; Prof. Steve H. Hanke, famous economist and co-director of the Institute for Applied Economics and the Study of Business Enterprise at the Johns Hopkins University; Mr. Edmond Alphandery, former French Minister of Economy, chairman of Euro50 Group and Chairman of the Center for European Policy Studies (CEPS).

The chairman of IMI Academic Committee is Prof. Chen Yulu, president of Renmin University of China and member of Monetary Policy Committee of PBoC. The members of Academic Committee are 26 experts and scholars from research institutions, policy-making sectors, and financial institutions: Ben Shenglin, Cao Tong, Guo Qingwang, Hu Xuehao, Ji Zhihong, Jiao Jinpu, Rainer Klump, Il Houng Lee, Liu Jun, Lu Lei, David Marsh, Herbert Poenisch, Qu Qiang, Alfred Schipke, Anoop Singh, Wanda Tseng, Tu Yonghong, Wei Benhua, Xiang Songzuo, Xuan Changneng, Zhang Jie, Zhang Xiaopu, Zhang Zhixiang, Zhao Haiying, Zhao Xijun, Zhou Daoxu and etc.

The director of IMI is Prof. Zhang Jie, associate dean of the School of Finance of Renmin

University of China, while Mr. Cao Tong, president of WeBank, and Prof. Ben Shenglin, professor of Zhejiang University take the co-director position and executive director position respectively. The vice-directors are Prof. Xiang Songzuo, chief economist of the Agricultural Bank of China, and Prof. Tu Yonghong, from Renmin University of China. The assistant director is Dr. Song Ke, from Renmin University of China.

IMI promotes fundamental theoretical and empirical studies on macrofinance, as well as research on strategies and application. IMI has established the “4+3+1” publishing mode, including 4 periodicals: “International Monetary Review” (Quarterly), “International Monetary Review” (Monthly), “IMI Research Information” (Weekly), and “Daily Review on International Monetary Finance”; and 3 internet platforms: IMI Website, IMI Weibo and IMI WeChat; and a book series: “Series of International Monetary Studies”. In order to faithfully record the progress of RMB internationalization and objectively reflect the challenges in the long run, IMI has released the “RMB Internationalization Report” since 2012. The Reports draw broad attention from all sectors of society due to the independence, objectivity and referential value for decision making. Currently, the Reports have been released in both China and abroad simultaneously in English, Japanese, Simplified and Traditional Chinese characters.

IMI has been dedicated to establish a platform for academic exchange and cooperation internationally, with long-term strategic partnerships established with organizations and academic institutions from Europe, America and Asia, including IMF, Official Monetary and Financial Institutions Forum (OMFIF), International Finance Forum (IFF), Goethe University Frankfurt, Korea Institute for International Economic Policy (KIEP), and Fung Global Institute. By far, IMI has hosted more than 20 major international and domestic academic conferences and over a hundred small and medium sized conferences. We have forged series of high-end forums and seminars brands with significant academic influence, including Roundtable on Money and Finance, Macro-Finance Salon, Yanshan Forum, and McKinnon Lecture Room. Macro-Finance Salon is a high-end academic salon. The salon aims at promoting the study and practice of Macro-Finance, as well as its disciplinary program, while carrying out in-depth research on Macro-Finance theory, policy and strategy. The concept of “Macro-Finance” stems from Professor Huang Da’s fundamental idea of integrating macro and micro financial theory, which systematically regards finance and real economy as a whole. In his book of “General Theory of Macro-Finance”, President Chen Yulu of Renmin University, also chairman of IMI Academic Committee, demonstrates the fundamental connotation and methodology of Macro-Finance, laying theoretical and empirical foundation for Macro-Finance framework, which facilitates long-term economic growth and stronger national competitiveness.

IMI has developed a program focusing on cultivating financial talents “who are able to flexibly move between the East and West cultural platforms”. This is an international program aiming at cultivating financial youth leaders based on interdisciplinary knowledge of economics and finance. It applies the mentorship from both the academia and the profession, combines research and practices, and integrates domestic and international studies. This program has been connected with high-end alumni platforms including Yanshan Forum, Pujiang Financial Forum, RUC-HK Cetnral

District Forum, and RUC-New York Financial Forum. This is a sustainable training program organized in an professional and all-round way.

IMI has done its utmost to provide constructive suggestions for the state and governments in all levels, contributing to the comprehensive and deepened reform of China’s financial system. For five years, this institute has reported key internal references to the state leaders and leaders in the PBoC, CSRC, CBRC, and CIRC from time to time, and received written comments from these leaders. IMI members have given policy consultation and lectures to provincial and ministerial organizations for over 20 times, and over ten members have worked as chairperson or managing director in state academic institutions including China Finance Society, or members of the Monetary Policy Committee of the Central Bank. Among them, Pan Gongsheng and Chen Yulu work as members of the Monetary Policy Committee of the Central Bank, Zhang Jie as the managing director at China Finance Society, Guo Qingwang as the vice chairman of China Fiscal Society, and Ben Shenglin as the counselor at Zhejiang Provincial Government. By the end of 2014, among IMI members, 25% of advisory committee members work for the government; academic committee members, 33%; researchers, 18%.

Address: Room 605, Culture Square, No. 59 Zhongguancun Avenue, Haidian District, Beijing, China 100872 Tel: 86-10-62516755 E-mail: [email protected] Website: http://www.imi.org.cn/

2. Members

Advisory Board

Su Ning Chairman, China Union Pay Company Limited; Former Deputy-Governor, the People’s Bank of China Wang Zhaoxing Vice Chairman, China Banking Regulatory Commission Pan Gongsheng Deputy-Governor, the People’s Bank of China; Member of Monetary Policy Committee of PBoC Robert A. Mundell The 1999 Nobel Economics Laureate; Professor, Columbia University Joseph Yam Chi Kwong Vice Executive Chairman, China Society for Finance and Banking; Former President, Hong Kong Monetary Authority Steve H. Hanke Famous Economist in International Economics and Monetary Policy; Professor, John Hopkins University Edmond Alphandery Former French Minister of Finance; President of the Euro50 Group; Chairman of the Center for European Policy Studies(CEPS)

Academic Committee

Chen Yulu Chairman of the Academic Committee of IMI; President, Renmin University of China; Member of Monetary Policy Committee of PBoC Ben Shenglin Executive Director and Council Member of IMI; Professor of Zhejiang University Cao Tong Co-Director and Council Member of IMI; President, Qianhai Weizhong Bank Guo Qingwang Dean, School of Finance, Renmin University of China; Distinguished Professor of Cheung Kong Scholars Program Hu Xuehao Deputy Director General, Ministry of Finance Ji Zhihong Director General, Financial Market Department, PBoC Jiao Jinpu Director General, Financial Consumer Protection Bureau, PBoC Rainer Klump Vice-President of Goethe University Frankfurt Il Houng Lee President, Korea Institute for International Economic Policy; former IMF Chief Resident Representative in China Liu Jun Executive Director and Vice President, China Everbright Group Lu Lei Director General, Research Bureau, PBoC David Marsh Managing Director and Co-Founder of Official Monetary and Financial Institutions Forum (OMFIF) Herbert Poenisch Former Senior Economist at the Bank for International Settlements Qu Qiang Professor, School of Finance, and Deputy Director, China Financial Policy Research Center, Renmin University of China Alfred Schipke Senior Resident Representative, IMF China Anoop Singh Managing Director and Head of Regulatory Affairs, Asia Pacific for JP Morgan, Former Director of IMF Asian and Pacific Department Wanda Tseng Former Deputy Director in the Asia and Pacific Department of IMF Tu Yonghong Deputy Director and Council Member of IMI; Professor, School of Finance, Renmin University of China Wei Benhua Former Deputy Administrator-in-Bureau, the State Administration of Foreign Exchange; former Executive Director for China in IMF Xiang Songzuo Deputy Director and Council Member of IMI; Chief Economist, Agricultural Bank of China Xuan Changneng Director General, Financial Stability Bureau, PBoC Zhang Jie Director and Council Member of IMI; Associate Dean, School of Finance, Renmin University of China Zhang Xiaopu Deputy Director General, Policy Research Institute, China Banking Regulatory Commission Zhang Zhixiang Former Director General, International Department of PBoC; Former Executive Director for China in IMF Zhao Haiying Member of the Executive Committee, China Investment Corporation; Vice President, Central Huijin Investment Ltd. Zhao Xijun Associate Dean, School of Finance, Renmin University of China Zhou Daoxu Deputy Secretary-General of Guizhou Provincial People’s

Government, Director of Guizhou Provincial Finance Affair Office

Executive Team

Director Zhang Jie Cao Tong Executive Director Ben Shenglin Deputy Director Xiang Songzuo Tu Yonghong Assistant Director Song Ke

Research Team

Senior Research Fellow Chen Qiqing Director of Macroeconomic Department, Party School of the CPC Central Committee E Zhihuan Deputy General Manager, Economics & Strategic Planning Department, Bank of China (Hong Kong) Yuksel Gormez Economic Counselor, Central Bank of Turkey Hu Yifan Chief Economist of Haitong International Securities Huang Jinlao Vice President of Huaxia Bank Wang Yi Deputy Director, Statistics and Analysis Department of PBoC Wu Zhifeng Director of Latin America Department, Research Institute of China Development Bank Zhang Bin Director of Global Macroeconomy, Institute of World Economics & Politics, CASS Research Fellow Cao Can Lecturer, School of Sociology and Population Studies, RUC Dai Wensheng Associate Professor, School of Finance, RUC Di Dongsheng Associate Professor, School of International Studies, RUC Gang Jianhua Associate Professor, School of Finance, RUC He Qing Associate Professor, School of Finance, RUC Hu Bo Associate Professor, School of Finance, RUC Hu Tianlong Associate Professor, Law School, RUC Li Shaojun Chief Strategy Research Fellow, Minsheng Securities Liu Xiangbo Assistant Professor, Hanqing Advanced Institute of Economics and Finance, RUC Luo Yu Assistant Professor, School of Finance, RUC Ma Yong Associate Professor, School of Finance, RUC Qian Zongxin Assistant Professor, School of Finance, RUC Qu Fengjie Director, Department of China-US Economic Relations, Institute of International Economic Research, NDRC Song Ke School of Statistics, RUC Su Zhi Associate Professor, School of Statistics and Mathematics, Central

University of Finance and Economics Wang Fang Associate Professor, School of Finance, RUC Wu Cong Deputy Director, General Office, RUC Xia Le Chief Economist for Asia, Research Department, Banco Bilbao Vizcaya Argentaria Xu Yisheng Department of Public Relations, Board Office, Minsheng Investment Company Ltd. Yu Pingkang Chief Economist, Huatai Securities Zhang Yixiong Director of Finance Department, Ministry of Commerce Zhao Ran Assistant Professor, School of Finance, Capital University of Economics and Business Associate Research Fellow Chen Jia Director, Secretariat of Rural Finance Institute, Strategic Planning Department, Agricultural Bank of China Qu Qiang Lecturer, Graduate School of Translation and Interpretation, Beijing Foreign Studies University Qu Shuangshi Techno-Economic Research Department, Development Research Center of the State Council, PRC Song Shanshan SDIC CGOG Futures Co., LTD Wang Zuogang Director, Monetary Policy Department II, PBoC Xu Yuanrong Chief Research Officer, CBNResearch Xu Zhaoying Ph.D. Student, School of International Studies, Peking University Yang Feng Research Fellow, Shanghai Herong Investment Management Company Ltd. Yuan Jiang Senior Macro Analyst, Strategic Planning Department, Agricultural Bank of China Zhao Xueqing Ph.D. Student, School of Finance, RUC

3. Key Research Programs

IMI is dedicated to the cutting-edge theoretical researches in internationalization of RMB, reform of international monetary system, regional monetary and financial cooperation, China’s international financial strategies, and other macro-financial theories and policies; and coordinately promotes fundamental theoretical and empirical study, as well as researches on strategies and application. The Institute has established the “4+3+1” publishing mode, including 4 periodicals: “International Monetary Review” (Quarterly), “International Monetary Review” (Monthly), “IMI Research Information” (Weekly), and “Daily Review on International Monetary Finance”; and 3 internet platforms: IMI website, IMI Weibo and IMI WeChat; and a book series: “Series of International Monetary Studies”.

By the end of 2014, IMI members have been invited to over 200 academic meetings at home and abroad and undertaken 10 ministerial-level tasks. They have published 150 articles on top journals

including Journal of Financial Economics, China Social Sciences, Financial Study and Economic Study. They authored 60 books in the form of assembly documents, among which 13 have been included in the Series of International Monetary Studies.

RMB Internationalization Report RMB Internationalization is an important national strategy. In order to faithfully record the progress of RMB internationalization and objectively reflect the challenges in the long run, IMI has been releasing the “RMB Internationalization Report” since 2012.

In 2012 Report, we created the RMB Internationalization Index (RII) to reflect RMB’s performance as an international currency. The index does not only provide direct policy assistance but also serves as a practical quantitative index for relevant academic researches.

By studying the evolution of international trade structure and international monetary system, the “2013 Report” summarizes the inherent logic and general rule of the transforming international trade structure and international currency replacement. The report provides the theoretical basis and analytical framework for RMB’s substitution of other international currencies after China becoming the world’s largest trading nation.

RMB Internationalization 2014 themed the development of offshore RMB markets. Focusing on the logic of offshore markets promoting currency internationalization, this report looks into the influence of offshore RMB markets on the internationalization of RMB. Taking account of current developments that the capital account is yet fully liberalized, this report shows the practical path to RMB internationalization and reasonable layout of offshore markets.

IMI Journals Daily Review on International Monetary Finance “Daily Review on International Monetary Finance” is a daily academic journal of IMI, including five columns: Global Economic Data, Scholar’s Mind, Global Economic and Financial Dynamics, Central Bank Observation, and Internationalization of RMB. It focuses on macro-financial theory, and relevant policy and strategy with careful studies, keeping close eye on the market, releasing our exclusive academic opinions and theoretical reviews, while sharing financial market updates and providing authoritative interpretation. IMI Research Information (Weekly) “IMI Research Information” is an academic weekly of IMI, published every Monday, with Mr. Cao Tong, co-director of IMI and vice president of China EXIM Bank as its editor-in-chief. The weekly releases the latest researches by IMI, including academic reviews, speeches drafts and themed reports, and etc. International Monetary Review (Monthly) “International Monetary Review” is an academic monthly of IMI, published on the first day of each month, with Mr. Xiang Songzuo, vice director of IMI, chief economist of Agricultural Bank of China as its editor-in-chief. The Review embraces both Chinese and western thoughts with

rigorous and practical academic spirit, specifically publishing academic papers on the cutting edge issues, such as RMB internationalization, reform of international monetary system and China’s international financial strategy. International Monetary Review（Quarterly） “International Monetary Review” is an English academic quarterly of IMI published on the 15th day of every quarter, with Mr. Ben Shenglin, executive director of IMI, Professor of Zhejiang University, as its editor-in-chief. Its columns include Research Review, Research Report, Working Paper and IMI Briefing, carrying academic papers and short reviews on the RMB internationalization, reform of international monetary system and China’s international financial strategy.

IMI Book Series (“Series of International Monetary Studies”) IMI Book Series encompass works on RMB internationalization, reform of international monetary system, regional monetary cooperation and China’s monetary strategy and etc. The current publications include “The Euro: The Politics of the New Global Currency”, “Financial Dilemma and Breakthrough under Financial Crisis: International Financial Review, 2013”, “Tradition and Innovation of Global Monetary Governance in the Post Financial Crisis Era: International Financial Review, 2014”, “RMB Internationalization Report 2012” (Chinese, English and Japanese Edition), “RMB Internationalization Report 2013” (Chinese and English Edition), “Great Currency” (Political Issue, Military Issue, Cultural Issue), “The Future of Europe”, and “RMB Internationalization Report 2014”, etc.

4. International Exchange

IMI has been dedicated to establishing a platform for academic exchange and international cooperation, with long-term strategic partnerships established with organizations and academic institutions from Europe, America and Asia, including IMF, Official Monetary and Financial Institutions Forum (OMFIF), International Finance Forum (IFF), Goethe University Frankfurt, Korea Institute for International Economic Policy (KIEP), ASEAN+3 Macroeconomic Research Office (AMRO), JP Morgan Chase Bank, Fung Global Institute, SinoPac Holdings, China Development Bank, The Export-Import Bank of China, Agricultural Bank of China, China Everbright Bank, China Citic Bank, Monetary Policy Department of PBoC, Institute of Finance and Banking of CASS, and Central Huijin Investment Ltd., etc. Since 2012, IMI has worked with IMF to publish World Economic Outlook and explore monetary and financial strategies. IMI is working on translating the authoritative, informative IMF History Series, which includes 11 volumes and 4.1 million words. IMI has in-depth cooperation with OMFIF and Frankfurt University of Germany on translating and spreading research products, exchanging talents and studies on internationalization of RMB. OMFIF and Frankfurt University have worked with IMI respectively as it held the Presentation of Internationalization of RMB 2014 Report in London and Frankfurt. This has been the first European road show for a Chinese think tank to present such a topic.

By the end of 2014, IMI has hosted more than 20 major international and domestic academic conferences and over a hundred small and medium conferences. We have forged series of high-end forums and seminars brands with significant academic influence, including Roundtable on Money and Finance, Macro-Finance Salon, Yanshan Forum, and McKinnon Lecture Room.

2014 International Monetary Forum and Press Conference of “RMB Internationalization Report”

On July 20, 2014 International Monetary Forum and Press Conference of “Annual Report on the Internationalization of RMB " was held at RUC. The conference was attended by President of RUC Chen Yulu, former Vice Minister of Commerce Wei Jianguo, Vice President of CASS, Li Yang, Deputy Director of the Research Department of State Council Han Wenxiu, JP Morgan Asia-Pacific regulatory strategy director and former IMF head of Asia-Pacific region Anoop Singh, Chair of OMFIF David Marsh, Vice President of the University of Frankfurt Rainer Klump and IMF Chief Representative in China Alfred Schipke, and other more than fifty well-known experts, scholars and policy leaders from research institutes, government departments and financial institutions in Europe, America, Asia and other areas.

Roundtable on Money and Finance Roundtable on Money and Finance is IMI’s signature quarterly forum held in the second Saturday afternoon of each March, June, September and the next January respectively (adjusted for national holidays and special occasions). The forum invites financial experts and leaders from home and abroad, having featured keynote speakers including: WEI Jianguo, vice minister of the Ministry of Commerce; SU Ning, former deputy-governor of PBoC; Chen Yulu, president of Renmin University; Pan Gongsheng, deputy-governor of PBoC; Robert A. Mundell, professor of Columbia University; Edmond Alphandery, former French minister of finance; Patrick Honohan, governor of Central Bank of Ireland; Yves Mersch, governor of Central Bank of Luxembourg. Currently, the forum has become a significant platform for academic exchanges in the macrofinance, and has cast great influence among financial researchers and practitioners.

Macro-Finance Salon Macro-Finance Salon is another high-level academic salon hosted by IMI. The salon aims at promoting the study and practice of Macro-Finance, as well as its disciplinary program, while carrying out in-depth research on Macro-Finance theory, policy and strategy. The concept of “Macro-Finance” stems from Professor Huang Da’s fundamental idea of integrating macro and micro financial theory, which systematically regards finance and real economy as a whole. In the book of “General Theory of Macro-Finance”, President Chen Yulu of Renmin University demonstrates the fundamental connotation and methodology of Macro-Finance, laying theoretical and empirical foundation for Macro-Finance framework, which facilitates long-term economic growth and stronger national competitiveness.

Yanshan Forum

Yanshan Forum, organized by IMI, is a quarterly forum initiated by a group of prominent Renmin University alumni—policy-makers from PBC, CBRC, CSRC, and CIRC. Founded in 2008, the forum has served as an effective communication platform for Renmin University alumni in financial circle, an important think-tank for China’s financial reform and practice. The forum has made outstanding contribution to forge “School of Renmin University” in finance. The forum focuses on socio-economic hotspots, particularly on macroeconomic issues and financial policies.

McKinnon Lecture Room McKinnon Lecture Room consists of a series of high-level academic lectures. By “walking out” and “inviting in”, the seminars invite a number of prestigious experts and scholars from China and abroad lecturing on macrofinance theories and relevant policies. Previous speakers include Mr. Vivek Arora, director assistant of IMF Asian and Pacific Department; Ms. Annika Melander, director of Econmic and Finance Department and first counselor of Delegation of the European Union to China; Professor Niels Thygeson, honorary professor of Economics, University of Copenhagen; Mr. Wang Honglin, research fellow of Hong Kong Institute for Monetary Research of HKMA; and Mr. Jae Hoon Yoo, Chairman & CEO of Korea Securities Depository.

5. Talent Development

6. Policy Consultation

2014, among IMI members, 25% of advisory committee members work for the government; academic committee members, 33%; researchers, 18%.