| | PROBLEMS OF MODERN ECONOMICS, N 2 (70), 2019 | | SOCIO-ECONOMIC DEVELOPMENT IN FOREIGN COUNTRIES | | Huang Yufeng PhD student, Chair of International Economics and International Economic Relations, St. Petersburg State University of Economics
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| The article focuses on a number of aspects related to the development of financial infrastructure in China and establishment of the country as a world financial power. To illustrate disproportion in the development of the global currency system the author uses statistical data, and stresses the necessity to create China’s own cross-border interbank payment system (CIPS), which will promote further internalization of yuan. | Key words: China, Chinese cross-border interbank payment system (CIPS), clearing, international financial center, reserve currency, special rights of borrowing, financial infrastructure, yuan | Pages: 154 - 157 |
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