How the state frames its engagement in renminbi internationalization: The case of Indonesia

dc.contributor.authorMellynia
dc.contributor.authorMoch Faisal Karim
dc.date.accessioned2024-05-02T12:01:02Z
dc.date.available2024-05-02T12:01:02Z
dc.date.issued2024-01-14
dc.description.abstractThe rise of China has accelerated Renminbi (RMB) internationalization. While there seems to be global support for RMB internationalization, there is a gap in understanding how developing nations, facing potential domestic skepticism, rationalize and articulate their support. This article discusses narratives that states use to legitimize their support for RMB internationalization. Using the case of Indonesia, this article examines the country's policy responses to China's RMB internationalization strategy. It uncovers that Indonesia frames its engagement with RMB internationalization not merely as an endorsement of China's global ambitions but as a strategic move to hedge against US dollar vulnerability and to foster broader Asian regional integration, particularly in terms of currency cooperation. This article enriches the existing literature, providing a nuanced perspective on how states navigate the complexities of international economic diplomacy, crafting narratives that align with their strategic interests and policy objectives in the evolving landscape of global currency politics.
dc.identifier.citationMellynia, & Karim, M. F. (2024). How the state frames its engagement in renminbi internationalization: The case of Indonesia. Asian Politics and Policy, 16(1), 94–112. https://doi.org/10.1111/aspp.12729
dc.identifier.doihttps://doi.org/10.1111/aspp.12729
dc.identifier.issn1943-0787
dc.identifier.urihttps://hdl.handle.net/20.500.14576/218
dc.language.isoen
dc.publisherWiley-Blackwell
dc.rightsAll Rights Reserved
dc.subjectHedging
dc.subjectIndonesia
dc.subjectInternational political economy
dc.subjectLegitimation
dc.subjectRenminbi internationalization
dc.titleHow the state frames its engagement in renminbi internationalization: The case of Indonesia
dc.typeArticle
publicationvolume.volumeNumber16
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This is the peer reviewed version of the following article: Mellynia, & Karim, M. F. (2024). How the state frames its engagement in renminbi internationalization: The case of Indonesia. Asian Politics and Policy, 16(1), 94–112. https://doi.org/10.1111/aspp.12729, which has been published in final form at https://doi.org/10.1111/aspp.12729. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of SelfArchived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
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