## Asia’s Ascent into the Global Economy

_IMF Blog, February 15, 2017_

## Source details

**Canonical URL:** [Asia’s Ascent into the Global Economy](https://www.imf.org/en/blogs/articles/2017/02/15/asias-ascent-into-the-global-economy)

## Other formats

- [Markdown version](/en/blogs/articles/2017/02/15/asias-ascent-into-the-global-economy/index.md)
- [Structured JSON version](/en/blogs/articles/2017/02/15/asias-ascent-into-the-global-economy/index.json)
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## Bibliographic details
- Authors: iMFdirect
- Published: February 15, 2017

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### Overview
- Publication: iMFdirect
- Date: February 15, 2017
- Author / Speaker: Barry Eichengreen, Professor of Political Science at the University of California, Berkeley
- Core proposition: Eichengreen characterizes the emergence of Asia, and of China in particular, as “the most important economic event affecting the world in the last quarter century.”

### Poverty and income dynamics
- Asia has “managed to lift millions, if not billions of people out of poverty and into middle income status.”
- The region continues to struggle with distribution and inequality issues.

### Global linkages and market structure
- Eichengreen underlines important linkages between Asian economies and the global financial system.
- He suggests the structure of Asian markets could be advantageous: “Asian markets by and large are smaller and less liquid than so called Western markets. So they have room to run and they need to use it.”

### Renminbi internationalization and SDR inclusion
- Eichengreen discusses the significance of the Chinese Renminbi being added to the IMF’s Special Drawing Rights basket.
- He notes further steps needed for full internationalization: “What would really make the Renminbi a true international currency is if China developed deep and liquid financial markets that made holding Renminbi denominated currencies, doing cross-border business with the currency, attractive not only to residents but to foreigners as well.”

### Media
- The source is an audio podcast (SoundCloud embed referenced on the page).

*Source: Asia’s Ascent into the Global Economy — iMFdirect, February 15, 2017*

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_Source: https://www.imf.org/en/blogs/articles/2017/02/15/asias-ascent-into-the-global-economy_