China's New International Financial Strategy amid the Global Financial Crisis

The Chinese Government has stepped up its drive to reconstruct its international financialstrategy after the sub-prime crisis developed into a global financial crisis in 2008. The mainaim of the strategy is to reduce the country’s dependence on the US dollar in foreign trade,cross-border capital flows and foreign exchange reserve management. The strategy can bedivided into three tiers: renminbi internationalization, regional monetary cooperation andreconstruction of the international monetary regime. So far, the Chinese Government hasfared well in the application of all three tiers. We hold that the Chinese Government shouldcontinue in the same direction in a coordinated manner despite various challenges it faces.