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In The People´s Money, Paola Subacchi introduces readers to China´s monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country´s economic rise while at the same time purposefully creating a currency of little use beyond China´s borders. She shows the key to understanding China´s economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China´s ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency´s reach will play a major role in securing China´s future.

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Paola Subacchi brings a wealth of knowledge of China´s economy and politics to this fascinating and informative exploration of China´s currency, considering how the economic giant will develop its ´renminbi strategy´ and take its proper place on the world´s financial stage at a time of instability, economic slowdown, and domestic social tension. Diane Coyle, The Enlightened Economist, and author of GDP: A Brief but Affectionate History

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Paola Subacchi is the director of international economics research at Chatham House (the Royal College of International Affairs) in London. She is a regular media commentator and writes for Project Syndicate and Foreign Policy.

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