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Based on the theory of currency sovereignty, this book elaborates the establishment process of currency sovereignty in different countries and regions to emphasize the necessity and urgency to consolidate China’s currency sovereignty with current changes of international finance. And the importance of China’s currency sovereignty will be shown in the book from four main aspects, local government budgets, the rigid payment of bank financing, the reform of state-owned enterprise and the establishment of multi-level capital markets. The author deeply re-analyzed the lessons learned from the economic crises in Southeast Asia, Latin America, and Russia, and attained the establishing experiences of monetary sovereignty from Japan and European countries. In the era of globalization, there is no currency system which could exist completely independently. The stronger the currency sovereignty is, the more resilient the financial system will be. Moreover the currency issuance mechanism is the core of currency sovereignty. The enlightenment of these experiences is of great significance for China to prevent financial risks, promote industrial upgrading and realize the "Chinese Dream". In the report of the Fourth Plenary Session of the Nineteenth Central Committee, it was clearly proposed to improve the basic currency supply mechanism, which is completely consistent with the viewpoint of this book.

Authors:

Wang Wen: Executive Dean of Chongyang Institute for Financial Studies (RDCY), the Deputy Dean and Professor of Silk Road School, Renmin University of China.

Zhou Luohua: Deputy Dean of Chongyang Institute for Financial Studies at Renmin University of China.