Uma análise sobre a dinâmica dos fluxos de capitais para a China a partir dos anos 2000

Abstract

The present study starts from a theoretical presentation about the monetary hierarchy and monetary systems and their implications, focusing on countries with peripheral currencies, such as China. Furthermore, a historical review was made of the formulation of the Bretton Woods agreement until arriving at the current system in force, as well as a historical review of contemporary China from the 1949s, after the communist revolution in the country, to the present day. Finally, an analysis was made of the capital flows sent to China between the years 2005 and 2019, which follow the BPM6 regulations, considering the financial account of the balance of payments in order to verify the degree of influence of the US dollar on the renminbi if the US currency has really lost its power. In short, the international monetary system, after the end of the Bretton Woods agreement, allowed the United States to maintain its hegemonic position, however, China's unexpected economic growth represents a challenge to such hegemony. Although China is one of the world's largest economies, its currency remains peripheral. Based on the analysis of the Chinese financial account, there is less subordination to US monetary policies, which can be evidenced by the resistance during the 2008 crisis. In short, the renminbi is rising from its peripheral position, which challenges the hegemony of the United States, although its policies still impact the Chinese economy.