DOI: 10.33917/es-6.192.2023.16-29

The development of the world economy in modern conditions is being transformed under the influence of a number of factors, which are both man-made and caused by the imperfection of the system of economic relations that have developed as a result of the absolute denial of state regulation and attempts to replace it with supranational rules. The basic determinants were the recommendations of the Washington Consensus (1992), aimed at accelerating the transition to a market economy of transformational economies after the collapse of the USSR. In the early 2000s, a similar approach was extended to all developing economies. This made it possible to accelerate the process of economic globalization, which was fundamentally based on the internationalization of reproductive value chains. The development of the world community along the path of polycentrism determines the transformation of economic globalization in terms of both driving forces and regional localization.

The purpose of this article is to analyze the transformation of economic globalization in the context of the transition from an American-centric model of the world economy to a multipolar structure of the world community.

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The article deals with the reform of the RMB (Yuan) exchange rate, determines its steps and main guidelines, gives analysis of the corresponding legal and institutional changes. The reform of RMB exchange rate represents a unique experience of structural changes in the economy, particularly during the financial crisis. Today we are witnessing the Yuan progressive strengthening in the global economy. The author concludes that strategic goal of the reform is progressive transition of the Yuan to free convertibility and its acquiring the status of the world reserve currency.