Study on RMB Internationalization Path Selection and Strategy
|Keywords||International currency RMB internationalization Internationalization path Currency convertibility|
With the promotion of China’s economic strength and the ever widening open-up, RMB is beginning to circulate largely in foreign countries. People in the around countries and areas come to take RMB as the hard currency and focus at its internationalization. RMB internationalization is the inevitable result of China’s long-term economic growth and increased political strength, which is consistent with the interests of our national development strategy, and the issue of RMB internationalization has given rise to the accounts of Chinese officials and home and aboard academic cycles. Therefore, probing this issue has much realistic sense.This article starts from the status quo of RMB circulation in peripheral countries and regions, defines the basic connotation of RMB internationalization based on the path, analyzes the present situation of RMB internationalization, qualitatively study the current level of RMB internationalization, and states the fact that although RMB has become more and more popular in peripheral countries and regions, it is still non-international currency; Then, By analyzing the path of the US dollar, the Euro and the Japanese yen’s internationalization, we draw some enlightenment from it for the path of RMB internationalization, and point out that the path of RMB internationalization must not copy any of the above paths of currency, but should be combined with Chinese concrete reality, finding a path of RMB internationalization which is suitable for China’s national conditions. Besides, combining international experience with Chinese concrete reality, this paper lays emphasis on the path of RMB internationalization. Firstly in RMB internationalization, we should pay attention to the differences and similarities of currency convertibility and internationalization, the both are promoting and penetrating each other; Secondly RMB internationalization should adopt a pragmatic strategy, which means starting from the border trade and tourism, realizing the surround covering of RMB; Thirdly realizing RMB regionalization, making RMB become the key currency of East Asia and even the Asia. It mainly includes:actively taking part in regional economic and monetary cooperation, building an RMB offshore center, realizing the full integration of the mainland China, Hong Kong, Macao and Taiwan. At last, realizing the RMB globalization on the basis of the regionalization, This is the highest and the ultimate goal of RMB international stage. In the end, the paper puts forward the corresponding policies and measures for RMB internationalization in different stages. It is not carried on following the prescribed order set and not absolute inheritance relationship in the implementation of the RMB internationalization. That is to say, we do not have to wait until the realization of the RMB full convertibility to consider the issue of RMB internationalization, The free convertibility and internationalization of RMB can be integrated.It is a dynamic, evolutionary process for RMB internationalization, we should formulate a strategy in accordance with the different stages of the RMB internationalization, to ensure that RMB internationalization is developing smoothly. Although the process will be very long and difficult, the prospects of RMB internationalization are promising. China’s typical characteristics of the big economy, steady economic growth and the strong position provide a solid foundation for RMB internationalization. If we adhere to the relevant system building, and steadily push forward the reform, we believe that RMB internationalization will be achieved.