RMB Internationalization: Prospects and Challenges
|School||Jiangxi University of Finance|
|Keywords||RMB internationalization Seigniorage Cross - border RMB settlement International experience|
In recent years, as China's economic strength has been continuously enhanced, and the rapid development of foreign trade, was to expand the potential scale of RMB circulation in neighboring countries and regions, coupled with RMB since the start of the second exchange rate reform in 2005 presents the continuous appreciation of the potential, at home and abroad for The increasing demands for the yuan to become an international currency. The outbreak of the financial crisis in the United States in 2007, a warning to the Chinese government, as if only to promote the internationalization of the RMB in order to ensure the safety of China's foreign exchange assets, in order to enhance China's international status. After the financial crisis, the Chinese government a number of measures to be taken for promoting RMB internationalization - a currency swap with neighboring countries, and then vigorously promote cross-border trade RMB settlement business, and timely issue RMB bonds in Hong Kong from . But in academic circles at home and abroad vigorously calling for the internationalization of RMB, the Chinese government vigorously promote the context of the internationalization of the RMB, we should first calmly analyze whether China has the conditions to promote the internationalization of the RMB? Prospects and challenges of the internationalization of the RMB How will? article will this analysis. This paper first introduces the RMB internationalization theory and the status quo, the meaning of the internationalization of the RMB, the formation mechanism of the RMB internationalization, as well as the impact of fiscal policy, monetary policy, exchange rate policy; then highlighted from the point of view of seigniorage proceeds of the internationalization of the RMB, and analyzed at this stage and can not get the seigniorage revenue of RMB in China, but the annual need to be issued to the United States, Britain, Japan and other international monetary States to pay a huge amount of seigniorage, and in accordance with the world economy and China's economic growth assumptions predict situation, China has gradually come to promote the internationalization of the RMB able to obtain seigniorage income; Next, analysis of the risks and costs of the internationalization of the RMB, China vigorously promote cross-border RMB settlement costs and risk analyzes; subsequent experience and lessons learned from the internationalization of the yen, the revelation of international experience on the internationalization of the RMB and yen and yuan in the presence of the Asian regional competition angle RMB regionalization resistance; concluded the feasibility of the internationalization of the RMB was at this stage need scientific conclusions cautiously to promote the internationalization of the RMB. I believe that China currently has certain conditions, but still far enough. The short term, promote the enormous costs and risks of the internationalization of the RMB; longer term, should not be intended to promote or hinder the internationalization of the RMB, wait until the domestic financial markets improve the basic economic structural adjustment, industrial transformation and upgrading makes the technological content of products in China has been indeed improved, widely accepted in the international use of RMB should follow the market to choose natural matter of course, the internationalization of RMB.