Study of RMB Internationalization Issues and Realization Routes
|School||Dongbei University of Finance|
|Keywords||RMB internationalization exchange rate system Asian monetary cooperation capital projects open|
U.S. Financial crisis has made the international monetary system with the dollar as the core controversial.The voice of international community for reconstruction of the existing international monetary system grew stronger.2010 China’s GDP surpassed Japan for the first time to become the world’s second largest economy.Along with the improvement of economic and political strength and our efforts to maintain the world’s economic stability in crisis, RMB has further improved its international status.As the world’s second largest economy,however,with the world’s foreign exchange reserves than any other country, China is in a position of disproportionate economic power under the current international monetary system on the part of its currency.Therefore, the issue of the RMB internationalization after crisis has caused public concern, with very important theoretical and practical significance.This paper is divided into five parts:The first part presents the necessity and realistic significance of the RMB internationalization promotion in context of post-crisis era.In this part,the paper sorts and classifies related research at home and abroad about,respectively, the international monetary connotation,the prerequisite and cost-benefit of monetary internationalization,RMB internationalization path,as the theoretical basis of analysis.The second part defines and analyzes the content and the condition of monetary internationalization as well as the risk and return for the internationalization of RMB, providing theoretical basis for the realization of RMB internationalization.With the analysis of internationalization experiences and characteristics of major world currencies,such as, pound, dollar, yen and the euro,the third part explains their revelation to the RMB internationalization.In the fourth part,the paper makes a detail analysis of the efforts we have made for the RMB internationalization in recent years,the degree of internationalization of the RMB as well as opportunities and challenges we may face in this process. Part V focuses on the strategy of RMB internationalization promotion at present and the future.It also puts forward policy recommendations on issues such as regionalization of RMB.