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The Internationalization of JPY and Using the Experience of It for Reference for the Internationalization of RMB

Author: WeiYaZuo
Tutor: LiuChangLi
School: Dongbei University of Finance
Course: World economy
Keywords: Internationalization of the currency Japanese Yen’s internationalization Internationalization of people’s currency Experience and lessons Measures
CLC: F832.6
Type: Master's thesis
Year: 2010
Downloads: 543
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Abstract

With the Southeast Asian financial crisis and the U.S. sub-prime mortgage crisis breaking out and spreading, the international community begin realize that the international monetary system has its own internal defects. The two financial crisis warning us again, only reforming and perfecting the existing international monetary system, making the international currency stable, adjustable and orderly, can the global economy and finance maintain stable. Under the background, every country is actively making its currency turn into the international currency, which will bring them more benefit.As a developed country, Japan has been making Japanese Yen turn into the international currency a long time. Japan had become one of the eighth member states in the International Monetary Fund in 1964. Then, in the late 1980s, Japanese Yen had become the third-largest international currency form behind the Dollar and the Deutsche Mark. It improved the level of Yen’s internationalization. In the early 1990s, the world economy has entered a recession situation. Many developed countries erupted economic crisis. And Japan’s economy also had "bubble". In 1997, the outbreak of Southeast Asian financial crisis brought a wake-up call all over the world. Japanese began to realize the important role of the Japanese Yen’s internationalization. It started to change the passive attitude and strategy and actively promote the internationalization of Yen. However, the Japanese government has considered too much, which made it miss a lot of opportunities. So, the internationalization of Yen will not have a light prospect. However, the Japanese Yen’s internationalization has reformed its domestic financial market. And Tokyo has become one of the world financial centers. Therefore, we should not deny the significance of Japanese Yen’s internationalization.With China’s economy growth, the comprehensive economic strength of our country has been enhanced. RMB rises steadily. And RMB also expands rapidly outside our country. So the status of RMB has improved in the international monetary system. On July 2nd,2009, the Chinese government issued a public announcement about how to use RMB for quoting prices and settling accounts in the international trade, which indicated the coming of the internationalization of RMB. However, China is facing a series of difficulties in the process of the internationalization of RMB. Especially, China is facing the pressure of the opening of financial market and the appreciation of RMB. It is quite similar to the Japan’s situation that happened after 1960s. So it is very necessary to learn the internationalization of Yen’s experiences. Therefore, in order to provide a beneficial reference for RMB internationalization the paper through surveying the Japanese Yen’s internationalization process has summarized its experiences and lessons.The paper analyses the internationalization of the Yen by using correlative theory and analyzing economic data and chart together. Generally speaking, the paper includes five parts. Firstly, the paper discusses the background, purpose and meaning of the topic. It also summarizes the situation of the researches about the topic and points out innovation and shortages of the topic. Secondly, the paper summarizes and analyzes the definition and reasons of the currency internationalization. Then it introduces the influence factors and reference points of the currency internationalization. Thirdly, the paper summarizes the connotation, process and significance of Japanese Yen’s internationalization. Fourthly, the paper analyzes the reasons why Japanese Yen’s internationalization is long behind. And the paper points out that the defects in the economic strength, international trade, financial environment, the exchange rate reform, regional monetary cooperation and government’s adjust and control hinder the development of the Japanese Yen’s internationalization. Finally, according to the experiences and lessons of internationalization of Yen, the paper advances many reasonable proposals about internationalization of RMB. Such as, we should strengthen our comprehensive economic strength, actively promote the development of border trade, further perfect our country’s finance system, maintain the currency exchange rate relative stabile, promoting regional monetary cooperation in east Asia, strengthen coordination and establish effective international financial risk pre-warning mechanism, play the government’s leading role fully. All in all, the paper puts forward detailed countermeasures to the seven aspects according the related theories and experience and lessons of the Japanese Yen’s internationalization, which is the innovation of this paper.

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