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The Internationalization of RMB under the Crisis of Subprime Mortgage Loan

Author: ZhangShiZhao
Tutor: WuZuo
School: Jilin University
Course: Marxist Theory and Ideological and Political Education
Keywords: U.S. dollar Subprime crisis RMB internationalization
CLC: F832.6
Type: Master's thesis
Year: 2008
Downloads: 2592
Quote: 5
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The internationalization of currency is the progress of a particular currency been accepted as a measurement of circulation, payment, storage, and value domestically, regionally, and internationally. Accompanying the extending of service and goods in foreign markets, the currency flowed abroad though regular projects, capital projects, and exchanges.In international economy, the need plays a vital role in the choice of a particular currency. From various aspects, the western experts analyze the deciding facts in the selection. Firstly, some of them focus on the cost of the exchanging when the currency acting as an international exchange medium. Secondly, some others concentrate on the qualifications of a international accounting scale. Thirdly, another group use a synthetic method. In all, a currency needs a large size in circulating and trading, the stabilization of policy, freedom of exchanging, a strong effect of the issuing country, and the original value, in order to be accepted internationally.The international currency system of the 20th century is a core currency surrounded with some outer currencies, just like the structure of the solar system. It is improper, since it has obvious flaws. The political pattern should be multiplex rather than the hegemony of America. In fact, no financial system today could redistribute the commonwealth to us dollar holder only. We should strive for constructing a new system to discard the dominion the America. The structure of the 21st century should be two or three core currency, constructed in different trading zone, competing with US dollar. In January 1st of 1999, Euro began in use. Obviously, the growing unification of Europe makes a solid political and economic foundation to vie with US dollar. Working as a stroke to the currency system, Euro makes a model for the followers.The privacy is the essential part of capitalism, and the root of the crisis of subprime mortgage loan. The contradiction of capital generates greater conflicts to disguise the former bulb, which will unavoidable collapse. The crisis of subprime mortgage loan, the biggest bulb ever since, demonstrates the destruction clearly. The longer of the fluctuation, the more moderation the market needs, which may shift the pattern global market. Once collapsing, the global financial system will be stroked heavily, and leading to a round of reconstruction. With the declining of US dollar and the chance of be elevated in value, we need to propel the acceptance of RMB regionally, in order to reject the reliance on the developed countries, and realize the relationship of paying by RMB. Increasing the value of RMB is urgent. The meaning of internationalization of RMB is in three aspects. First, it is helpful in enhancing the effect and dominance of China. Secondly, once currency internationalization is achieved, the issuing country could issue finance tools, which would be beneficial in obviating crisis. Thirdly, the mould income increases as a result. Fourthly, it would be helpful in avoiding the fluctuation of exchange rate. Lastly, it will increase the independence of our currency policy. The internationalization of RMB is a long term strategy. Working as a hard currency, RMB is accepted as a payment and balance in many southeast countries. The third strategy dialog between China and America in 12th to 13th Dec 2007 conducted a breakthrough for Chinese capital opening.With the chance of the crisis in America, some methods are necessary, first, increasing the value of RMB in order to improve the competing powder of enterprises. The progress of increasing in value is a changing progress for exporting firms. The accelerating increase is a part of the strategy of the internationalization of RMB. It will evidently increase the power of China. Secondly, strengthen Chinese capital market in using of foreign investment, as we are increasing our effect on the world. The finance magnate has some losing in the crisis. The capital center would float toward China, which pulps RMB to be an international currency. Thirdly, the defense system for the inner part and the outer part should be constructed to ensure the security. Synthetically, all the market oriented countries, the government has some control on finance system. The transition protecting period for financial service has come to an end from 2006.The structure of financial market has changed greatly. Defending and mitigate the financial risk is critical.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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