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The internationalization of RMB under the perspective of international comparison

Author: LouJiFang
Tutor: ZhangBoLi
School: The Central Party School
Course: Political Economics
Keywords: RMB internationalization the Profits and the RisksInternational comparison Path choice
CLC: F832.6
Type: PhD thesis
Year: 2012
Downloads: 3227
Quote: 5
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Abstract


In recent years, our country’s economy scale is improving quickly,and foreign trade association with other countries is becoming closer andcloser. And now our country’s GDP and total volume of import andexport is the second largest in the world, just second only to USA’s. ButRMB international status is low, and can’t match for the economy scale.After Subprime Crisis, the three international currencies--dollar, euro,yen appear different of confidence crisis, and international monetarysystem reforming is becoming urgently. Therefore, the RMBinternationalization is not only the need of China’s deepening reform andopening up, but also the inevitable choice under the current worldeconomy background. At the same time, the RMB internationalizationhas huge profit. And its long-term profit is greater than short-term. So it’san important strategic to promote our country economy developing,improve the international competitiveness and enhance internationaldiscourse right.In the perspective of international comparisons, by using the researchmethods such as the internal and external factors analysis, the unity ofhistory and logic analysis, the overall and structural analysis,international comparative analysis, strategic analysis, quantitative andqualitative analysis, this paper analyses the current situation of RMB, andcompares the internationalization of RMB with the three internationalcurrencies, and summaries the history experience, and points out thatRMB internationalization will encounter risks and obstacles, our countryshould takes the suitable path and measures.This paper includes six chapters. The first chapter is introduction,this chapter introduces the theory and the practical significance, researchmethods, innovation and research difficulties; The second chapter is theoverview of internationalization of currency theories and the viewpoints,and introduces the related theories of currency internationalization andrelated problems of currency internationalization, the overview of RMBinternationalization and related viewpoints; The third chapter is the realistic background of RMB internationalization, and introduces thedomestic economic background of the RMB internationalization, thebackground of international economy, and the comparison of theinternationalization backgrounds in RMB, dollar, euro and yen; Thefourth chapter is currency internationalization conditions and the analysisof RMB internationalization present situation, and introduces thatcurrency internationalization should have the basic conditions, analyzesthe current situation of RMB, and compares RMB with three majorinternational currencies; The fifth chapter is the profits and the risks ofRMB internationalization, analyses the profits of RMBinternationalization (including direct benefits and indirect benefits) andthe risks of RMB internationalization (including market risks andnon-market risks), and summaries the experiences and lessons of theUnited States, the European Union and Japan in the process of currencyinternationalization, for providing our country references; The sixthchapter is RMB internationalization path choice. It introduces two models:one is the progressive model, the other is a strategy guide model, the twomodels are mutually independent and mutually interrelated, havingmutually inclusive. RMB internationalization process must adhere to thetwo kinds of methods.Through the analysis of this paper, we believe that, at present, ourcountry has been in the initial stage of the RMB internationalization, thefuture market demand for RMB will increase. But our country still facesthe bottlenecks of RMB internationalization, such as: the narrow range ofRMB foreign circulation, weak financial industry’s internationalcompetitiveness, few banking institutions overseas branches, notcompletely open of China’s capital account, and RMB offshore financialmarket construction is still in the exploration stage. These factorsseverely restrict the degree of RMB internationalization in the future, sowe should improve it. Through the analysis on the concrete conditions ofour country and foreign experience, the paper insists that the RMBinternationalization has two models: one is the progressive model, basiccontent of it is two “three steps”, that is according to our country’s condition and market growth, from easy to difficult, from the near to thedistant, to realize functions the settlement currency, investment currencyand reserve currency, as well as in the area of the peripheral,regionalization and internationalization. The other is the strategy guidedmodel, it’s that the government uses policy and system design to improvethe external environment of the RMB internationalization, guidespersonal action in the market towarding the strategic goal. These twomodels are the same in essential, with having mutually inclusive,cooperative development, and indispensable. In the process of RMBinternationalization, China should use these two models to promote RMBinternationalization target realizing.

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