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The Analysis on the Effect of RMB’s Appreciation for RMB’s Internationalization

Author: YangZiMing
Tutor: LiHaiYan
School: Hebei University of Economics
Course: Financial
Keywords: Appreciation of the RMB Offshore financial markets RMBinternationalization Exchange rate liberalization
CLC: F832.6
Type: Master's thesis
Year: 2014
Downloads: 14
Quote: 0
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Abstract


Content:As a rising great power, China’s sovereign currency-RMB whoseappreciation has always been under pressure from all sides in recent years. Whetherthe internationalization of the RMB should be done under the pressure of RMBappreciation; what impact will be produce by the RMB internationalization; whatproblem about the RMB internationalization need to be resolved, all these series ofquestions become important problems directly related to China’s economicdevelopment, political stability, and Chinese renaissance.Five kinds of theories about the internationalization of the RMB is listed in thepart of theoretical basis, which are an theory of international monetary’s features, theinterest parity theory, HO theorem, the theory of capital controls and the Marshall-Lerner condition.In the third part, the paper reviews the major historical events of dollar’sprocess of internationalization, from which find out the three key measures of dollar’sinternationalization——the stable exchange rate, the development of offshorefinancial services, its control force to global economy. After further researches, thestable exchange rate is the central task, offshore financial services and economiccontrol force is specific methods of operation. In exploring the contradiction betweenexchange rate stability and monetary internationalization, this paper analyzes thedifferent backgrounds of internationalization of the RMB against the U.S. dollar,emphasizing the appreciation pressure on RMB is an advantage of the RMBinternationalization.RMB appreciation not only supports RMB’s internationalization directly, it isalso an impetus of the development of offshore financial markets and improvement ofChinese control force over global economy. Prerequisite for the development ofoffshore RMB financial markets is the RMB’s widely use and acceptance, and theappreciation of the RMB can directly give interests to enterprises who accept RMB,Simply relying on directly give interests to foreign countries can’t promote theinternationalization of RMB is a long run, China’s economic control force is the mostfundamental determinants of the success of RMB internationalization. Only maintainseconomic growth and full participation in the world economy whose core is Chineseeconomy, China can ensure the effective purchasing power of the RMB value. RMBappreciation can close the Chinese domestic gap between wealthy and poor, makingChinese investment more rational, therefore, the RMB appreciation benefits theinternationalization of RMB.But the appreciation of the RMB also have some negative effects on RMBinternationalization, which is mainly reflected in China ’s openness and economicstability. Appreciation effects the competitive advantage of China’s export in goodsand services, weakening export growth of China’s economy. Appreciation also letmore foreign investors and speculators want to share the fruits of China’s economicgrowth, which requires the implementation of China ’s strict capital controls,reducing the degree of openness of China. In the fourth part, the paper analyses the actual impact of RMB appreciation inthe RMB internationalization from economics, finance perspective, proving thetheoretical results derived under realistic conditions have been fulfilled by the icon ofthe examples.In Part V and Part VI, the paper lies out the negative impact on theinternationalization of the RMB from the appreciation of RMB,and proposes policyrecommendations to solve the problem, and reiterated the core idea in this article——the appreciation of RMB is conducive to promoting the internationalization of RMB,it’s negative impact can be adjusted by coordinating with the pace of RMBinternationalization and interactive development of the RMB exchange rateliberalization and internationalization of the RMB.

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