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Research on the Internationalization of RMB

Author: XieDongMei
Tutor: YuNaiShu
School: Jilin University
Course: Finance
Keywords: International Monetary Internationalization of the RMB RMB freely convertible
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 1199
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Abstract


From the U.S. financial crisis broke out in 2007, nearly four years, the global economy started to recover. Reflect on the crisis, the U.S. financial regulatory authorities of dereliction of duty and consumption patterns has been criticized excessive borrowing. In addition, there are many scholars in U.S. dollars at this stage as the core of the international monetary system there is a serious shortcoming, which constantly calls for reform of the international monetary system. The internationalization of the RMB and with it has become a hot topic. This paper first introduces the significance of the background of the internationalization of the RMB. Out of the need for reform of the international monetary system, the internationalization of the RMB is necessary significance; addition, China's economy and foreign trade growth at a faster rate, and provide a realistic basis and conditions for the internationalization of the RMB; China and East Asia monetary cooperation and the establishment of the pilot RMB settlement, to some extent also promote the internationalization of the RMB. Based on the above reality, the study of internationalization of the RMB has a very important practical significance. In the second part, the paper defines the conditions on the international monetary and currency internationalization, to provide a theoretical basis for the study of the problem of the internationalization of the RMB. Second, the international experience of the U.S. dollar, euro and yen, in order to provide a reference for the internationalization of the RMB. Dollar rely on strong economic strength and international exchange rate system of the post-war arrangements to achieve the goal of internationalization; internationalization of the yen, and the results can not be regarded as successful due to the large number of government-led and capital projects output; euro after three decades institutional arrangements and consultation in the coordination of the interests of all countries in the euro zone, in order to appear. Learned from the international course of more than three currencies, powerful economic strength and well-developed financial markets is an important foundation for international currency, in need of international economic cooperation in the implementation process. RMB The need for international, for the international community is the need for reform of the international monetary system; China itself can achieve many benefits, such as seigniorage revenue, which will help international trade and investment, improve China in world politics the right to speak. Thus, the Renminbi internationalization can get a lot of income. However, to promote the process of internationalization of the RMB, China should follow certain steps, combined with the currency international law and China's special conditions, select the appropriate the currency international development mode. In this paper, this process is divided into three stages. The first stage, to promote the RMB settlement in international trade size, our need to continue to improve the financial system, the construction of a well-developed financial markets. The second stage, China needs to establish offshore financial markets, held by non-residents, the use of the RMB transaction intermediary. Same time, promote the free convertibility of the renminbi, to improve the exchange rate mechanism and freely convertible under the capital requirements of the internationalization of the RMB. The third stage, the progressive realization in Four Currencies integration of a country on the basis of the final internationalization of the RMB. Promote the process of internationalization of the RMB, China is facing a number of risks. Period, our country may be subjected to the \In order to prevent risks, China needs to enhance the comprehensive strength, as relying on powerful economic strength and resilience to shocks; China also need to improve the financial markets, strengthen financial supervision; must attach importance to the financial cooperation in Asia but also in the process of internationalization. In short, the internationalization of the currency is not an easy process. It not only reflects the strength of a country's economic, political, military, economic, cultural performance on the monetary level. RMB to achieve internationalization should be based on China's national conditions, as a basis for a strong comprehensive strength, the development of practical and effective implementation of the measures. This process is bound to be gradual and long-term, China needs to guard against risks in this process, and timely adjustments in order to successfully achieve the 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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