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The Research of RMB Internationalization

Author: ShaHaiYan
Tutor: HeJian
School: Dongbei University of Finance
Course: International Trade
Keywords: Currency internationalization RMB Internationalization
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 289
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Abstract


In 2007, the global financial crisis caused by the U.S. subprime mortgage crisis, the international community blame the current international monetary system which dominated by the dollar, they also realized the disadvantage of excessive dependence on the dollar. Not only the international status of the dollar shakes, but also the diversifications of the international monetary system provide the space for RMB internationalization. In fact, along with China’s improved political status, strengthened economic, china developed as a big trade country, and the Chinese government showed cohesion and high sense of responsibility in the global financial crisis, the RMB’s international prestige got greatly improved. RMB is gradually accepted by the surrounding countries and areas and became a very important medium of exchange. RMB internationalization has become an inevitable trend as well. At the same time, due to the trade across the border trade and tourism, the surrounding countries and regions recognized RMB as the main currency could be used for buying and selling, which in turn provide the basis for RMB internationalization. In addition, recent years, the debate for RMB appreciation or not becomes more and more fierce in international society, it also suggests that the RMB’s international position is on the rise, and become the foundation of which affects the stability and development of region economy and even the global economy. Thus international community pays more and more attention on RMB internationalization these years. I introduce the research background and meaning of RMB internationalization first, expounds the necessity and reality of RMB internationalization, as the China’s political and economic status has improved, with the expansion of the trade, RMB needs to blend in the global economy. The Chinese government has also needed to carry out a series of measures to promote the internationalization of RMB. Through the conclusion of research at home or abroad, I conclude the conditions of RMB internationalization, then expounds some conditions of RMB internationalization have already existed, and RMB internationalization would bring what kinds of advantages and disadvantages, and the corresponding overall strategy and internationalization path of RMB internationalization in the end. Second, I introduce the basic theory of currency internationalization, introduces the Marx’s definition of "world currency", then Krugman’s "the eternal triangle" and the theory of financial deepening. According to Krugman’s "the eternal triangle" and the theory of financial deepening, we can get the conclusion that RMB internationalization need to reform the non-elastic rate system. The third part compares the three big process of currency internationalization, expounds the internationalization process of the pound, the dollar and the euro. Introduce how to establish the international status of these three currency, the reasons and how they performance individually, summarizes the enlightenment to RMB internationalization of the three big currency internationalization process, includes have strong economy, the trade accounts for most of the world trade and have a developed financial markets. The fourth part is about RMB internationalization situation and restriction factor. Due to the trade across border trade and tourism, the development of the RMB internationalization have already started form peripheral areas, but due to China’s realities, the RMB internationalization still needs to face some of the factors, such as whether the economy can sustainable development, capital project has not realized free exchange, financial markets are still not developed enough, the level of financial system’s internationalization is still very low. The fifth part is the overall strategy and path of RMB internationalization. In order to realize the internationalization of RMB, we should set up a common currency area step by step, that is build a free trade zone first, and then the sub-regional currency areas, and realize monetary integration ultimately. At the same time, we should also strengthen the cooperation of Asian monetary. In detail, we should gradually realize the free exchange under the RMB’s capital projects, deepening the reform of RMB’s rate system, develop the domestic financial market, build Chinese international financial centre. The last is the conclusion.Through this paper, we know that China has some basic conditions of RMB internationalization, including China has the world’s second largest economy and the third largest trading nation, and has its unique advantage in the development of financial. However, according to the experiences of the three major currencies internationalization, we can get the conclusion that the RMB internationalization has its own way to go. It would neither support by strong economic strength as the pound and the dollar, nor as the single currency has evolved by currency union. RMB internationalization should in accordance with the situation in China, through its own internationalization path. So we must realize that the prospect of RMB internationalization is very optimistic, but also is a long-term process.

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