Rmb Internationalization: Theoretical And Empirical

The present dissertation mainly studies the theoretical and the substantial evidence problem of RMB internationalization. Based on the international currency theory, the exchange rate theory, and the international trade theory, it studies that RMB becomes at overseas the measure of value, medium of exchange, the measure of payment, and the store money, cuts down the cost in the international trade, reduces the foreign exchange reserves and acquire the international seigniorage benefit to China.It is supplements and complements each other that internationalization of RMB and the financial opening. At present, Chinese financial opening is carrying on. RMB has already been convertible in the current account, the plan of RMB convertible in the capital account is going to realize in the near future, and it can be convertible fully for RMB is actively pushing forward. The interest rate decided by market and the offshore business of RMB has already come to a new stage. So the Chinese financial opening creates an unprecedented and beneficial condition for RMB internationalization.This dissertation elaborated that after she entered the WTO, and become its important member, Chinese financial opening obviously speeds up, the politics and economic trades' communication is deepening continuously among the Asian nations. The international currency position of RMB is rising increasingly, and the trend of RMB becomes into Asian international currency is already very obvious. The region of Asia needs a kind of currency of native area urgently to exercise the international currency functions, such as balance of accounts and reserves, getting away from disadvantageous circumstances of US dollar dependence. But it is impossible forAsian countries to produces an currency union——just like European Union——Asian Union, because there exists lots of very great difference between Asian nations and European. Then, the opportunity for REM acts as Asia currency union is more and more possible.The "Powerful finance strategy" is the only way for RMB to internationalize. See from the world economy development history, currencies of developed countries, such as England, the United States, Germany, Japanese, are all international currencies, and the process of internationalization currency of these nations were planned meticulously and supported by the government, and internationalized with itscurrency to control the world politics, economy and trade, and obtain a huge sum of international seigniorage benefits. As a big developing country, China has her own advantages, the national strength is strengthening continuously and Chinese political position and prestige is powerful, the levels of the economy and the trade have already entered on the front in the world. China wants to make use of the big country advantage at the time of guaranteeing to undertake the duty to the world, possessing the strategic benefits the big country position brings. RMB internationalization is one of very important and strategic benefits. Under the great advance of the international economic integration, financial revolution, and financial globalization, China wants to push forward the "Powerful finance strategy" actively, bringing the governmental, financial and trading advantage into play, bring internationalization of RMB into competitive strategy to carry out. That Control the active power of economic globalization and financial opening requests China should be objective, be practical and pay attention to the strategy in the front of RMB has already become the regional international currency, carry carefully RMB forward internationalizing, realize RMB to globalize in the world, and become the third international currency in the world after US and Euro dollar. The day of this target realization is the time that China becomes the world politics, economic giant country.