| After international financial and economic crisis, the international communitybegan to re-examine the risk and the need for reform of the international monetarysystem, and a number of scholars and central bankers began to reflect the internationalmonetary system dominated by dollar. Since the1990s, China’s balance of paymentsremained ‘double surplus’, and foreign exchange reserves rising, then the pressures ofensure that foreign exchange reserves appreciation will also rise. In the same time,China’s economic strength has been enhanced with the rapid growth of China’seconomic, RMB gradually go out of the country in circulation. For the establishmentof the channel of various capital between the mainland real economy, government hasbeen expressly authorized Hong Kong as an offshore RMB center, and the NationalDevelopment and Reform Commission published Shanghai will be internationalfinancial center in2015basically in the ‘12th Five-Year Plan’. In this context, how todeal with frequent fluctuations in the exchange rate, and how to deal with globalcapital flows, and how to learn from the path of the development of the InternationalMonetary, how to grasp the status of the internationalization of the RMB, how topromote the process of internationalization of the RMB, and how to effectivelymanage RMB internationalization, are worthy of in-depth study.This paper make full use of a combination of theoretical and empirical analysis,history and logic analysis, comparison and induction analysis, from the view of thenational strategy, to study the internationalization of the RMB. By analyzing theinternationalization of the RMB development status, and learning from otherinternationalcurrency internationalization path, this paper explores the process ofinternationalization of the RMB in China, provides ideas and managementrecommendations on the implementation of the strategy of RMB internationalization.This paper introduces many classical theories to the actual analysis of RMBinternationalization, studies the exchange rate regime, monetary policy, and the degreeof openness, government regulation and other issues in the process of RMBinternationalization. Embark on a comprehensive analysis of the international path ofthe three major currencies, focusing on the integrated use of historical analysis, theoretical analysis and empirical analysis, is significant for envisagement on RMBinternationalization strategy. Meanwhile, this paper, grasps the opportunities forreform of the international monetary system, designs process of the RMBinternationalization, and made macro management mode, to provide a reference forgovernment regulation from financial risk, foreign exchange management, policyoptions, and the internal and external economic contradictions and coordination.The paper is divided into six chapters; specific content is organized as follows:Introduction.This part mainly elaborated writing background and significance ofthis article, literature review, writing content and methods, innovation. Literaturesection is divided into foreign and domestic literature, sorts out the study about theinternationalization of foreign currency and domestic RMB internationalization.Chapter one is international currency theory. This chapter expands its contentaccording to currency substitution theory, Mundell’s monetary theory and Trilemma.It elaborates the theory of currency substitution and development process from themeaning, the relevant model and the impact of factors. Mundell’s monetarytheory,dividedinto the theory of optimal currency area and the Mundell-Flemingmodel, is the theoretical basis to which this article studies promotion ofRMBregionalization in the process of internationalization according. It also provides themethod of analysis for the Trilemma, which discusses the choice among completelyfree flow of capital, a fixed exchange rate regime and free monetary policy in an openeconomy context.Chapter two is currency international experience. This chapter is a study ondevelopment process of the world’s major international currencies, which includesU.S. dollar, the euro and the yen. This chapter mainly analyzes the similarities anddifferences among the internationalization process of the U.S. dollar, euro and yen.Specifically, this study begin from the path of the three currencies international,detailstheir common points from the views of economic strength, the degree of stability ofthe currency, the central bank credibility, breadth and depth of financial markets, thecentral bank on monetary international, and summarizes the differences of three kindsof currency internationalization, especially highlight the special features of the yen inthe process of internationalization. On this basis, this charter sums up the experience and lessons on the three currencies in the international development, and provides anempirical basis for the RMB internationalization.。Chapter three describes the process of RMB internationalization. Firstly, thischapter elaborates the formation RMB internationalization and connotationmechanism, then analyzes the conditions ofRMB internationalization, and discussesthe relation between the convertibility of current account and capital account andRMB internationalization. Secondly, it concludes the mode of international law andpolicy to promote the process of RMB internationalization from two angles ofGovernment-led and market evolution. This chapter uses empirical analysis methodby selecting currency internationalization indicators related to the degree of RMBinternationalization, including money supply, import and export trade, foreign directinvestment, foreign exchange reserves.Chapter four is the status quo and trends of RMB internationalization. Thischapter analyzes the main causes and ways of RMB cross-border flow, especially theRMB credit, national strength, foreign exchange reserves, and other aspects, andestimates the number of circulation according to the information available on theRMB cross-border. Meanwhile, from seigniorage income, foreign exchange risk,financial market development, market impact, the degrees of freedom of monetarypolicy, supervision and multiple perspectives, this chapter discusses deeply the prosand cons of the RMB cross-border circulation, and then analyzes the developmenttrends of the RMB combined with the real data and case, such as the establishmentofNational Policy offshore market and the financial center.Chapter five is RMB Internationalization Strategy. This chapter proposesthestrategic thinking that the RMB internationalizationneeds to undergo the process ofmonetary integration and monetary regionalization and then gradual transition tointernational. This chapter begins with the monetary integration conceived by theintegration of the‘one country, three coins’, and considers the problem of NT andASEAN currency cooperation. This chapter also analyzes the feasibility of monetaryintegration from aspects on economic openness, product diversity, factor mobility andfinancial integration, and puts forward the idea on specific steps and strategies of themonetary integration. Chapter six is macro management mode of the RMB internationalization. Thischapter put forward the idea of the macro-management ofthe process of the RMBinternationalization, whichinvolve financial risk measurement, financial riskprevention, and management of foreign exchange, choice of exchange rate policy, theinternal and external economic contradictions and coordination, the governmentmacro-control. Based on macro management mode of the RMBinternationalization,itprovides advice on RMB internationalization strategy forgovernment.Finally, this paper makes a summary of the full-text content and views, and lookforward to the problem of recent and possible future changes of RMBinternationalization. |
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