A Study On The Path Of RMB Internationalization

Since 2000, the problem of RMB internationalization caused the politican and the professors both in the domestic and international field great deep concern. RMB circulates in great quantities at the periphery nation, even also appearing the certain degree to exchange freely at developed countries.Beside, parts of periphery the nation storage RMB as reservational currency. This lately economic phenomenon becomes an important topic of the economic realm. To trade-off the income and costs of RMB internationalization, and to put forward proper policy at the interest of our nation both have the important meaning.The study of this paper focus on the choice and development of the path of RMB internationalization. These progresses include two parts: one is the integration of "one country, three currencies".The other is the evolution of the internationalization which is within the scope of the whole localization of region of Asia, particularly localization in East Asia and region of Southeast Asia. So, this paper pays great attention to the choice and development of the path of RMB internationalization. Based on the theory of OCA, this paper analyses the necessity and possibilities of the path. Finally, the strategy and the implement step of the path are put forward. This text includes five parts altogether:First part, introduction. Firstly, this part depicts the issue raised and the significance of this paper. Secondly, related research in this field has been introducted. Finally, there is the way and the structure of this paper's study. Besides it draw the innovention and the defaults in brief. Second part, the theoretic foundation of RMB internationalization----a review on the theroy of OCA. This part includes the theories of OCA which are the theoretic base of this paper. It includes the standards of OCA, the analysis of the cost and the return on the OCA, the progress of the theory recentely and the EMU's practice.Third part, the evolution of the path of RMB integration's stage. This part is one of the most important content which analyses not only the cost-benefit of the currency integration of the"three currencies"but also the feasibility of currency integration. It develops the policy and the steps of the currency integration. It points that the integration of"three currencies"is an indispensable part of RMB internationalization and its reality facilitates the progress of RMB internationalization.Fourth part, the evolution of the path of RMB localization. The article surveys the possibility and develops the strategies of RMB localization in the"10+1"i.e. the sub-area of China and the ASEAN which includes Japan and South Korea in late. Only RMB plays as a"key currency"in this sub-area can it benefits from the competing with other international currencies.Fifth part, suggestion. According this paper's study this article develops suggestions aimed RMB integrality and localization which can push on RMB internationalization finally.