Obstacles Research Of RMB Internationalization

With the globalization and integration of the world economy, sustainable development of Chinese economy and the growth of national power, the international status of RMB increased as well as its international impacts. Meanwhile, with the huge surplus and foreign exchange reserves, the revaluation pressure is also growing with serious macroeconomic imbalances. It can be said that, on one hand, the RMB internationalizing conditions became mature; on the other hand, RMB internationalization has become an option to get out of the current imbalances. Therefore, the internationalization of RMB again has become the heated issue both at home and abroad. However, the blind optimism of domestic scholars makes it necessary to make a deep research on the obstacles to its internationalization, and so as to make proper choices.This paper set up a solid theoretical basis of international monetary through the selection of invoicing currency,vehicle currency and savings currency, and theoretically proved the importance of enterprises' international competitiveness to currency internationalization, the presence of "dollar inertia" as well as "self-strengthening" mechanism.On this basis, it reviews the obstacles encountered in JPY internationalization and its implications. Then from the micro-level, macro-level and the international level, it comprehensively reviews the obstacles that RMB internationalization may encounter, and ultimately point out the optimum route and supporting reform measures for RMB internationalization.The main innovation is: (1) Constructing the international currency rating system, and evaluating the internationalization level of major currencies; (2) pointing out the route that can lower the obstacles such as the consequent of "dollar inertia" and underdevelopment of domestic financial market when pushing the RMB internationalization.