Inspiration Of Yen Internationalization Process To The Internationalization Of The RMB

In recent years, with the rapid take-off of China's economic construction, national strength continued to improve. RMB gradually occupy an important position in the international monetary system, especially the Chinese government has manifested high sense of responsibility in global financial crisis caused the U.S. sub-prime crisis, making the RMB internationalization has become increasingly intense. Residents in China's neighboring countries have come to accept the settlement of transactions in RMB currency, the RMB has been used as a large number of international settlement tool, the RMB conduct international quietly. Exploring the issue of RMB internationalization has a strong practical significance.RMB internationalization is a concrete manifestation of China's economic strength, but also the future of the international monetary trends. Deal with the process of internationalization of the RMB may face the problem, which requires us to draw on existing experiences and lessons of international currency for the RMB to provide examples of learning and strategy. From the yen internationalization process analysis as a starting point, This paper draws the lessons learned and coping strategies arising from the international process, in order to explore the RMB internationalization of a reasonable suggestionThis first part, basic concept as the starting point, notes basic concepts generated by the internationalization of the currency such as the international implications and the basic conditions of internationalization and describes internationalization of the domestic economic policies and the impact of the international financial system, giving the measure of internationalization.The second part, use the international yen as the sample, recalling its international journey, began from the he motivation of internationalization of the yen, analyze the political situation in the domestic economy and its foreign political and economic pressure and a series of factors which have led to the internationalization difficulties of the yen. Here are some conclusions: yen internationalization process is a failure, and its strategy must be adjusted to promote regional trade from over-reliance on the dollar trade.The third part through the summary of the failures of the internationalization of the yen, the RMB internationalization should get three-pronged international inspiration: First, China should promote the improvement of the domestic financial markets, accompanied by appropriate monetary policies to help the healthy and stable development; Second, China should actively participate in regional economic cooperation, to learn lessons from the failure of the internationalization of the yen and strengthen the important position of the RMB regionalization, the initiative to undertake the functions of the Asian regional trade currencies in the international community to play a more critical role; Third, in the face of increasingly severe international financial situation, especially the outside world to exert upward pressure on the RMB, the Chinese government should build and improve the foreign exchange intervention mechanisms, improve the foreign exchange market price formation mechanism, strengthen the foreign exchange risk aversion to develop a reasonable exchange rate policies, establish mature foreign exchange market, maintain the stability of the RMB exchange rate and improve its international image; Finally, pay attention to its own economy in the process of internationalization of the RMB. On the one hand, to a large extent this influence promotes the development of the domestic economy; on the other hand it also makes a large part of domestic enterprises depending on exports as the main business in the face of brutal competition in overseas markets. In order to reduce the adverse effects, China should more focus on the timeliness of China's monetary policy and, from the banking, securities and other industries improving financial markets.The fourth part is based on the above the summary of the experiences and lessons of process of internationalization of the yen, to make some policy recommendations of implementing policy measures should be taken for China's RMB internationalization process. These mainly include: accumulate economic power in order to lay the material foundation for the internationalization of the RMB; sound financial markets, in order to provide strong support for the internationalization of the RMB; promote the capital account convertibility process step by step. Promoting the internationalization of RMB is a complex project, which requires us to work together with the active cooperation, to provide the same support in different ways to achieve the goal of the RMB going to the world stage.