| The U.S. sub-prime crisis ravaged the world in the second half of 2008, with global economic downturn and stock market endless volatility. China's Shanghai index dropped below 1700 points from the highest of 6124 points. When the world talks about the economic recovery and the rebound time, Dubai once again reminded the world of remainder of the financial turmoil. With international financial market turmoil, depreciation of the dollar is a trend. Exchange rate U.S. dollar relative to RMB 1:8.12 from July 2005 reach 1:6.83 December 2009.The raging of the financial crisis and the anxiousness afraid of the depreciation make people lost confidence toward financial market and credit currency. This triggered a discussion of the international monetary system reform. The dollar standard system being difficult to reverse, but the trend of the international monetary system reform is irreversible.Currently, there are three ideas of international monetary system reform. First, returning to the gold standard; second creating a super sovereign reserve currency; third promoting a multi-polar international monetary system. In the new context of the international monetary system reform, the monetary functions of the gold gradually return. Though preservation and monetary functions of the gold have attracted national attention, the gold standard is unlikely to return. The SDR can not be transformed into super sovereign reserve currency due to the default of itself, and it is difficult to build a new super sovereign reserve currency. So super sovereign reserve currency is not a good program in the future international monetary system reform.Comparing to gold standard and creating super sovereign reserve currency, multi-polar international monetary system is more realistic and reasonable. The birth and normal operation of the Euro stimulate the establishment of Asian currency, and the future of the international monetary system is very likely a situation of three pillars of the dollar, euro and some Asian currency. In order to adapt this trends, China should implement the policy of the RMB internationalization, and take the RMB internationalization on behalf of Asian currency to built a new pattern of multi-polar international monetary system.The analysis of process of internationalization of the U.S. dollar, Swiss franc, Euro and Yen, we can infer that gold reserve has a decisive role in currency's international status. The RMB internationalization can be divided into three stages:the RMB as an Asian currency, the RMB as a general international currency, the RMB as the world's top currency. This paper mainly analyzes and calculates the required RMB gold reserves in these three phases. In addition, we also analyze the scale of gold reserves with the RMB internationalization under the condition of the financial crisis. The ultimate purpose of this article is to determine the moderate size of gold reserves and propose countermeasures. |
