Research On RMB Internationalization In Post-Financial-Crisis Era

In2007, U.S. subprime mortgage crisis led to the global financial crisis. The U.S.dollar-dominated international monetary system has exposed its drawbacks. In the financial crisis,Europe and the United States financial system suffered a lot while China’s financial systemremained relatively robust and safe, making great contribution to recover the world’s economy.In the meantime, RMB’s influence has been greatly improved, which provides a goodopportunity for the yuan to speed up its internationalization process. At this stage, China’seconomic and financial fundamentals are unable to support the yuan to become world currencyin the path of direct international. And as the regional power in Asia, China has a closecorrelation with other East Asian economies. What’s more, East Asian countries have reachedregional financial cooperation consensus. In this context, China should actively participate inregional financial cooperation in East Asia, by making RMB become the key currency in theregion, realizing the internationalization of RMB.This paper is divided into eight chapters. First, introduce the problem of RMBInternationalization and do literature review; second, analyze the drawbacks of the existinginternational monetary system and the impact of financial crisis on the global monetary system;third, analyze the current state of internationalization of RMB; further pointed out that inpost-crisis era, through monetary cooperation with East Asian countries, China can realize it’scurrency’s internationalization. And construct the OCA index model to do empirical research,analyzing the position of yuan in the East Asian monetary cooperation. Then from the existingbasis, propose the specific measures of internationalization of RMB. Finally, sum up the article.