| With the development of the world economy, the decline of dollar hegemony status, thepropulsion of the internationalization of the yen, and the emergence of the euro as an internationalcurrency, the currency internationalization issues get more attention, as the starting point of thetrade, the article first summarized analysis on the basis of the classical theory, from the scale oftrade and trade structure detailed analysis of the trade development how to promote currencyinternational, then select measures currency internationalization degree of variable, accordingto the factor of trade development influence currency internationalization degree to select theendogenous variable, construct the multinational panel model, carries on the empiricalanalysis, and then establish the internationalization of yen and mark multiple sequenceregression model respectively, the comparative analysis the promotion of international tradeon the process of the internationalization of yen and mark, finally concludes the paper on thebasis of theoretical analysis and empirical research, obtain the revelation of the internationalizationof the RMB.Summarized and refinement of the classical theory, the paper argues that: expanding the scaleof trade could bring scale economy effect and transaction network effect, will bring positive effecton currency internationalization; trade structure constantly optimize gradually increase the scopeof the use of the currency, development and improvement of the functions of the medium ofexchange for the currency, will also promote currency internationalization.Through empirical analysis, this paper draws that: International trade is the currencyinternationalization most direct solid real economic foundation, the development of trade can makethe country’s currency acts as a invoice and settlement currency, and exercise of the functions ofthe International currency in an international context, to advance the country’s currencyinternationalization; Various functions of the international currency should unification, the mediumof exchange function has a basic role in the internationalization of a currency, and only to realeconomic transactions as a powerful support, the functions of currency to stabilize; Non-mainstream currency internationalization need to rely on the power of regional cooperation; Withthe depth of the global financial and economic development, financial development promote the currency internationalization; Exchange rate adjustment and reform should adhere to anindependent, should not controlled by some countries passively.To this end, this paper combined theoretical and empirical analysis, presented the tradedevelopment as a breakthrough accelerate the development strategy and the implementationmeasures of RMB internationalization: Adhere to the path of development from regionalization tointernationalization; Play the effects of trade development to expand the scale of international tradeand upgrade of the industrial structure; Consolidate and improve the financial foundation of theinternationalization of the RMB; Exchange rate reform and readjustment adhere to the principle ofindependence. |
