Research On RMB Anchor Effect In East Asia

The tread of economic integration and financial globalization on the one hand, has produced various countries’ economic development and take-off, On the other hand it also exposed the defects of the current international monetary system. Be mainly represented by the the association of south-east Asian nations (asean), the emerging economies have a strong will and conditions to carry out the monetary co-operation, on the one hand to avoid being marginalized by the dollar in the current monetary system, and to build a exchange rate coordination mechanism which is more suitable to themselves and to defend the financial economic; on the other hand it can innovate the cooperation mechanism, enrich the current international monetary system, and fall in the trend of currency reform. But because of the deficiency of East-Asian economy’s integration, too much dependence of the outside economies and the lack of a strong currency. It is unable to establish a common currency unit in the short run. So it is a realistic choice to establish a sub-regional currency corporation, form the "Yuan anchor" and establish the Yuan in the leadership position in the east Asian currency.RMB regionalization drive the internationalization of the RMB, and then promote the east Asian monetary cooperation is one of the best way to realize the East-Asian currency corporation.This article is based on the new external monetary model, by using the method of rolling regression, paint the RMB,euro,dollar,yen’s influence trend on the East Asian monetary after the first revaluation in July2005until now, and found that the influ-ence of the weight has a tendency to increase gradually, prominently in2008year fi-nancial crisis phase, and after the crisis has gradually beyond the trend of the dollar. The results showed that to some extent, the currency in the Asean regional monetary anchor position already began to emerge. Based on the findings, this paper puts for-ward policy suggestions such as deepen the cooperation mechanism, expanding the scope of RMB’s circulation, systematize monetary cooperation of East Asia, adjust economic structures, to promote the Yuan currency truly achieve the anchor position, looking forward to with the RMB regionalization and internationalization impetus to the development of east Asian monetary cooperation to a higher level.