The Influence Factors Analysis Of RMB Regionalization In The China-ASEAM Free Trade Area

The outbreak of global financial crisis, show the disadvantages of US dollar hegemony as the center of the current international monetary system once again, US dollar has been unable to undertake the function of world currency independently, international currency diversification has become the development trend of the international monetary system. Under the traditional international monetary system, due to lack of their own currency anchor or labor value pricing, most developing countries cannot maintain economic stability, therefore, to enhance the status of developing countries in the international monetary system, to improve the international monetary system for developing countries is imminent.During the recovery of financial crisis, China were responsible for the Asian regional economy, and the purchasing power of RMB has made underestimated contribution to economic stability in Asia, which rose the voice of RMB internationalization. The regionalization of RMB plays an important strategic step in the process of RMB internationalisation. CAFTA made most practical effect as the first FTA, the share of regional trade in the whole world trade has completely reached RMB regionalization degree. The other conditions RMB regionalization required have become more mature in the ASEAN region.This paper analyze the influence factors of RMB Regionalization in CAFTA,based on the international monetary theory, from market-driven and strategy-driven point of view; from the economic strength, trade development, financial market development, the stability of RMB, B&R and AIIB. And then propose the suggestion to promote RMB regionalization in the CAFTA according the analysis of the current situation of various factors. Conclusions as follows:(1) The rapid development of the economic strength is the prerequisite to realize RMB regionalization.(2) The constantly expanding scale of trade between China and ASEAN laid a solid foundation of RMB regionalization in CAFTA.(3) Trade deficit plays the promoting role of RMB regionalization, China should expand imports from ASEAN to reverse the trade surplus.(4) Our country current trade development achieved initial success, but the financial development is lagging behind, the government should speed up the adjustment of the financial system actively, develop the Singapore's offshore financial center, open the capital accounts gradual and orderly, make RMB freely convertible, to open channels for RMB regionalization in the ASEAN.(5) RMB internal stability is not enough, inflation is serious, the government should expand domestic demand, and maintain currency stability actively; Foreign currency upward trend enhance the attractiveness.(6) B&R and AIIB provide a new impetus for RMB regionalization.