Empirical Study On RMB Internationalization Under One Belt One Road Policy

In recent years,the international economy is struggling in the background of financial crisis,and the developed economies are still in depression and slow recovery,while China maintains a stable economic growth by deepening reform and transforming economic development mode,so China has made a great contribution to the stable of global economy.With the development of global economic integration,the impact of financial crisis spreads rapidly among all countries,and this makes most countries realize the drawbacks of the international monetary system centered on the dollar,in this context,the diversified development of international reserve currency has received more and more support,and countries have also begun to actively enrich the types of international reserve currency.The development of RMB internationalization is closely related to the continuous improvement of China's economy,and it also benefits from the policy of One Belt One Road.Since the implementation of One Belt One Road Policy in the year of 2013,China is committed to the establishment of mutually beneficial and complementary development model with countries along the routes.This has made RMB widely accepted among other countries.Thus study on the internationalization of RMB under One Belt One Road Policy has a very important theoretical and practical significance.Based on the research of RMB internationalization at home and abroad,this paper firstly described the current situation and problems of the internationalization of the RMB.And combined the background and significance of One Belt One Road Policy,this paper pointed out the necessity and feasibility of promoting RMB internationalization.Then,the paper used VAR model to analyze factors affecting the internationalization of RMB under One Belt One Road Policy,and gave impulse response analysis and variance decomposition for further analysis.Finally,the suggestions on the further development of RMB internationalization under One Belt One Road Policy has been proposed.The innovation of this paper lies in the analysis of necessity and feasibility of RMB internationalization under One Belt One Road Policy.Firstly,the internationalization of RMB is helpful to the achievement of facilities,trade,capital and culture required by One Belt One Road Policy,and One Belt One Road Policy also can provide lots of new opportunities to improve RMB internationalization,such as commodity trade valuationdenominated in RMB,outward direct investment in RMB,RMB offshore financial market and Cross-border E-commerce.So,there exists both necessity and feasibility of RMB internationalization under One Belt One Road Policy.