A Study On The Impact Of China's Offshore Market Construction On RMB Internationalization

The internationalization of RMB is a long-term national strategy formulated by China to cope with the unreasonable international monetary system,which not only aims to adapt to China's rising international economic status,but also strengthens its own dominance in the field of world financial trade and enhances China's commodity in cross-border circulation Bargaining and pricing.Offshore financial markets have been around for decades and have met the needs of domestic and foreign institutions and investors.Driven by the economic globalization and the trend of financial liberalization,global offshore financial market,as an integral part,is innovating and has become an important part of contemporary financial development.In the current background that international instability factors continue to increase and China's financial market is not fully open,China's offshore market construction and development has become one of the important channels to promote the process of internationalization of the RMB.The construction of the offshore market is not only conducive to the expansion of foreign RMB holdings,more out of the RMB outside the provision of trading places and return channels.From the development experience of offshore financial market construction in the United States,Japan and the UK,the construction of offshore market has a positive effect on the internationalization of currency.with a late start,China's offshore RMB market construction,though the future of which is facing uncertainty,promotes the RMB internationalization as a whole.This paper first defines the concept and classification of the offshore financial market to clarify the basic concepts and footholds of this paper,and from the necessity of the development of the offshore market,the internal conditions of the internationalization of the currency and the construction of the offshore market contribute to the RMB International output three aspects to discuss the offshore market construction and the internal logic of the RMB.Second,this paper summed up the historical experience of the offshore markets in the United States,Japan and the UK,as well as the international experience of the dollar,yen and pound.Thirdly,from the theoretical and empirical aspects,the paper focus on China's offshore market construction on the internationalization of the RMB,theoretically from the offshore and onshore market interaction,the positive role of offshore market construction and the main risk challenge three Specific analysis.Finally,this paper combines the development of free trade area,"one side" strategy and RMB to join SDR three new backgrounds to improve the development of offshore market proposals,and from the aspacts of strengthening of offshore market financial services and improve the offshore market risk management system to propose countermeasures.