Research On The Influence Of Developing Panda Bonds On RMB Internationalization

Since the 2008 US subprime mortgage crisis,the world more and more aware of the unipolar international monetary system problems,hope that the international monetary system can be more diversified.China has become the world’s second largest economy,and become the world’s largest trading nation and the world’s largest foreign exchange reserves,but in the international currency,but can not see the RMB ranking and figure,this situation is clearly And China’s economic strength does not match.In this external factors and internal factors together,China began to focus on the development of internationalization of the RMB.China is committed to the exchange rate formation mechanism reform,making China’s exchange rate and the RMB currency is more scientific and effective;efforts to deepen the interest rate market,making the RMB interest rate prices can reflect the market supply and demand;in order to strengthen the RMB in cross-border trade and investment and financing areas Application,China has actively carried out with the rest of the world monetary authorities of the currency swap,and cross-border RMB settlement system.Through ten years of unremitting efforts,in 2016,the RMB was formally incorporated into the SDR SDR,becoming the fifth currency to be included in the SDR,which is an important milestone in the internationalization of the RMB.In 2005,China began to develop panda debt.By the tightening of China’s bond market regulation,the expected appreciation of the RMB and the higher level of RMB interest rates and other factors,Panda debt in the initial development is not smooth.As China gradually realized that the international status of the RMB did not match our comprehensive national strength,a series of improvement measures were carried out.At the same time,we gradually opened our capital projects and relaxed many access requirements,Approval process criteria.These measures provide favorable conditions for overseas institutions that wish to issue Panda debt for RMB financing.Therefore,in 2015 and 2016,Panda debt appeared in the development of blowout.Panda debt as a foreign bond,its development will in many ways have a positive impact on the internationalization of RMB and negative impact.This paper first elaborates the influence mechanism of foreign bonds on the internationalization of currency,which lays the theoretical foundation for the analysis of the later.Secondly,it introduces the development process and current situation of RMB internationalization and panda debt.And then analyzes the positive and negative effects of Panda debt on the internationalization of RMB,and gives the policy suggestion for the negative influence.Finally,the outlook for the future of Panda and the internationalization of the RMB was carried out.