The Study Of The Internationalization Of RMB To China's International Balance Of Payments Impact

The internationalization of the RMB is not a pure monetary problem,is built on the basis of strong economic strength,is the inevitable outcome of economic internationalization,which in turn affect many aspects of economic operation,and,in turn,affects our country's economy.Since China's reform and opening up,especially since the 1990 s,in addition to the individual years,our country's balance of payments has maintained the double surplus of current account and capital and financial account,and shows the characteristics of abnormal unique structure.Therefore,this article takes the internationalization of the RMB to our country the influence of international payments as the main object of study.Analysis the internationalization of the RMB whether can reduce the advance of China's international balance of payments "double surplus" situation,thus to promote the balance of international payments,it is of great practical significance.First of all,the internationalisation of the RMB affect the balance of payments to the existing research literature summary,from the internationalisation of the renminbi the impact on the balance of payments approach,this paper analyzed theoretically the internationalisation of the RMB in international payments,and internationalization of the renminbi and analyzes the dynamic balance of payments in China;From the Angle of the renminbi overseas stock to measure the degree of RMB internationalization by constructing the money demand function is calculated out of the first quarter of 2004,in the fourth quarter of 2016 the RMB overseas stock size,according to the theoretical model and the selection of data to carry on the empirical analysis,the analysis of the effect of RMB internationalization of China's international balance of payments;In the end,the following conclusions:RMB internationalization degree is proportional to the foreign exchange reserves and imports,RMB internationalization degree of logarithmic index every 1%change,will cause the logarithmic index change of China's foreign exchange reserves by about 0.473%;Imports of logarithmic index change by about 0.310%,thus can get the internationalisation of the renminbi's international balance of payments index((?)FE/(?)m)/((?)IM/(?)m)value is 0.473/0.310 = 1.526,in the range of 67%?167%of the float,when the internationalisation of the RMB lead to changes in the imports more than the change of foreign exchange reserves,can reduce our country's foreign exchange assets,maintain the balance of payments.Then starting from the conclusion,according to the development of the internationalisation of the RMB,and the status quo of China's international balance of payments,in order to further highlight the internation of the RMB to the promoting function of the balance of payments,put forward the corresponding policy recommendations.