Research On The Status Of Currency Anchor In The Process Of RMB Internationalization

The internationalization of RMB is a long-term strategy of China.In the current research,many scholars believe that the RMB needs to go on the periphery-regionalization-internationalization road,and the Southeast Asia region near China has become the best development direction.In recent years,the RMB has become a hard currency in many Southeast Asian countries.With the increase of trade between China and Southeast Asia,China's trade with ASEAN has been upgraded from “gold” to diamond cooperation.This has been accompanied by the introduction of new strategies such as “One Belt and One Road” and the Destiny Community.Under this background,the RMB has been internationalized.The issue once again became the focus.The internationalization of the RMB in Southeast Asia has increasingly attracted the attention of many scholars.Nowadays,the extent of the RMB “regionalization” in the Southeast Asian region is a matter of whether or not the RMB currency influence in Southeast Asia has surpassed the US dollar,and becoming the “anchor” of national currency pegged in Southeast Asia has become the main direction of research.n July 2005,China's exchange rate regime changed and it no longer singled out the dollar.Since then,the RMB has been based on the supply and demand relationship in the international market,with reference to the managed floating exchange rate system of a basket of currencies.In the following years,China's economy has undergone rapid and sustained development.China's position in Southeast Asia has been greatly enhanced both in the economic field and in the political field.Four years after the exchange rate reform,in order to meet the demand for trade exchanges and reduce transaction costs,China has begun vigorously implementing cross-border trade settlement of RMB in Southeast Asia.As a result,the influence of the RMB in a basket of currencies in South East Asia has gradually increased,and a big step has been taken in the RMB taking the peripheralization,regionalization and internationalization.In addition,in the context of the “going out” of the Party's 17 th National Congress,China's strategy of the “head-to-head strategy” in 2009 and the “One-for-one” national strategy in 2013 all increased the trade between China and Southeast Asia.At the same time,starting in the United States in 2008,a global financial crisis broke out,the economic development of the United States was hindered,and the exchange rate of the United States dollar fluctuates greatly.The Southeast Asian region dominated by the U.S.dollar was greatly affected.The influence in this environment has gradually increased in Southeast Asia.To study the role of the RMB in the Southeast Asian region,from an empirical perspective,through the different coefficients of a basket of currencies in the Southeast Asia region,it can be seen that the influence of the RMB in the Southeast Asian region under different periods is the future development trend of the RMB.Provide reference.Based on the previous research,this paper studies the status of currency anchor in Southeast Asia in the process of RMB internationalization.First of all,this article introduces the source,connotation and characteristics of the currency anchor.Then,through the literature review,it is concluded that the national currency must become the theoretical condition of the monetary anchor.The issuing country of the core currency must have strong economic strength and a good political foundation.Starting from these two aspects,starting from China's own perspective,it analyzes the feasibility of the RMB becoming a pegged monetary anchor in Southeast Asia.Second,this paper divides the data from July 1997 to January 2016 into two The first stage was the beginning of the Asian financial crisis in July 1997.The Southeast Asian region began to attach importance to the issue of regional currency anchors.Before the Chinese exchange rate reform in July 2005,the monetary weights were carried out from August 2005 to January 2016.By comparison,the second phase compares the weights of major currencies in Southeast Asia between October 1997 and September 2008 before the global financial crisis and between October 2008 and January 2016.In conclusion,from the overall perspective,the US dollar has always played a dominant role in the Southeast Asian region,both in terms of its degree of affection in Southeast Asia,and in deep level data analysis.Its currency influence on Southeast Asian countries is still very strong.huge.Secondly,from the perspective of RMB,the impact of RMB exchange rate fluctuations on the currency exchange rates of Southeast Asian countries,the impact of RMB on the currencies of ASEAN and other countries is gradually increasing,and the process of RMB internationalization is accelerating.Finally,the paper proposes to promote RMB to become a Southeast Asian region.Currency anchor path and policy recommendations.