The Influence Of RMB Internationalization On The Operating Efficiency Of Chinese Commercial Banks

November 30,2015,RMB was added by the International Monetary Fund(IMF)into the Special Drawing Rights(SDR)currency basket,which was entered into force in October 1,2016.The inclusion of RMB into the currency basket reflects the rising position of RMB in the international monetary system,and the RMB internationalization has entered a new stage.RMB became the first truly new currency in the SDR basket after the Bretton Woods system,and the IMF first incorporated the emerging economies into the currency basket.Joining SDR means that the global economy is highly positive about the open of China’s financial markets and the reform of the financial system.At the same time,China’s commercial banks have developed rapidly in recent years.By the end of 2016,the total assets of China’s banking industry has reached 232.2 trillion yuan,more than three times the gross domestic product over the same period.In addition to the substantial increase in size,China’s commercial banks participate in national and regional strategies actively,develop technology finance vigorously,innovate and diversify service channels and strengthen capital management.However,in the face of dramatic changes in the internal and external economic environment,China’s commercial banks are also facing a variety of challenges,such as the pressure of asset quality,the narrowing of interest rates,the competition of the Internet and the difficulty of obtaining differentiated premiums due to homogeneous operation.As the monetary center of the RMB internationalization policy,China’s commercial banks are bound to usher in major opportunities and challenges in the process of internationalization of local currency.It is necessary for the China’s commercial banks to do the risk control and follow the pace of RMB internationalization to look for development opportunities and profit growth point,which helps China’s commercial banks to improve international competitiveness,operational efficiency and access to a steady stream of development momentum in the context of the market of both opportunities and challenges.This paper is divided into five parts: The first part introduces the theories of monetary internationalization,which includes international monetary function theory,Optimal Currency Area Theory,and currency internationalization income theory.We show the achievements of the RMB internationalization from four aspects: RMB as circulation currency,settlement currency,investment currency and reserve currency.The second part,we first analyze the opportunities and challenges brought by the RMB internationalization from three aspects: The direct impact on commercial banks of the policy of RMB internationalization,RMB Internationalization promotes international expansion and business transformation of Commercial Banks.Then,we explain the direction and reasons of efficiency changes of international banks in different periods according to the theory of enterprise internationalization.In addition,we analyze the impact of RMB internationalization on the various stages of internationalization of commercial banks.The third part,we first use CAMEL evaluation system(including five aspects: the capital status,asset quality,management capacity,profitability and liquidity of the banks)to analyze the operating capacity of domestic and foreign commercial banks,then we use DEA method to measure the efficiency of China’s major commercial banks,to determine whether China’s commercial banks have a strong comprehensive competitiveness and the potential of the development of international strategy.The fourth part,we use Tobit regression method to carry out empirical study on the impact of RMB internationalization on the efficiency of Chinese commercial banks,the results show that the improvement of RMB internationalization is beneficial to the improvement of the efficiency of China’s commercial banks.China’s major commercial banks should seize the opportunities brought by the RMB internationalization strategy to implement the strategy of global operation and realize the improvement of operation of China’s commercial banks.The fifth part clarifies the conclusion of this paper and puts forward relevant policy suggestions.