Financial Structure And Currency Internationalization Theory And Empirical Research

China has developed into the world's second largest economy,but the degree of internationalization of the RMB is relatively backward.From the perspective of the RMB's share of the country's foreign exchange reserve currency,it is far less than the US dollar,the euro,or even worse than the pound,the yen,the Australian dollar and the Canadian dollar.At the same time,it can be seen that the United States and the United Kingdom are market-oriented financial structures,and Japan is bank-oriented financial structure.However,China is an obvious bank-oriented financial structure.This paper theoretically analyzes the relationship between currency internationalization and different financial structures.It is conducive to the promotion of currency internationalization for market-oriented financial structures,and bank-oriented financial structures are not conducive.A historical analysis of the relationship between the internationalization of the U.S.dollar and the yen,and the transformation of the U.S.and Japan's financial structure,pointed out that Japan's financial structure that has not yet been transformed,backward financial markets,and dislocated financial regulatory systems have largely contributed to Japan's failed attempt for the yen's internationalization.Developed financial markets help the global government and investors to hold US dollar assets and promotes the maintenance and development of the international currency after the Bretton Woods System.The vector autoregressive model is used to analyze the changes in the financial structure of the U.S.dollar and the internationalization of the U.S.dollar.Finally,reviewing the internationalization of the RMB and the Chinese financial structure system,it is pointed out that in the future China will need to continue its transformation to a market-oriented financial structure,establish a regulatory system that adapts to modern finance,and attract governments and investors around the world through developed financial markets and help the RMB become a more important international currency.