Research On The Status Of RMB In East Asian Monetary Cooperation

East Asian countries first sought deep financial cooperation after the outbreak of the 1997 Asian financial crisis.The spillover effect of the regional crisis led to the expansion of the crisis,and the failure of the regional informal organizations and the formal international monetary fund to timely rescue began to make countries put aside their prejudices and cooperate.However,the subprime mortgage crisis in 2008 put the economies of European and American countries in trouble,which made it difficult for them to survive and caused severe damage to the economies of east Asian countries that were highly dependent on the us market.Leaders of east Asian countries understand that only by reducing their dependence on European and American markets and working together can they jointly resist the crisis and promote development.However,how to achieve monetary cooperation in east Asia under different ideological and economic development levels is an urgent problem to be solved.According to the relevant data analysis,east Asian countries(regions)in the aspect of foreign trade dependence,economy,financial cooperation are closely linked,informal and formal partnership organization for economic cooperation has been established,from the initial"Chiang mai initiative",the Asian bond fund and the common reserve fund to regional comprehensive economic partnership(RCEP)has a positive impact on promoting regional deeper cooperation.There is no denying that there is still a significant gap in the level of economic development among east Asian countries,including developed countries,emerging developing countries led by China,and even less developed countries.Given the political and economic factors in east Asia,I believe that a single currency union(such as the eu)or a currency dominated currency union(such as the dollar zone)is not feasible,and the most realistic choice should be the model of multiple currency union and the formation of multiple currency basket.As a major country,China ranks among the largest in terms of economic size,foreign exchange reserves and foreign trade exports and imports.China has played the role of a major country for many times during the economic crisis,bringing opportunities for economic recovery to other countries.Based on the theoretical basis of empirical research,and through rolling regression analysis,it is concluded that the RMB does play an important role in the basket of east Asian currencies.Yuan still failed to replace the dollar in east Asia’s position,in addition to the dollar is still in a strong position,its domestic financial system is not perfect,exchange rate has not reached the level of marketization,capital account convertibility still unrealized also will undoubtedly become the barriers to play an important role in east Asia and the world.China in the future still need to let go of political bias,the initiative and actively promote trade cooperation with asean and Japan and South Korea and other major economies,with economies continue to strengthen policy coordination,improve the RMB exchange rate formation mechanism,under the "area"initiative to seize the opportunity to promote the internationalisation of the renminbi,believe the future will be in the east Asia area so that the whole play more role on the world stage.