Research On The Function Of International Valuation Of RMB

At present,most countries in the world have realized that a single monetary system is not suitable for the development of the global economy,and a diversified monetary system is gradually becoming the inevitable trend of the international monetary and financial system in the new era.After 40 years of reform and opening up,China's manufacturing industry has risen rapidly.Chinese products have great competitiveness in the international market,and the total volume of trade continues to reach a new high.Due to the deepening of China's integration into the global economy,the influence of RMB on the world economy is gradually increasing.Since the trial implementation of cross-border payment and settlement system in 2009,the internationalization of RMB has officially started the development of pricing function,and great achievements have been made in the past decade.What can't be ignored is that the internationalization process of RMB doesn't exactly match the speed of China's economic development.From the perspective of currency function internationalization,RMB internationalization needs to complete the transformation from valuation function to investment function,and finally to savings function,among which the development of RMB valuation function has appeared "bottleneck".This paper focuses on the international valuation function of RMB.First of all,by combing the previous scholars' research,the paper defines the international valuation function of RMB,and points out that the valuation function includes transaction valuation and official exchange rate correlation.From the macro and micro perspectives,combined with the special background of trade friction between China and the United States,this paper qualitatively analyzes the current situation of RMB international valuation function at different levels.Through the analysis of the main influencing factors of RMB international valuation function,this paper discusses the advantages and disadvantages of RMB international valuation function under the current background.Based on the experience of other countries' currency internationalization and the current situation of RMB internationalization,a single index of RMB international pricing function is established by using grey measure analysis,and the specific contribution of different factors in the development of RMB international pricing function is quantitatively analyzed,so as to put forward some suggestions for the future development of RMB internationalization.Through the research,it is found that after ten years of development,the international valuation function of RMB has made great progress in the field of trade and finance,but there are still structural imbalances.The heterogeneity of Chinese products in the international market is poor,the content of science and technology is low,and the pricing currency option is low in trade settlement.Trade frictions between China and the United States have increased the uncertainty of the international environment.As far as the relevant agreements reached at present are concerned,China has been "forced" to change the opening speed of its financial market to a certain extent,which has increased the risk of RMB denominated financial products.Through the calculation of RMB international valuation function index,this paper also finds that the influence of international status,national comprehensive strength and financial market opening degree has exceeded other factors,and some original policies have not been able to better promote RMB international valuation function.Therefore,in view of the above research results,this paper makes specific suggestions on the above issues from the perspective of improving the comprehensive strength of the country,trade partners,policy opening and formulation.