The Research On The Influence Of RMB Internationalization In The Countries Along The Belt And Road

With the continuous growth of economic strength,China's international status has clearly improved,and the renminbi is seeking more voices in the international arena.The concept of“the Belt and Road”has opened up new channels for China's foreign investment and provided a new platform for the RMB to expand its influence.Based on the previous theoretical research,this paper first summarizes and analyzes the current status of the exchange rate system in the countries along the“the Belt and Road”.Then,through quantitative methods,this paper explores the changes in the influence of RMB along “ the Belt and Road ” countries,and analyzes its internal reasons.At the same time,it explains the realization path of RMB internationalization and related policy recommendations based on“the Belt and Road”background.The article mainly uses the method of empirical analysis to test the weight ratio of RMB,JPY,EUR and USD in the national currency along“the Belt and Road”and further analyze the empirical results.The results show that the US dollar remains along the Belt and Road.Dominant,after the international financial crisis,the currency weight of the yen against the sample countries was significantly reduced,the decline of the pound was particularly evident,and the proportion of the currency weight of the renminbi increased significantly.From the“7.21”exchange rate in 2005 to the end of2018,the influence of the RMB countries along the Belt and Road Initiative has generally shown an upward trend.By analyzing the current situation of the exchange rate system of countries along“the Belt and Road”,this paper finds that a considerable number of countries along the line still use the US dollar as a currency anchor,but at the same time,it can be seen that the cooperation between countries and China in the financial field is increasingly close.In the subsequent empirical part,the article examines the time series data of each sample country,and compares the results and finds: the currency influence of the RMB on the countries along“the Belt and Road”,the RMB exchange rate reform and “ the Belt and Road ” After the presentation,they all showed a significant improvement.The currency weight ratio of the renminbi along“ the Belt and Road”countries generally showed an upward trend,in stark contrast to the decline of the yen and the pound.At the same time,we can see that the US dollar still shows its influence beyond other currencies in “ the Belt and Road ” countries.With thedeepening of the RMB exchange rate reform and“the Belt and Road Initiative”in the future,the influence of the renminbi along“the Belt and Road”countries will still have much room for improvement.By promoting economic and trade exchanges with countries along“the Belt and Road”and promoting the renminbi.The implementation of cross-border settlement,accelerating the development of the offshore market in the renminbi,and deepening the reform of the RMB exchange rate will effectively enhance the regional currency influence of China along“the Belt and Road”countries.