Research On The Path Of RMB Internationalization With The Promotion Of Blockchain Technology

China attaches great importance to the RMB internationalization as actively implementing cross-border settlement in regions,opening overseas financial markets and carrying out international monetary cooperation.And China lays out some paths to achieve RMB internationalization,including regionalization,dual-track system and expansion of monetary function.However,there are corresponding obstacles in these paths of RMB internationalization.First,the financial cooperation within a region is weak.Second,the onshore and offshore financial markets are segregated from each other.The third is the competition from the US dollar and digital currencies.In order to help RMB to seek some new paths,this paper first verifies the application of blockchain in the financial field through literature analysis.Then through case study,this paper takes China Merchants Bank,DCEP and Libra as the research objects,explores the structure and advantages of blockchain in the cross-border clearing platform,and analyzes the pros and cons of the two digital currencies.The case shows that the blockchain cross-border clearing platform has the convenience of financial transactions and P2P clearing,which can effectively reduce the obstacles of RMB regionalization path and dual-track path.DCEP,with its features of safeguarding national sovereignty,has more advantages than Libra,eliminating the oppression from the US when RMB expanding monetary function.This paper designs three new paths of RMB internationalization.In terms of the market,China needs to cooperate with banks in the region to build a cross-border payment platform based on blockchain,so as to realize the integrated settlement of currencies.In tech finance,China needs to dominate the world's digital currency system and plan a pricing strategy of DCEP.In terms of policy,China needs to establish the RCEP Blockchain Cooperation Organization to take the lead in the development of RCEP blockchain technology.In the end,this paper puts forward suggestions in terms of policy that Chinese government should focus on supporting blockchain technology and DCEP.