Research On The Influential Factors Of Renminbi Internationalization Based On VAR Model

China is currently facing two challenges.One is that the world monetary system is still dominated by the U.S.dollar,and the resulting dollar hegemony and exchange rate fluctuations will have an impact on China’s huge reserves.Second,the current level of RMB internationalization is low and does not match China’s comprehensive strength.Therefore,vigorously developing RMB internationalization is an important task for China in the context of the new era.This paper focuses on the level of development of RMB internationalization,but also takes into account the implementation of important national policies in recent years,such as the construction of China’s free trade zone and "One Belt,One Road",and therefore mainly targets economic behaviors that have more opportunities for development in the realistic context,namely outward direct investment and import and export trade.Through a combination of theoretical and empirical analysis,the specific relationship between the three economic behaviors and the RMB internationalization index is explored in depth,so as to clarify the focus of promoting the development of the RMB.In the analysis of this paper,firstly,OFDI,import and export can be used as dynamic causes of the development of RMB internationalization in the short term at the level of data.Secondly,import trade has the most obvious promotion effect on the development of RMB internationalization,OFDI has a promotion effect but is not stable enough,and export trade does not have an obvious promotion effect.Finally,for the specific situation of RMB internationalization development,OFDI and import/export trade can jointly promote the level of RMB internationalization,so it is necessary to both develop comprehensively and steadily,and to seize the key points so as to achieve the most effective situation.Finally,the analysis of this paper is basically summarized and some targeted suggestions are made to help as much as possible in such an important stage of RMB internationalization development.