A Study On The Influence Of RMB In Central Asia Under The "One Belt And One Road" Initiative

In the financial crisis that broke out in 2008,the shortcomings of the US dollar-based international monetary system were exposed,and China’s economy was affected by the financial crisis and showed a downward trend.In this context,China urgently needs to improve its international financial status to cope with the economic downturn.The timely presentation of the "Belt and Road" initiative plays a very important role in boosting China’s economy.Central Asia is located in the western core area of the Silk Road Economic Belt and is an important strategic fulcrum.As a breakthrough in the process of RMB regionalization,Asia is the best choice.This article first clarifies the theoretical and practical basis of currency regionalization and RMB regionalization in Central Asia,and then analyzes the trend of the main currency in Central Asia and the problems that the RMB will face in the regionalization of Central Asia.In terms of empirical research,first draw a chart of the exchange rate between the RMB and Central Asia and a table of correlation coefficients to observe the degree of correlation between the RMB and Central Asian currencies,and then use the multi-Garch model to test,after removing the US dollar that affects the RMB exchange rate After the factors,the currency anchor regression model of Frankel & Wei is used to verify the change in the weight of the RMB in the currency basket of Central Asia after the “Belt and Road” initiative.The empirical results show that the renminbi has an invisible anchor trend in Central Asia and the weight of the renminbi in Central Asia has been strengthened to a certain extent after the “Belt and Road” initiative was put forward.Finally,this article believes that in order to realize the regionalization of the RMB in Central Asia,the existing economic cooperation platform in Central Asia can be used to stimulate economic development,and on this basis,the relationship between China and Central Asia can be deepened from the perspective of financial cooperation and maintained well.Relations with major countries in Central Asia,to increase the enthusiasm of the people in Central Asia to use the renminbi,and to optimize the trade structure between China and Central Asia.