| The internationalization of RMB is an important symbol of China’s peaceful rise to become a world power,and it is also the only way to realize the great rejuvenation of the Chinese nation.Countries along the "Belt and Road" are an important strategic direction for China’s opening-up and cooperation,and it is also my country’s advocacy to build a community with a shared future for mankind and promote the RMB.An important strategic area for internationalization.Strengthening RMB internationalization cooperation in the countries along the "Belt and Road" and forming a consensus on financial cooperation will help China’s economy return to the top of the world and reproduce its prosperity.As one of the “Five Links” of the “One Belt,One Road” initiative,the internationalization of RMB is an inevitable manifestation of the inherent meaning of “financial integration”.It is of great practical and strategic significance to strengthen the research on the internationalization of RMB in countries along the route.This paper takes the progress of RMB internationalization and its influencing factors in the countries along the “Belt and Road” as the research object,adopts the stepwise regression analysis method,and is supported by theories such as “Theory of Pricing Currency Selection”,“Theory of Optimal Currency Area” and “Theory of Currency Substitution”,conducted an in-depth analysis of the internationalization of RMB in the countries along the "Belt and Road",and found that:(1)The origin of currency internationalization thought has experienced the evolutionary process of early Western international currency thought,Marxist international currency thought,modern international currency thought,etc.The stages of "emergence-development-maturity" are divided into three stages: mercantilism,international division of labor,and financial system construction.(2)The overall development trend of RMB internationalization is improving.The specific manifestations are: continuous improvement of RMB internationalization infrastructure,continuous growth of cross-border RMB settlement volume,continuous increase of foreign exchange reserves,and orderly development of cooperation among central banks.Among them,the construction of the RMB payment system in the countries along the “Belt and Road” has gradually improved,the cross-border receipt and payment volume has increased year by year,the scale of trade exchanges has continued to expand,the construction of cooperation zones has been steadily advancing,and new breakthroughs have been made in direct investment.However,there are also some difficulties in promoting the internationalization of RMB in the countries along the route: first,my country’s financial institutions are not strong enough to operate internationally;second,the business environment of the countries along the route needs to be optimized;third,the RMB has not been freely convertible;fourth,the RMB circulation mechanism is not perfect.(3)There are many factors influencing the internationalization of RMB in the countries along the “Belt and Road”,but the influence of each factor on the process of RMB internationalization in the countries along the route is significantly different.Among them,currency inertia,economic strength,and real exchange rate have a positive impact on RMB internationalization,but the real exchange rate is not significant;foreign trade,exchange rate fluctuations,and financial development level have a negative impact on RMB internationalization,but the level of financial development is not significant..Based on the above research,this paper draws on the international experience of typical world currencies(GBP,USD,EUR and JPY),and combines the national and world conditions of my country’s RMB internationalization.Market,accelerate the construction of offshore market” and other aspects,put forward an improvement path to continuously promote the internationalization of the RMB,hoping to provide decision-making reference for government departments. |
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