A Study On The Law Of Currency Internationalization And The Enlightenment To RMB Internationalization

With the gradual improvement of our overall national strength, RMB has gone abroad, and its internationalization has also been the focus. In order to make the process of the internationalization of RMB carried out smoothly, the paper selects some major international currencies in the world as samples to seek the law of nature and the problems that easily appear in the process of currency internationalization through analyzing their characteristics and commonalities, thus offer some experiences for the reference to RMB internationalization.There are four parts excluding the introduction and conclusion. In the first part, the writer begins with logical concepts, defines the connotation of the internationalization of currency, divides the levels of the internationalization of currency and measures the degree of the internationalization of currency, thus throw light on the meaning of the internationalization of currency in three aspects.In the second part, the writer, taking such major currencies in the history of world economy as Pound, Dollar, Deutsche Mark, Yen and Euro as samples, reviews their process of internationalization, analyzes and obtains their respective characteristics.In the third part, Through analyzing the characteristics in the process of internationalization of the sample currencies, the writer seeks the commonalities and finds the general law of currency internationalization: strong economic power is the basis of the internationalization of currency; developed and perfect financial market is the carrier of the internationalization of currency and it supplies the internationalization with policies; currency competition abides by the law of "Anti-Gresham's Law", good money drives out bad, in the credit system of paper currency and the freely open international economic environment; overvaluation is an enormous disadvantage to the development of currency in the process of internationalization, and it is the adverse turning point of the international currency.In the fourth part, according to the general law in last part, the writer combines our national condition with current situation and characteristics of RMB internationalization, offers useful macro-management experiences and points out the problems that should be avoided for RMB internationalization: improving our economic power, sounding our financial market, avoiding the overvaluation in the internationalization to ensure the stability of the value of RMB, promoting the process of exchanging RMB freely in the capital item, taking part in international coordination and interregional currency cooperation positively in order to avoid "Triffin Dilemma".The innovations of the paper mainly embodies in the following two aspects: (1)multidimensional angle: in order to seek the general law of the internationalization of currency, the writer chooses five currencies which follow different route and reach higher level in their internationalization as samples, including both country currencies as Dollar, Pound, Deutsche Mark, Yen and regional currency as Euro which makes the sample origins diversified. When exploring the general law of currency internationalization, the writer seeks both the positive experiences and the problems in the process of internationalization, thus offers useful experiences from pros to cons; (2) innovation of the conclusion: in the process of seeking the law of currency internationalization, the writer put forward an inverse proposition to the famous "Gresham's Law", then defines and demonstrates in detail. The proposition of "Anti-Gresham's Law" makes people reexamine the competition of the currency in the credit system of paper currency.