Under The International Monetary System Reform Background The RMB Internationalization Question Research

The global financial crisis in 2008 is likely to be an important event in the history of the world economy. It is not only the most serious financial crisis since 1930s Great Depression, but also a symbol of the decline in U.S. economy. An U.S. dollar dominated international monetary which not subject to discipline issue and no international responsibility is consequentially criticized. Reform is an unavoidable fact.Monetary system reform has been widespread concerned and researched in economic circles, reform program are prosperously emerged. Any system reserve sovereign currency as an international currency can not fundamentally solve the Triffin problems, the ultimate goal of reform is to create a super-sovereign reserve currency, but it requires a long process.The historical evolution of the international monetary system shows that International currency turnover is the result of market choice. Financial crisis objectively led to loosen the base of U.S. hegemony, and decline of global investors' confidence. From single to a wide range of international monetary system become the inevitable trend of the recent reform. Although international monetary system reform target model has several options, dollars is difficultly replaced. The most likely outcome would be for the dollar, euro, yen, RMB, gold, special drawing rights (SDR) Multi-currency checks and balances.RMB internationalization is the unique way for China's integration into the economic globalization, the financial crisis provide opportunities. RMB will eventually internationalize which is generally identified domestic and aboard. Thirty years of reform and opening to the international offers the basic economic conditions for RMB internationalization. Since the East Asian financial crisis, the neighboring countries have greatly strengthened the acceptance of RMB. RMB internationalize is not only necessary but also urgent for China, RMB internationalize has great significance for relieving China's foreign exchange pressure, promoting international and political influence, raising international competitiveness and obtaining more benefit for the country.As China's economic openness going further, Central Bank has signed currency exchange agreements with several countries. RMB is circulated in some Southeast Asia countries and surrounding areas such as Hong Kong and Macao. Transnational settlement is tried out in goods trading, countries encourage enterprises "going out", and a series of policy at RMB internationalization make many scholars participate in the discussion. Large amount of relevant essays come out, containing some views in common, and some in controversy.View from recent international political and economic environment, RMB internationalization shall prefer a "three-step" way that marginal, regionalized and international, In currency function should stick to currency of settlement, reserve currency and investment money-the "three-step" strategy. The basic fact to determine whether RMB internationalization strategy will success, or to what extent the success is, should depend on following efforts made by Chinese government Whether it can maintain the national economy growth, strengthen financial supervision, establish developed and open financial system, and build good reputation.