Comparison Research On Internationalization Of US Dollar,European Dallor,Japanese Yen

With the continuous and rapid development of Chinese economy, the expanding of active trade balance, and the trend of rising foreign exchange reserve, our country's state and influence in the world economy becomes more and more important. Because of these, the benefit environment which makes RMB internationalize is created. Nowadays, the global financial integral whole progresses fast. Extending financial market to open has become the inevitable choice which will lead our country financial business to develop. While as the important outlet which influents world economy, RMB internationalization has already been concerned more and more extensively. Exactly according to this kind of view, I choose the topic of comparison research of USD, Euro and Japanese Yen as a research object. And I try to base on studying basic theories of currency internationalization, effect and risk which influence the economy and so on, then focus on detailed and entire argument and analysis of development process, mode and comparison of USD, Euro and Japanese Yen internationalization. Finally, I summarize some experience from it that can stimulate RMB to internationalize strongly.The main standpoint is: the way of their internationalization is different. Such as US dollar's internationalization has its historic specialization, it can't be copied in present time. It also has not significance to RMB. But the way of Japanese Yens'and Euros'are not the case, we can learn something from them. That is, first of all, developing country's economy, deepening finance reformation, and then, the nation will has strong economic power and political influence in the world. What is more, conform all of currencies and become the district of Asian currency is indispensable. Last of all, it will be global currency.There are five parts in this paper. The first part of this paper, I repeat the definition of international currency and currency internationalization. By using currency substitute theory to analyze the cause of currency substitute phenomenon, and the disadvantage influence to economy. In fact, currency internationalization is a process of which it defends to be substituted, which needs the state or district has a certain qualification, including steady policy, powerful economic, strengthen martial power, and high developed, opened financial market. The currency internationalization can bring the issuing country or district benefits which can be measured and influence of policy as well as economy which can not be measured. It includes huge tax of issuing money and net income in financial industry. Meanwhile the international currency also bring us political risks which come from inland and overseas.The second part of this paper begins with internationalizing course of US dollar, Euro and Japanese Yen. It will be found by contrast that US dollar internationalized earliest in the three type of currency. It depends on arrange of special international exchanging systems. US dollar became the centre currency of the world till now after Briton Meeting. While Euro began to internationalize at the end of World War II. All countries in Europe start to realize it's not easy to achieve revitalization by depending on only one country through warlike of baptism. They wouldn't become strong unless they solidified. The Euro is the important part of the process which Europe experiences from economic integral to political integral, and also the result that governments of all countries drove by strong political will. The latest currency of internationalization is Japanese Yen. First of all, the government developed economy in order to promote comprehensive national strength. When the country arrived a certain economic level, the government arranged a series of policy to carry out Japanese Yen internationalization.The third part of this paper mainly analyzes influence of these three currency internationalization. From the analysis, you will discover that US dollar stay a engrossing position in the international currency system. This makes it acquire general international monetary income at the time of avoiding sinking into political station. The emergence of Euro pushed progressively the growth of the economy inside district. It also be the imperative one step that lead Europe turn toward political integral whole from economic integral whole. The internationalization of Japanese Yen performed a crucial role in progressing economic strength, financial influence, and stabilize international currency system.The end part of this paper mainly analyzes what can our RMB learn from the US dollar, Euro and Japanese Yen internationalization. With the development of economy and comprehensive national strength, RMB has already go abroad imperceptibly, and been accepted extensively by the peripheral nation. But the serious economic dependence, unenlightened financial system and strict capital administration all obstruct RMB to become real international currency. If we want to choose a way of internationalization of RMB carefully, we can discover that the way of US dollar internationalization can't be taken, but the development path of Euro and Japanese Yen internationalization can be drawn lessons from. That is to say, we can develop economy, raise national strength and practice financial system reform from Japanese Yen internationalization. Thus we will have the condition of RMB internationalization. At the same time, we can draw lessons from experience of development in the Euro district from integrate one country three currencies. Generally we will start from Asian local area international currency to global and international currency finally.All in all, RMB has already been placed in the beginning stage of currency localization presently. It is also the beginning of internationalization. The advantage of starting later makes us be able to draw lessons from internationalization experience of US dollar, Euro and Japanese Yen. After that, we can choose a viable path for the internationalization of RMB.