Research Of RMB Internationalization Strategy

Basing on theoretical analysis about definition, approach, condition, measurement, cost-benefit of currency internationalization, this dissertation first conduct the review and analysis about internationalization of England pound, US dollar, Deutsche Mark, Euro and Japanese Yen, drawing lessons from their internationalization processes separately, especially put and emphasis on the detailing analyzing, comparing and summarizing of Japanese Yen, which, as one of the most important Asian major currencies as Chinese RMB, comparatively has more similarity and referalbility to RMB's internationalization. After the general retrospect of theoretical research and historical experiences, we present the analysis of RMB internationalization in aspects of existing status, necessity and urgency, potential impediments, and strategy which includes design principles of strategic route, arrangements of strategic route, as well as the government-actions suggestions accordingly.The conclusions are as follow:1.As a rising country with great political and economical impact worldwide, it is necessary and urgent for China to realize RMB internationalization.2.Given the certain current condition, it is right timing for taking action to realize RMB internationalization.3.Chinese government should take measures to parallel the process of RMB internationalization,RMB cross-border trade settlement,RMB investment and internationalization, for its significant position in the whole process.4.China must continue RMB internationalization by opening up national financial market in good order and establish the channel for oversea RMB to flow back from abroad, with RMB out flow in various manners.5.The advanced stage of RMB internationalization requires RMB convertibility in capital account. However can push forward RMB internationalization with partially opening in capital account, as convertibility in capital account and RMB internationalization will promote one another. 6.Risks and benefits are coexisted in RMB internationalization, Chinese government should learn from the experience of other countries, meanwhile most importantly, proceed from current national conditions in China, bring our advantages into play, and initiate a Chinese-specialized Route of RMB Internationalization.