Research On The Obstacles And Path Of Rmb Internationalization

The economy of china has kept on growing rapidly in these recent years and the power of china has been greatly strengthened. The exchange rate of RMB is stabilized on the whole, though has tiny upward tendency. The people in nearby countries and areas come to acknowledge and accept RMB as transaction money and international accounting. A large amount of RMB circulates abroad. The tendency of RMB's internationalization appears. The international financial crisis in 2008 exposed the shortcomings of current currency system, which, on one hand, enhanced the necessity and emergency of RMB internationality. On the other hand, however, the crisis could also be perceived as a good chance to accelerate the speed of RMB internationalization. We should grasp the opportunity.The article starts from the theory of money internationalization, and compares the internationalization process of dollar, euro and yen. Then, describes the background of RMB internationalization and analyzes the obstacles of it, from the micro-level, macro-level and international-level. Based on those, the paper proposes the probable routine of the RMB internationalization, which follows the thought of from extending to neighboring countries to regionalization, and then to internalization. Firstly, set up stable coinage and financial market system. Secondly, set up RMB off-shore market. Thirdly, build free trade area with surrounding regions. Fourthly, strengthen the exchange rate cooperation with other East Asian counties.