The Present Situation Of RMB Internationalization And Its Road Choice

As the outbreak of global financial crisis and European debt crisis, the world economy has fallen into depression. Those who care about the global economic integration begin to rethink whether the monetary system dominated by dollars is suitable for the world economic development. At the same time, they also begin to explore a possibility of building a new monetary system. With the strong rise of our country’s economy, we have made good achievements in economic development, including huge economic scale and foreign trade volume, and large foreign-exchange reserves. That means our economic strength has always been improving for over thirty years. In the current background and opportunity of the reform of the international monetary system, we should seize the opportunity to accelerate the process of the renminbi internationalization.From the perspective of the combination of theory and history, monetary internationalization courses are analyzed in detail on the basis of three kinds of currency internationalization theory. Finally we summarize the terms of the general sense of currency internationalization by a deep research on different ways of internationalization. Then through quantitative analysis of the current economic situation of RMB internationalization, we find out the advantages and disadvantages of RMB internationalization. Then we discuss the path selections of currency internationalization in details from the outlook of currency function and space dimension. Finally, we advance the countermeasures of pressing ahead with building the RMB into an international currency, such as the reform of the RMB exchange rate regime, interest rate liberalization, the reform of financial system, capital account of convertibility and political systems.