The Micro-Analysis Of RMB Internationalization In Behavioral Perspective

Recently,the international finance crisis vacillated the extant international currency pattern, which moved the RMB internationalization to the new turning point, and put the related research to the focal point. But the existed research concentrated in the macroscopic angle, and lack of theoretical and empirical analysis, whereas this article embarks from the rational economic man's basic motive of value maximization, carefully examined the question in behavior's microscopic angle, and strengthened the theoretical and empirical research. According to the international payment balance definition, enterprise and the resident are the most important microscopic economic subjects, therefore this article launches from these two subjects'behavior.Enterprises choosing RMB as the invoice currency in foreign trade is one of RMB internationalization micro-foundations. Theoretical analysis indicated that the basic requirement for enterprises choosing invoice currency in foreign trade is country's economic potentiality, the trade scale, the trade structure as well as the stability of foreign exchange rate. The empirical analysis indicates that RMB internationalization is mainly shored by macro-foundation of economy at present , and foreign trade micro-foundation is slightly weak but has had certain dynamics. In the three essential factors of foreign trade micro-foundation, the support by scale factor to the RMB internationalization is strongest, and the function of structural factor is lag but has tremendous potential influence, besides that risk factor performs weakest. Therefore, it's necessary to strengthen the foreign trade micro-foundation of RMB internationalization, especially by enhancing the exchange rate risk management ,optimizing the foreign trade structure and strenghtening the native enterprise to achieve this goal.Residents keeping more RMB in the property choice is another micro-foundation of RMB internationalization. Theoretical analysis indicates that the anticipated exchange rate ,spot rate ,inflation capital market return and currency spread are the main factors in this foundation.Anticipated exchange rate change is the most solid micro-foundation of RMB internationalization in present, and the spot rate level and the inflation are the general micro-foundations, but the micro-foundation of capital market return ratio is weak, also the currency spread foundation is not obvious. Therefore, strengthening the exchange rate and the interest rate's liberalization reform, strengthening the capital market specially the RMB disembark market construction and gradually expanding foreign investment is the efficient path of ramming the micro-foundation of RMB internationalization in residents'property choice.In addition, certain system platform and facility platform is needed to support the micro-foundation of RMB internationalization. Therefore ,we should advance the RMB free exchange, Consummate RMB rate forming mechanism, strengthen the RMB settlement network and financing platform.