Study On Legal Issues Of RMB Internationalization Under The Perspective Of International Law

Currency internationalization is a very important phenomenon and a complexprocess in international currency system. International currency is the highest stage ofthe process of internationalization of currency movements. The dynamics of study onRMB internationalization is the benifit as international currency and the promotion ofinternational status.With the high speed development of China’s economy andsynthetic power, China’s economy maintained rapid development, rising internationalstatus. significant progress has been made in the area of international trade, investment,foreign trade and surpluses,accumulated a large amount of foreign exchangereserves.China was working on the stability of the RMB.Especially, during the Asianfinancial crisis,it made the RMB’s reputation grown because of the big sense ofresponsibility of China the scope of RMB circulation are expanding in neighboringcountries and the region as a transaction currency and means of settlement.research onRMB’s internationalization has become the frontier science.From the legal nature of the monetary, currency is a product of Statesovereignty.Currency is issued and managed by its domestic law.In fact, it has formeda relatively complete system of international currency law. From inspective of theinternational law,after a series of historical evolution, it formed a new internationalmonetary law systems--Jamaica system.The WTO reflects the impact of theinternational monetary system mainly on the basic principles of the WTO agreements,as well as its financial services agreement. Basic principles and legal commitmentsfrom Member States is bound to affect the current account and capital account to theMember States, thereby affecting the country’s monetary policy and legislation for thebalance of payments and exchange rate. Regional cooperation has also provided agood way for internationalisation and has had a very positive effect in recent years.This paper analyzes the effects of international monetary on te legal system ofinternational currency and RMB internationalization.It explores the internationalisation of the domestic situation and perfection of the legal system under the the WTO andIMF framework.The structure of article is introduced as follows:Chapter Ⅰ,The legal nature of moneytary and Evolution of the internationalmonetary system.This chapter come to the conclusion that the national monetary sovereignty is theexclusive right of a sovereign state because the monetary system is to be provided bythe domestic law of a State that conclusion according to the analysis of the legal natureof the currency. In the context of international economic ties,International monetarylaw systems have become an integral part of international law.The legal coordinationof Monetary sovereignty and international monetary has become necessary and urgentChapter Ⅱ,Currency Internationalization and RMB Internationalization.This chapter introduces RMB internationalization from EconomicsResearch forreference.This article brief readersthe means,conditions,and the influnce on the issuingcountry of the internationalization of currency.The article expand on currencyinternationalization process through the introduction of the internationalization modeas a major national currency, such as US dollar, euro, Yen. We come to the conclusionthat the internationalization of RM B is the inevitable choice of China’s economicdevelopment on the necessity of internationalisation, feasibility and path selection ofsheets.Chapter Ⅲ, The legal system of RMB internationalisation.This chapter analysis the legal system of the RMB internationalisation fromthree levels. First, the related norms Under the framework of the InternationalMonetary Fund and the World Trade Organization. Second, the regional norms Underthe framework of the ASEAN (10+3). Third, municipal law related to financial legalsystem.Chapter Ⅳ,the Laws promoting of RMB internationalisation.This chapter present the legal development and promotion of theinternationalization as the future trend of RMB.There are several Recommendationsfrom the following aspects:the General principles of the Internationalisation of RMBfollowing;Perfecting the system of foreign exchange management law;Accelerate the process of financial regulation legislation in the process of internationalization of RMB;promoting China’s participation actively in international and regional cooperation.