| In2008, after the outbreak of the financial crisis, all the countries are increasingly concerned bout the international monetary system. They are all looking forward to establish a new diversified monetary system to breakup the monopoly of US dollar, especially for those developing countries who want to have a say in the world monetary issue. As China’s economy has grown quickly in recent years. together with the stability of RMB, the scholars as well as the politicians are more and more interested in the internationalization of RMB. In October2011, the RMB foreign direct investment policy was formally introduced by our government, aimed at establishing RMB backflow mechanism. This paper chose the RMB foreign direct investment as a starting point to discuss the development of RMB internationalization. The details are as follows:The first chapter is introduction; the author reviewed the existing research and commented on them. The second chapter is about the classic theory of currency substitution and monetary internationalization. The third chapter firstly discussed the RMB internationalization from the aspects of necessity, disadvantages and advantages, and then set up the econometric model to estimate the RMB circulation volume in other countries. The fourth chapter is the main part of this paper, the author discussed the interaction between RMB internationalization and the RMB foreign direct investment, an regression model with dummy variable was used here to analyse the influence of RMB foreign direct investment towards RMB internationalization. The fifth chapter compared the different internationalization paths of US dollar, euro and Japanese yen, in order to learn from them. The sixth chapter separately talked about how should the government, the financial institutions and enterprises behave to promote the interactive development of RMB internationalization and RMB foreign direct investment. The seventh chapter is the conclusion part. |
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