Research On RMB Internationalization Under The Reform Of International Monetary System

The Jamaica system established after the collapse of the Bretton Woods system. The development of diversification of international economic powers will definitely have great impact on regional currency competition and it will also take a challenge for the Jamaica system. Especially after the financial crisis, in order to save the market, the Federal Reserve took the quantitative easing monetary policy. As a result, dollar index continued falling and dollar appeared serious credit crisis.The occurrence of financial crisis shakes the hegemony of the US dollar, and the Euro is also severely damaged. The inherent abuse of the Jamaica system as well as the impact of the financial crisis to the current international monetary system have decided the necessity to reform the current international monetary system. After the financial crisis, the discussion of the reform programs for the international monetary system is increasingly fierce.Since1990s, the momentum of the development of Chinese economic keeps well. For the RMB, the second place of GDP in the world, the status of international trade, the large amount of foreign exchange reserves and the relatively stable value of the RMB supply certain conditions for the internationalization of the RMB. Especially in the current background and opportunity of the reform of the international monetary system, how to seize the opportunity to accelerate the process of the RMB internationalization become an important link. The internationalization of RMB is still in the embryonic stage, and its degree is also much lower than that of the major international currency. With the reform choices of international monetary system scheme and the internationalization experience, we can position the roles of RMB internationalization, which is to gradually achieve the settlement currency, become the investment currency and finally be the reserve currency. In the initial period of RMB internationalization, obstacle factors should be treated as well, such as the control on capital control, the limited scale of the financial assets scale, unstable economic growth and historical inertia. We should base on the historical experience of currency internationalization and the reform opportunity of international monetary system, combined with the present situation of the RMB internationalization to complete the roles for RMB internationalization and gradually realize the internationalization of RMB, such as to improve the financial market construction and supervision, to deepen the reform of RMB exchange rate formation mechanism, to accelerate the circulation of RMB in offshore and so on.