A Study On The Regional Development Of RMB In The Trend Of Asian Trade Integration

The regionalization of RMB can be regarded as an important part of RMB internationalization and the transition phase. In this phase, the three international money functions will be implemented to varying degrees. The concept of RMB regionalization emphasizes that regional extent we mentioned is Asia area, including the Pacific Rim region and the yuan convertible functions Trading, trading functions, circulation and reserve functions are implemented step by step. Eventually the yuan can become a regional key currency by this way. The internationalization and regionalization of RMB need have a certain condition, just as the same as all international money. These conditions are reflected in the development of RMB regionalization.For estimating the current degree of RMB regionalization preferably, this paper introduced the RMB Internationalization Index (RII) and found that the index shows a ninety times increase over five years. This result demonstrated that RMB regionalization progress was pushed forward substantially. After comparing with the RII index of international money, we found that there is a big gap between RMB and international money. In this process, an incomplete financial system, a lower internationalization level, potential financial risks and negative political factors can put a brake on development. Hence, the dollar, the euro, the yen internationalization development history were studied in this paper to guide the development of RMB regionalization. And the experience of them provides learning and inspire for designing the RMB regionalization development path.China is facing the "new normal" of trade integration at present. The trend of regional trade integration gradually strengthened and the respond of China influences the RMB regionalization. In this situation, this paper attempts to design the path of the RMB regionalization and conceives three milestones. This paper also,provides a bit more detail on specific content and implementation of RMB regionalization which will provide a reference for theoretical research and practical work. This paper shows that measure of enhancing trade integration and cooperation, perfecting the financial market, establishing a mechanism for the offshore market, etc.may have important implications for RMB regionalization development.