Research On The Legal Issues Of RMB Internationalization

Since the reform and opening up, Chinese economy has maintained a rapid growth. The emergence of China become a beautiful landscape in the international world. However, with the prosperity and development of Chinese economy, research on RMB internationalization has more and more attention. Today RMB internationalization is not a new topic for us, but it’s still a good topic waiting us to study and discuss in our social life.In recent years, a number of large events appear in the international society,such as the global financial crisis which is triggered by the US sub-prime mortgage crisis,the sovereign debt crisis in European countries and regions. And the destructive power remains which is caused by these events. So the voice becomes louder to restrict dollar and reconstruct a new and more equitable international monetary system. In China, with the prosperous development of cross-border trade, our country’s economic strength is growing, RMB began to rapid appreciation and our currency has recognized by many countries and regions. These things provides a suitable time to develop for RMB internationalization. And our government has already firmly seized the opportunity to make the connotation of RMB internationalization more enrichment.In 2013, our government encouraged to establish China(Shanghai) Pilot Free Trade Zone in Shanghai. It can promote the development of RMB internationalization. It’s the plot which is established to achieve RMB internationalization by our country. In fact, there are a variety of ways to realize RMB internationalization. But now there are three ways in the area which are recognized as feasible measures and have practiced now. They are cross-border trade in RMB, RMB direct investment, cross-border securities investment in RMB. They can drive the free flow of RMB at home and abroad and promote the realization of RMB internationalization in the area.However, the process to explore RMB internationalization in China(Shanghai)Pilot Free Trade Zone is not a smooth sailing and it’s inevitable to encounter many difficulties. Therefore, we need a more perfect legal system to solve these problems.Now how to use legal means to solve the legal problems which appear in China(Shanghai) Pilot Free Trade Zone becomes a key point which is worth deep thinking in the current process of RMB internationalization.