Discussion On RMB Internationalization Based On The Legal Nature Of Sovereign Currency

The legal nature of sovereign currency is the essential problem of clarifying the internationalization of the RMB. From the perspective of domestic public law and international law, the legal tender status and the national currency status of sovereign currency can be confirmed. But from the perspective of domestic private law, the nature of the real right of the sovereign currency can no longer be applicable to the modern credit monetary system. In order to truly understand the essence of the internationalization of the RMB, the nature of sovereign currency in the private law shall be defined as permanent interest-free bonds. This paper focuses on probing to discussing some problems about the internationalization of the RMB based on the legal nature of sovereign currency.This paper is divided into three parts. Part one is the overview of sovereign currency. It mainly introduces the concept, origin and constituent elements of sovereign currency, summarizing the main research results about the legal nature of the sovereign currency. Based on theories above, the author also tries to put forward his own opinion about the legal nature of sovereign currency, which provides a theoretical basis for the following part.Part two is the analysis on the essence of the internationalization of the RMB from the perspective of private law and public law. After making a comprehensive analysis, the author puts forward the proposal that the essence of the internationalization of the RMB is the sale of creditor's rights. From the perspective of public law, the Chinese government should actively participate in international monetary competition and defend our monetary sovereignty.Part three is suggestions on the internationalization of the RMB. Under private law :(1) to strengthen economic foundation of the internationalization of the RMB(2)to maintain the property value of RMB(3) to ensure Chinese sovereign credit ratings rate fair and stable; Under public law:(1) to maintain the legal exclusive nature of RMB(2) to defend the sovereignty of exchange rate of RMB(3) to be cautious about monetary integration.