Research On The Internationalization Of RMB And The Comparison With The Internationalization Of Yen

Since the eighteen party,China's economy has gradually entered a new normal in the new position,adjust economic structure,the supply side continued to force reform,practicing five development ideas,the total economic stability in the second world,and corresponding to the statutory sovereign currency-the renminbi is not occupies an important position in the international trade price settlement foreign exchange reserves,to promote the internationalization of the RMB is more and more urgent.October 1,2016,the RMB officially joined the SDRs a basket of currencies,the U.S.dollar,the euro after the weight of the world currency,but the actual use of the RMB in the lack of overseas.In order to improve the level of internationalization of the RMB,the Chinese government has taken many measures to promote the marketization of interest rate,exchange rate reform,deepen the reform of the financial system,strengthen financial supervision,and gradually realize the convertibility of capital projects.China has proposed the construction of "Silk Road Economic Belt" in twenty-first Century and "maritime Silk Road" the formation of strategic infrastructure investment banking in Asia,which also provides favorable conditions and an important guarantee for the internationalization of rmb.In recent years,with the continuous improvement of the level of internationalization of the RMB,China's financial stability in the maintenance of the system,domestic enterprises to participate in global competition overseas,reduce the risk of trade will be more confident and strength.Although the renminbi has become the official international currency,but in the actual use of overseas proportion is still relatively low,what are the factors to study the impact of RMB internationalization,in order to more effectively improve the level of internationalization of the RMB is RMB to gain greater overseas actual usage,the chapter is the two part of the empirical research.The first part is an empirical study on the influencing factors of the internationalization of the RMB,the second part is the choice of international currency RMB internationalization of the yen as a reference currency,the yen to build time series model for empirical comparative study.The first part of our empirical in dollar,euro and yen,pound,five RMB currency internationalization as the research object,the dominant factors of money demand and money supply as the dominant factor influencing factors,establish the static panel data econometric regression model,related to a series of tests,the empirical regression results.Perhaps due to lack of direct data,previous scholars in the study of the internationalization of the RMB,the RMB is not an important research object,and through the processing of the data in this paper,the approximate data related indicators of the level of internationalization of the RMB,thus increasing the RMB in the study of individual objects.At the same time,in the choice of the factors affecting the internationalization of the RMB,the increase in the past few scholars to study the cultural factors,and the relevant data were flexible.Through empirical analysis,this can lead us to understand that the leading factor of monetary demand and the leading factor of money supply promote the internationalization of rmb.In addition,in the research literature and data collection and comparison process,we found that the economic development situation of economic development in recent years in China and Japan in twentieth Century eight and 90s have a lot of similarities,and the degree of internationalization of a currency and a country's economic development has significant correlation,so the second part of research is to construct the yen time sequence model,and the related data of influence factors of internationalization of the RMB into yen time series model,obtained by comparing the degree of internationalization of the RMB has been underestimated.In this paper,according to the empirical research and the reality of the current situation of RMB internationalization,some policy suggestions are put forward to improve the level of RMB internationalization.I hope that the two part of the empirical research and some suggestions to improve the level of internationalization of the RMB can provide a little reference for decision-making of relevant economic theory scholars and monetary policy in the policy making of RMB internationalization.