Research On The Development Of China's Gold Industry In The Process Of RMB Internationalization

The internationalization of the renminbi is an important choice to realize the Chinese dream, to enhance China's voice and to promote the reform of the world monetary system.December 2015, the renminbi is the world's third largest trade financing currency, the fifth largest payment currency, the fifth largest foreign exchange trading currency. China's GDP.although the world's second, but per capita GDP behind, coupled with the lack of a developed financial market system, the international road of renminbi ahead is still a long way to go. To make the rapid development of the internationalization of the renminbi, not only the need for stable economic aggregate and financial markets as a support, but also the need for gold as the cornerstone.This paper first analyzes the mechanism of gold to promote the internationalization of currency; and then learns from the international experience, makes an analysis of the internationalization of the pound and the dollar, the pound reached the summit due to the gold standard and the dollar replaced the pound to become the new world currency due to the link to gold. Two aspects of common factors illustrate the internationalization of the renminbi also need gold factors. But from the perspective of the demand and supply of gold, the demand for gold, especially the rapid expansion of strategic demand, but the supply of gold that gold production growth rate is not large, the main source of the gold supply are self-produced and import, and the scale of import is growing, in order to get rid of dependence on external countries, the need to develop China's gold industry vigorously.Then this paper analyzes the development status of the gold industry, analyzes the geological resource of the gold industry, the gold supply and demand, the gold cost, the price and the profit, the scale of enterprise and the concentration of the industry. Making a conclusion that China's gold production is rising, but because of the decline of gold prices, the rising of cost, the profits of gold industry falls sharply, the market concentration is low, so there is a need to study the way to improve the efficiency of the gold industry.Therefore, this paper makes an empirical analysis on the efficiency of the gold industry,and uses DEA static and dynamic model to study the seven listed companies in China's gold industry. It is concluded that the comprehensive technical efficiency of the listed companies in China is relatively low and the efficiency is quite different. Technical efficiency is low, the scale efficiency is increasing. In general, the overall total factor productivity of gold enterprises is at a low level. Then the panel analysis of the factors affecting the efficiency is carried out, and makes a conclusion that the industrial efficiency was closely related to the scale of enterprises, the return on equity, technological innovation and foreign investment.Finally the paper puts forward policy suggestions to improve efficiency about China's gold industry, such as speeding up the adjustment of the gold industry structure, enhancing market concentration; focusing on scientific and technological innovation to promote enterprise development; implementation of cost leadership strategy; implementing the "going out" strategy actively, expanding the amount of foreign investment. We hope the suggestions can vigorously promote the China's gold industry transformation, so that the China's gold industry can sustain and healthy development in the next period.