| With the rapid development of economic globalization,international currency plays an increasingly important role in international economic exchanges.The research for currency internationalization has become a hot issue.As one of the important channels of currency circulation,the impact of international trade on currency internationalization can not be overlooked.From the perspective view of international trade,it is conducive for China to develop reasonable strategies for the internationalization of RMB by exploring the path of internationalization of currency.Based on the gravity model,using the bilateral data of 7 major international currencies in 46 countries(regions)in 2001,2004,2007,2010 and 2013,this paper examines the effect of international trade on the internationalization of currency,and explores how the characteristics of the currency-destination countries,regional trade agreements and export trade structure influence this effect.The results show that international trade has a a significantly positive effect on currency internationalization.International trade scale played more important role in promoting internationalization of currency as the currencydestination countries.Regional trade agreements are usually beneficial to monetary internationalization and mostly have promoting effects on the influence of trade scale on monetary internationalization.The optimization of export trade structure is conducive to improve the effect of export scale on monetary internationalization.Therefore,China should actively promote the influende of RMB through international trade channels,and encourage companies to trade with international offshore financial center countries.Furthermore,China should sign regional trade agreements with other countries and set up more clauses that benefits RMB settlement business.China should also optimize the trade structure and promote the transformation of product structure so as to accelerate the RMB internationalization. |
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