A Study On The Regionalization Of RMB In Central Asia Under “The Belt And Road ” Initiative

The frequent financial turmoil swept the world,and the shortcomings of the current international monetary system were exposed.The voice of the international community about reforming the monetary system continued to rise.After more than 40 years of reform and opening up,China's economic strength has been continuously enhanced,the internationalization of the RMB has been accelerating,and the international community's recognition of the renminbi has continued to increase.The hinterland of Europe and Asia in the depths of Central Asia is not only a must for the neighboring countries to go eastward and westward,but also an important energy supplier in the international market.Based on the geographical considerations and energy factors,Central Asia has become the world center.Large countries frequently focus on the focus area.In “The Belt and Road”initiative proposed by China,Central Asia is particularly prominent as the core area of the Silk Road Economic Belt.Strengthening cooperation with Central Asian countries in the monetary and financial fields will not only help to enhance the international status of the renminbi,but also serve “The Belt and Road”initiative to achieve the goal of “currency circulation” and to stimulate the economic development of Central Asian countries and promote regional economic integration is undoubtedly a win-win situation.From the reality,China's successful experience in reform and opening up for more than 40 years proves that China's economic development is efficient and stable.In addition,China's economic strength continues to grow.Cross-border trade between China and Central Asian countries is becoming more frequent,and bilateral trade volume is expanding.At the same time,China has signed bilateral currency swap agreements with a number of Central Asian countries,and its adjacent geographical location has also facilitated trade between the two sides,which have provided strong support for promoting the regionalization of the Central Asian region.Although the current regionalization of the RMB Central Asia still faces many challenges,the challenge is also an opportunity.On the whole,the regionalization of the RMB Central Asia is a historically win-win choice.The regionalization of RMB Central Asia is still in the initial stage of exploration.With the in-depth development of cooperation between China and Central Asian countries in the field of monetary and financial cooperation,the bilateral trade volume between China and Central Asian countries is expanding,and the cross-border business of RMB is developing rapidly.Sub-regionalization has created good conditions.In view of the current shortage of marketization in the process of promoting the regionalization of the Central Asian region,the complicated currency game environment in the region,and the political turmoil in Central Asia,this paper believes that the Central Asian energy trade should be used as a starting point to consolidate the regionalization of the RMB.Basis;appropriately liberalize the control of capital projects,improve the construction of domestic financial markets;use Xinjiang as a breakthrough,strengthen non-governmental exchanges and cooperation with Central Asia,increase the recognition and influence of RMB in Central Asia;The shore financial center will establish and improve the RMB return mechanism;leverage the platform advantages of the SCO and the AIIB to help the regionalization of the Central Asian region.