| With the rapid development of the economy,the contradiction between China's "economic power" and "small currency country" has become increasingly prominent,and the call for internationalization of the renminbi has become increasingly loud.The formal inclusion of the RMB in the SDR currency basket has provided us with many new ideas for promoting the internationalization of the RMB from a financial perspective.In face of the current opportunities and challenges,it is particularly urgent to strengthen the research over the steadily advance of the RMB internationalization.Against this background,the paper firstly sorts out the domestic and foreign literature on the factors that influence the internationalization of currencies.According to the research objects,the literature is divided into two categories.One is about influencing factors of internationalization of the world's major international currency.And another is about influencing factors of RMB internationalization.Then,in conjunction with relevant theories,a theoretical analysis of the impact of various factors on the internationalization of currencies was conducted.On the basis of the theoretical analysis,the data of the five major currencies from the first quarter of 2010 to the fourth quarter of 2016 were selected.To conduct an empirical analysis,we establish a panel data model.The currency internationalization index is the explained variable,as well as some variables from trade and financial perspectives are explanatory variables,also some control variables from economic,military,and political perspectives are added.It is concluded that the import share and financial market development index have a significant positive impact,while the loan interest rate is a significant negative impact.Finally,according to the empirical results and the specific situation of RMB internationalization,it puts forward proposals that are conducive to the steady progress of the RMB internationalization process. |
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