The RMB Offshore Financial Market Promotes The Research Of RMB Internationalization

Throughout the development of the world,the process of a country's currency internationalization is the rise of the country's economy and the improvement of monetary international influence.The built of the Bretton Woods System and petrodollars order system had established dollar as the dominated international monetary system.However,with the subprime mortgage crisis broke out in 2008,the drawback of current international monetary system triggered the systemic risk,which shows the vulnerability of the current international economic system and call for the urgent reform.As SDR is not likely to become a super-sovereign currency due to institutional constraints and design short plate on political and economic aspects,the construction of a multi-polar international monetary international monetary system is imminent,including RMB internationalization.As a single path to promote RMB internationalization process is easily affected by macro environment,so using a variety of paths to promote RMB internationalization is very important.Currently the article takes offshore finance markets as breakthrough point to promote RMB internationalization.Beside literature and theory method,the article also combined with the offshore financial markets experience of America and Japan to analysis the internationalization of Dollar and Yen.Meanwhile,the article gives the latest summary about the present situation and problems of RMB internationalization and RMB offshore financial market.Finally the article choose VAR empirical model to detect that RMB offshore financial market has significant positive impact on RMB internationalization in the long-term periods.Through these comprehensive analysis,the article can provides objective and feasible suggestions to promote the development of RMB offshore financial markets and RMB internationalization further.