The Influence Of RMB Internationalization On The International Monetary Power Structure

Since the beginning of the 21 st century,China has experienced rapid economic growth and has become the world’s second largest economy.After the global financial crisis in 2008,China maintained economic growth in a global economic downturn.But what is not commensurate with China’s economic status is that the renminbi is still not an international currency in its full sense.The status of the renminbi in the structure of international monetary power is relatively low.Under this circumstance,how the renminbi changes its disadvantageous position in the international monetary power structure is an issue that needs to be considered in the internationalization of the renminbi.Currency internationalization is a means for emerging powers to change their original currency relations.Successful currency internationalization will change the structure of international monetary power.By observing the historical experience of the internationalization of currencies such as the US dollar,the German mark and the Japanese yen,we can find that the ways in which various currencies influence the structure of international monetary power are different in their own internationalization process.Although the international monetary power structure is under the influence of various international currencies,it is constantly reforming itself.But with a single currency-centric structure,there is still an unavoidable risk of turmoil.The emerging international currency,led by the renminbi,takes the diversification trend of the international monetary power structure to the depths and contributes to the stability of the international monetary power structure.Based on the above analysis,this paper believes that the internationalization of the RMB is not a purely national strategy,but also a transformation of the existing international monetary power structure.The two complement each other.The internationalization of the renminbi should continue to promote the diversified development of the international monetary power structure in a gradual manner.With its own internationalization,it will shape a healthy,stable and sustainable international monetary power structure.