Research On RMB Internationalization From The Perspective Of Commodities

Against the background of the rising trend of Deglobalization,many black swan events,such as Sino-U.S.trade friction,American-Iranian clash,U.S.economic sanctions against Turkey and the COVID-19 coronavirus,have not only caused global economic and trade uncertainty,but also provided impetus for the diversity of the international monetary system.With the acceleration of the process of "de-dollarization",the internationalization of RMB has ushered in a historical opportunity period and gradually stepping into the role in the mechanism of internal and external pressure.By further deconstructing the development context and path of RMB internationalization,it can be seen that the lack of commodity pricing power is an important constraint to the development of RMB internationalization in the new stage.Therefore,combining with the theory of currency selection and the transmission analysis of exchange rate fluctuations,commodities can open a breakthrough for the internationalization of RMB in three ways.On the way of widening the functions of RMB international currency,we can bind commodity pricing power to boost the function of the currency and thus driving internationalization?On the way of widening the space of RMB's sphere of circulation,we can grasp the platform advantage of "One Belt And One Road" and accelerate the regionalization through commodity trade.From the perspective of exchange rate stability and the transmission of fluctuation,the reasonable fluctuation of exchange rate can be maintained by taking the commodity as the anchor to strengthen market regulation.Through the above theoretical analysis and path discussion,commodities are expected to become the solution to the new round of development of RMB internationalization strategy.In this article,based on the carding of theoretical path,integrated the function expansion of the money of account and exchange rate stability two combining site,using the expected profit function model of the export currency under the framework of NOEM,establishing VECM model for experimental check,based on the data of China from the perspective of importer to discuss the interactive relationship between commodities pricing power and RMB internationalization.At the same time,using the nonlinear Granger causality test to analyze the transmission and spillover effects of the fluctuation of commodity futures price index on the fluctuation of exchange rate price.The results show that as a net importer,commodities such as copper ore,which are bound to fierce international competition,can significantly boost the international status of RMB.At the same time,the volatility of commodity prices is the Granger cause of the nominal effective exchange rate of RMB,so it is feasible to use commodities as an exchange rate anchor.By optimizing the design of strategic level and opening up the specific implementation path,we can effectively promote the internationalization process of RMB by applying multiple means from the perspective of commodities in the new stage.