The Measurement Of RMB's Overseas Demand And The Promotion Path Of The Demand

With the economic globalization and the improvement of China's own economic strength,the process of the internationalization of RMB has been advancing.The global financial crisis in 2008 not only made us aware of the shortcomings of the international monetary system clearly,a booster of the internationalization of the RMB.Active offshore markets play a huge role in the internationalization of currencies.Although the internationalization of RMB has achieved a stage of achievements,but still face many problems.Offshore RMB Offshore Demand?Overseas Demand of RMB,below?is abbreviated as ODOR.Among them,the M₀ level ODORshorthand for ODOR₀,M₁level ODOR shorthand for ODOR₁,M₂ level ODOR shorthand for ODOR₂)directly reflects the activity of the RMB offshore market?RMB of the sea,read below is SHORT for ROM?,The activity level of ROM is an important measure of the internationalization level of RMB.Therefore,this paper measures ODOR₀,ODOR₁and ODOR₂,and puts forward some suggestions for improving the demand.This paper cites the gross domestic product,monetization rate,foreign exchange reserves,interest rates,exchange rates,tax rates,stock market value of mainland China to construct a model of RMB circulation in China,and estimate the ODOR₀,ODOR₁and ODOR₂ in the first quarter of 2009 and the third quarter of 2019 by deducting domestic demand.Based on the regional estimation of ODOR₀,ODOR₁ and ODOR₂in the first quarter of 2012 to the third quarter of 2019,ODOR₀,ODOR₁ and ODOR₂are based on the proportion of of offshore RMB deposits in Hong Kong,Taiwan and Singapore,China,and China,China,Taiwan and Singapore have their respective GROSS product,monetization rate,foreign exchange reserves,deposit rates,exchange rates,offshore renminbi deposits,tax rates,stock market value,trade imports from China and the impact of actual investments in China on their ODOR₀,ODOR₁ and ODOR₂.The results of the estimate of offshore RMB overseas demand show that the scale of ODOR₀,ODOR₁ and ODOR₂ is on the rise.Among them,ODOR₀ fluctuates the most,followed by ODOR₁ and ODOR₂.ODOR₂ grew fastest,followed by ODOR₀ and ODOR₁.Regional ODOR estimates show that of the three regions,Hong Kong,China,has the highest demand,followed by Taiwan and Singapore.As the ROM has been refined,the proportion of ODOR in Taiwan and Singapore has increased.For the analysis of influencing factors,the results show that offshore RMB deposits and monetization rates in Hong Kong,Taiwan and Singapore have significant effects on ODOR₀,ODOR₁ and ODOR₂.The three regions have significant influence on China's trade imports,GROSS domestic product levels and foreign exchange reserves on ODOR₁ and ODOR₂.Macro tax rates and stock market value sonnaddies have a significant impact on ODOR₀ and ODOR₁.The actual investment in China in the three regions has a significant impact on ODOR₀.The actual deposit rate has a significant impact on ODOR₂.Exchange rates have a significant impact on ODOR₁.On this basis,the article puts forward the proposal to upgrade ODOR.