Research On China's Participation In Global Financial Governance In The Process Of RMB Internationalization

Over the past 40 years of reform and opening up,China's economic status has continued to improve.The total volume of goods trade has always ranked first in the world,with GDP accounting for more than 16% of world GDP,ranking second in the world.However,China's progress in RMB internationalization and participation in global financial governance is still slow,and it has obviously not matched China's economic strength.Promoting the internationalization of the RMB and participating in global financial governance are conducive to the construction of China's open economy,safeguarding the interests of China's enterprises and consumers,and promoting the reform of the international monetary system and financial system.General Secretary Xi has also repeatedly emphasized the promotion of the renminbi to go out and enhance China's ability to participate in global financial governance.In the process of RMB internationalization,China's participation in global financial governance research is a new attempt.From a holistic and systematic point of view,China has a deep internal relationship between promoting RMB internationalization and participating in global financial governance.The two influence each other and complement each other.They are an organic whole,so they can be studied together.Based on combing relevant research trends and reviewing relevant theories,qualitatively conduct interactive impact analysis to prove that the relationship between RMB internationalization and China's participation in global financial governance is positive.The comprehensive evaluation model of currency internationalization and financial governance rights also shows that China's efforts to participate in global financial governance are effective,and the promotion effect of China's monetary and financial international status is significant,while the promotion effect of RMB internationalization is obviously insufficient.This shows that China's application of the interactive influence mechanism of RMB internationalization and participation in global financial governance is not enough.Subsequently,the reasons for China's participation in global financial governance in the process of RMB internationalization were proposed.First,the internationalization of the RMB is constrained by the current global financial governance pattern,including the mismatch of China 's currency,financial status,and economic status,the negative externalities of “dollar hegemony”,and the imbalance of international financial power;the second is the internationalization of the RMB It also has potential externalities and will be transmitted to other economies through China's macroeconomic policies.This has become another motivation for China's participation in global financial governance in the process of RMB internationalization.In addition,theanalysis shows that participating in global financial governance in the process of RMB internationalization can play a corresponding role mechanism,can achieve linkage at the operational level,and can achieve unity at the institutional level,which is conducive to the rebalancing of the world's monetary and financial structure.Finally,the mechanism of China's participation in global financial governance in the process of RMB internationalization is constructed from a macro perspective,and specific implementation paths are given in accordance with the logic of advancing layer by layer;in terms of countermeasures,it points out that participating in global financial governance in the process of RMB internationalization,Relying on the construction of the "Belt and Road",we should be good at using the interactive mechanism between RMB internationalization and China's participation in global financial governance to promote the multi-polarization of the global financial governance system.