| The existing research has taken the 2009 RMB cross-border trade settlement pilot as the starting point of RMB internationalization,and mainstream schools agree that RMB internationalization needs to be gradually experienced: first to achieve RMB peripheralization in China’s neighboring countries,then to achieve RMB regionalization in important strategic areas,and finally to achieve RMB internationalization on a global scale.At present,the peripheralization of RMB East Asia and the regionalization of the "The Belt and Road" have made certain progress,and Africa as an extension of the history and nature of the "The Belt and Road",with the continuous advancement of the construction of a China-Africa community with a shared future,China-Africa cooperation in economic,social,political,cultural and other aspects is in the ascendant,especially in the economy,trade,production capacity,infrastructure construction and other aspects of cooperation potential is huge,in recent years China-Africa bilateral trade pricing,currency swap,clearing channels,service platform construction and other aspects have the figure of RMB.Moreover,the changeable international situation and the acceleration of the global "de-dollarization" process have provided a good international environment for the regionalization of RMB in Africa.Therefore,this paper summarizes the status,opportunities and challenges of RMB regionalization from the perspective of Africa as a research perspective,then measures and analyzes the degree and influencing factors of RMB regionalization in Africa,and finally puts forward the specific path to promote RMB Africa regionalization,so as to provide policy opinions and decision-making references for realizing RMB Africa regionalization and further promoting RMB internationalization.First,this paper first qualitatively analyzes the current situation of RMB regionalization in Africa,as well as the opportunities and challenges it faces,and argues that the regionalization of RMB Africa has a certain economic foundation and trade and investment conditions,but it still faces the uncertainty of the national and international situation and the imperfection of the financial system.Second,quantitatively analyze the degree of regionalization of RMB Africa and the specific influencing factors.Firstly,in terms of degree measurement,the comprehensive valuation of RMB in non-play settlement,reserve,swap and pricing is carried out,and this paper introduces a currency anchor model to show the situation of RMB playing official pricing functions in Africa,and finds that the time limit proposed by the concept of a community of common destiny between China and Africa increases the effect of RMB in non-currency,and finally according to the comprehensive valuation situation,it is concluded that the regionalization of RMB Africa has begun to take shape and is increasing year by year.Secondly,in terms of influencing factors,firstly,through the empirical results of panel model analysis,it is concluded that economic strength,trade scale,investment in Africa,financial development degree,political and military strength,and currency stability all have positive impacts on the regionalization of RMB in Africa.Then,the threshold model is used to analyze the nonlinear impact of various influencing factors on the regionalization of RMB in Africa,and it is concluded that the impact of China’s direct investment on African regionalization will show a reversal from weakening to significantly enhancing after China’s direct investment exceeds a certain scale.The impact of China’s economic strength on the regionalization of RMB Africa has increased significantly with the enhancement of China’s economic strength.And the improvement of China’s economic strength will also strengthen the extent of China’s influence on non-direct investment;The expansion of China’s investment in Africa will also significantly promote the positive impact of trade scale.Third,according to the analysis results of influencing factors,specific paths for promotion are proposed.First of all,it is necessary to enhance its own economic strength and improve the financial system internally,so as to provide strong economic support and a good financial environment for the regionalization of RMB in Africa.Secondly,it is necessary to deepen the functional substitution of RMB investment in nondenominated settlement reserves,improve financial infrastructure and cross-border settlement systems,and increase the initiative and enthusiasm of African governments and RMB to hold RMB;Then,under the national strategic framework,build RMB circulation channels with the help of bilateral or multilateral cooperation platforms to break through the "blocking points" that hinder the smooth return of RMB in China and Africa;Finally,the trend of Internet finance and the advantages of digital currency issuance can be used to broaden the way for the regionalization of RMB in Africa. |
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