Research On The Influence Of China’s International Bond Market Development On RMB Internationalization

2011 was the first year of the official start of the RMB internationalization strategy,and the various functions of the RMB as an international currency began to be effectively played.RMB internationalization is a tortuous process.In the early stage,the RMB simply relied on trade exchanges under the current account to expand its international influence.Now,it relies on the dual roles of the capital account and the current account,that is combining financial investment and reserve functions to go international.Based on this background,it is of practical significance to study the impact of the development of my country’s international bond market on the internationalization of RMB.In the context of "trade settlement + financial transactions" driving RMB internationalization,this paper focuses on the positive impact of the development of China’s international bond market on RMB internationalization.The theoretical part,based on the relevant theories of currency internationalization,analyzes the paths through which the development of my country’s international bonds can promote the RMB to go international,and put these paths under the same framework to build a currency circulation channel.In addition,the empirical part conducts multiple regression analysis based on monthly data from 2012 to 2020.The results show that the development of my country’s international bond market will enhance the currency function of the RMB,thereby expanding the scope of the international use of the RMB.Combining the theoretical and empirical results,it puts forward the countermeasures and suggestions for the development of the international bond market in the next stage.Promoting the development of my country’s international bond market and the internationalization of the RMB should go hand in hand.The focus of the construction of the bond market is not to stick to the domestic market,but to promote the construction of domestic and foreign bond markets at the same time;function,and cooperate with the implementation of various macroeconomic management policies.