Breakthrough in the bottleneck of RMB internationalization
May 30, 2023 10:22 Source: "China Social Sciences" May 30, 2023 Issue 2660 Author: Shen He

The start of the RMB internationalization is largely the result of the 2008 global financial crisis。From the implementation of cross -border RMB settlement in 2009 to 2015,RMB internationalization has gone through a period of rapid development promoted by the government。The internationalization of the RMB after 2016 has fallen into a trough,Enter a relatively stable development stage after 2018,Since the second half of 2020,Research on the internationalization of the domestic economics community has risen again。but,Under the background that can be freely exchanged in the renminbi,How to further promote the internationalization of the RMB deserves deep thinking。

Based on this background,"Research on the Overseas Circulation Mechanism of offshore RMB" (Feng Yongqi,People's Publishing House, January 2022) I believe that the role of market role is fully played,is an indispensable condition for the in -depth Bet365 lotto review development of the offshore market of the RMB; how to improve the demand for overseas markets for RMB,Become the key to further develop the offshore market; the construction of overseas circulation mechanism,It is a necessary way to enhance the demand for overseas markets for RMB。

To promote the internationalization of the RMB through the offshore market of the RMB。Although it has been proposed since the RMB internationalization strategy is proposed,Develop and build the offshore market for RMB,It has always been an important way to promote the internationalization of the RMB。but,The effect of promoting the internationalization of the RMB through the offshore market of the RMB has also attracted the attention of some scholars,It is not as significant as expected by scholars。The experience of the yen indicates,Development of offshore financial markets may not effectively promote currency internationalization。After the establishment of the Tokyo offshore market,Although the yen flows from the shore market to the offshore market,But through Japanese companies, from the offshore market back to the shore market,bet365 Play online games And this process is basically only Japanese companies participating alone。Because such a capital cycle is not involved in the subject of third -party trading in Japanese companies,The trading demand of offshore yen is single,It is mainly based on Japanese multinational companies,So,It is difficult to fully realize the internationalization of the currency。Visible,offshore yen Overseas transactions lack a wide range of market foundations,This is an important reason for the failure of the yen's internationalization。

The core condition of the RMB internationalization is that RMB has a wide range of overseas market demand。The Bet365 lotto review development of the offshore market for the RMB for the actual realization of the internationalization of the RMB,Need a certain condition。The core condition that should be available in the internationalization of RMB is that RMB has a wide range of overseas market demand。

Proof of currency history,The internationalization process of any emerging currency,It is mainly not a national behavior decision or promoted,but Bet365 lotto review the result of the spontaneous search of the market。This means that the various necessary elements of emerging currencies must be significantly exceeded in the reigning currency,At least comparable to the existing international currency or even better,Can bring some special benefits to users,It is possible that people are willing to bear high conversion costs、Trading costs to use it。This is also an important reason for the extensive demand for overseas markets to become the core condition of RMB internationalization。At the same time,The realization of currency internationalization requires the existence of the external nature of the currency network。Through the Bet365 lotto review development of the offshore market, the RMB internationalization,Must enhance the external nature of the RMB network、Promote the demand for overseas for RMB。

Constructing an offshore RMB overseas circulation mechanism,It is an important way to increase the demand for overseas markets for RMB。The prominent problem of the current internationalization process of the RMB is mainly to rely on policy promotion,Lack of market bet365 Play online games demand foundation。From this perspective,Research on the internationalization of RMB,Thinking more from the perspective of demand。The author systematically expounds the constituent system of offshore RMB overseas circulation mechanism,Including the outflow outflow mechanism、offshore RMB self -loop mechanism、offshore RMB return mechanism。The outshore RMB outflow mechanism and the offshore RMB return mechanism are more affected by policy factors,The development of the self -cycle mechanism of the offshore RMB mainly relies on market factors。

Improve the offshore RMB product system and price system,Promote the development of offshore RMB currency lending market and offshore RMB capital market,Give full play to the role of the carrier of foreign economic and trade investment and foreign financial investment,Strengthen the construction of infrastructure such as the offshore RMB payment settlement system,It is the main way to improve the outflow outflow mechanism。Expand export trade RMB settlement、Further develop the return channel bet365 Play online games of the domestic interbank bond market、Perfect the cross -border payment clearing system、Scientific monitoring and management of RMB return,It is the main way to improve the return mechanism of the offshore RMB。Optimize industrial overseas layout、Expand the depth of the offshore market、Promoting the price of commodity RMB、Improve the construction of the global liquidation system、Give full play to RMB foreign aid,It is an important measure to improve the self -cycle mechanism of the offshore RMB。

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Editor in charge: Zhang Jing
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