| Summary: | 碩士 === 國立中山大學 === 財務管理學系研究所 === 103 === With the development of globalization and the rise of emerging economies, even though the US dollar is still in the top of the international monetary system, the negative effect of the dollar-based international monetary system appears. Especially after the financial crisis, in order to survive in the crisis, the US adopted expanding monetary policies, which weakened dollar furtherly and shake the current international currency system. With the background that European economy struggled in the sovereign debt crisis and Japan suffered from an economic depression, the emerging market countries, especially China, have a great advantage in trade and economic performance, which leads to the internationalization of RMB.
In this paper combined the background of RMB internationalization with the relevant literature, on which we analyse the current situation and future process of RMB internationalization, pointing out the difficulties and shortcomings in the process of internationalization. Currently, the internationalization of the RMB is facing constraints in the interest rate market, the exchange rate market and the offshoring financial markets. Then the article compared the internationalization of major currencies, whose experiences are deserved to be learned by RMB.
Based on the analysis above, the quantified the process of RMB internationalization, and analysed the factors that affecting the process of RMB internationalization. The study found that economic growth, financial market developments, currency stability and signed bilateral currency swap agreements are the four factors that influence the currency internationalization of a country. Economic scales, financial market openness, exchange rate stability and the degree of regulation in promoting bilateral currency swap currency internationalization have significant positive impact on RMB internationalization, while inflation had no significant effect. Based on the analysis, the paper proposed a assessment of RMB internationalization prospects and future directions.
|
|---|
