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The Development of the Silk Road Economic Belt and the Prospect of Regionalization of Renminbi——Taking Central Asia as an Example

【Authors】
CHENG Gui, WANG Shuting & MA Runping
【WorkUnit】
Lanzhou University of Finance and Economics, 730020
【Abstract】

The development of the Silk Road Economic Belt is a new measure for China to expand its opening to the outside world and deepen its international economic cooperation. It creates favorable conditions for the Renminbi to be exported to the countries along the Silk Road Economic Belt and to realize the Renminbi regionalization and internationalization. Taking Central Asia as an example, and based on the perspective of international currency competition, this paper uses the evolutionary game model to analyze the interest relationships among China, Central Asian countries and major international currency issuers in the region, and uses the partial stability analysis method to calculate the evolutionary game equilibrium. The results show that, in the long run, China, Central Asian countries and the major international currency issuers in the region tend to adopt a cooperative strategy in the game of Renminbi regionalization in Central Asia. At the same time, based on the simulation experiment method, we evaluate the possibility of choosing different strategies under the established conditions of each participant in the game, and conclude that the game strategy selection between China, Central Asian countries and major international currency issuers in the region will eventually converge to the cooperative strategy over time.


JEL:C71, F33, F42

【KeyWords】
Renminbi, Regionalization in Central Asia, Interest Game