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The New Thinking of RMB Internationalization amid the Belt and Road Initiative

【Authors】
LIU Yihe
【WorkUnit】
School of Economics, Nankai University,300071.
【Abstract】

The Belt and Road Initiative proposed by President Xi Jinping has provided a revolutionary way of thinking for RMB internationalization. The internationalization process should be implemented in breadth and depth and at a higher level. The new path of RMB internationalization should be placed under the Belt and Road Initiative, which is a new option that differentiates itself from the “Three Phases” and the regional monetary cooperation. The Chinese government support will be the key characteristic to the RMB internationalization process, which is also the fundamental difference from other foreign currencies such as USD, EUR and JPY. The Chinese government can implement the Belt and Road Initiative through improving national governance system and adopting macro-control policies and tools, and realize the strategic goal of RMB internationalization through the operation of China's financial industry, Silk Road Fund, the Asian Development Bank and the BRICS Development Bank. The internationalization of RMB is the ultimate goal of China's political and economic development. China should persistently promote the improvement of the mechanism for market-based RMB exchange rate formation, the reform of the capital account and abolition of capital control, and pave the way for RMB to become the No.1 international reserve currency in the foreseeable future.


JEL:E42, E63

【KeyWords】
Belt and Road Initiative, RMB Internationalization, Government-support Model, World Currency