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| THE INTERNATIONALIZATION OF RENMINBI AND ITS IMPACT ON THE CURRENCY POLITICS |
| ZHAO Ya-bo1, GE Yue-jing1,2, PAN Feng-hua1, WANG Hui-wen1, MATeng1 |
1. School of Geography, Beijing Normal University, Beijing 100875, China;
2. Collaborative Innovation Center for Geopolitical Setting of Southwest China and Borderland Development, Yunnan Normal University, Kunming 650500, China |
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Abstract There are two major monetary phenomena in today's financial world:one is Euro crisis, the other is the increasing influence of currency-politics about Renminbi (RMB). The international monetary system has gone through from the international Gold Standard System to The BrettonWoods System, and then to The Jamaica System, which is the current international monetary system. In this system, USA and U.S. dollar occupied the dominant position, while Euro, Yen, RMB etc. only play limited roles, which was enslaved to U.S. dollar. After the international financial crisis in 2008, the U.S. dollar experienced a significant depreciation, which led to a serious loss to other economies including China. The crisis exposed the disadvantages of the current international monetary system undoubtedly. In this case, China began to speed up the currency-politics influence about RMB. The paper uses trade data, foreign currency transaction data and statistical data from People's Bank of China and National Bureau of Statistics, summarizes the achievements and points out the existing problems in the process of China expanding the currency-politics influence about RMB, then discusses approaches for promoting in the future. This paper found that China has achieved good results since 2009, when we began to enhance the internationalization of RMB by way of expanding RMB scope, increasing trans-across border trade, increasing bi-lateral exchange of currencies with other economies, increasing direct trading countries, increasing offshore clearing centers, rising international standing and internationalization index. Promoting the currency-politics influence about RMB was useful to enhance China's international status, facilitate the development of the international trade, and so on.
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Received: 10 September 2015
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2017, Vol. 32 
