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Undergraduate Thesis: Financial Research Papers

编辑: 毕业论文 Release time: 2016-08-18 Editor: Graduation thesis

Abstract: A strong economy will create a strong currency. Through the rapid growth of the Chinese economy in the past 30 years, China ’s international balance of payments and its ability to make external payments have increased unprecedentedly. Exports and foreign exchange reserves are among the highest in the world. Today, China has surpassed Japan to become the second largest economy in the world. Recently, China has also launched a series of reform measures on the RMB.

The issue of the renminbi's move towards a reserve currency has once again become a hotly debated topic in all sectors of society. How to correctly understand the major international financial strategy of RMB's internationalization, how to comprehensively understand the advantages and disadvantages of this strategy, how to make use of the current international situation to make this strategy develop more smoothly, and to promote the advantages and eliminate the disadvantages are discussed in this article. The main topic. This article briefly explains the meaning of currency internationalization, and then analyzes the process of RMB internationalization and the possible benefits and disadvantages.

Keywords: benefits and disadvantages of RMB internationalization

After more than 30 years of reform and opening up, China's economic strength has continued to increase, its international status has steadily improved, and its international influence has continued to expand. Although China has made remarkable achievements in the economic, military, and diplomatic fields, it still lacks a very important one-financial strength-to become a real power. Whether it is historical or theoretical analysis, the reason why a strong country is "strong" is not only manifested in military strength, economic strength, political strength, diplomacy, cultural strength, but also the country's financial strength. Specifically, it is necessary to make the currency of this country "strong". China still lacks this point. "Strong currency" is not only a manifestation of the strong political and economic strength of a "powerful country", but also consolidates the position of the "powerful country" in the world's political and economic structure, and brings huge benefits to it. Taking the United States as an example, the Bretton Woods Conference held in July 1944 established the central position of the US dollar in the international financial system. This not only brought a considerable amount of coinage tax to the United States, but also the United States borrowed money from other countries unconditionally by virtue of the international currency status of the US dollar, and the US government only needed to operate a banknote printer to pay off its debts. In this "center-subordinate" relationship, the party with the strong currency earns almost no risk and gains; the weaker party either bears the impact of exchange rate fluctuations or pays a great economic price to maintain exchange rate stability. Therefore, as long as the currency is "weak", no matter what kind of exchange rate system is adopted, unless its own economic structure is extremely sound, it is inevitable to escape the fate of frequent crises. For example, the financial crisis encountered in Latin America many times and the Asian financial crisis in 1997 were initially caused by the currency crisis. A series of facts prove that "strong country" has "strong currency".

I. Meaning of currency internationalization

Currency internationalization refers to the process of being able to cross national borders and circulate abroad to become a generally accepted valuation, settlement and reserve currency in the world. For the definition of the concept of currency internationalization, the division by currency function can provide a relatively complete framework. According to Kenen's definition, currency internationalization refers to the use of a currency beyond national boundaries, which can be used and held by residents of the country or non-residents at the same time outside the country of issue. Let us explain intuitively through a function list of internationalized currencies compiled by Chinn and Frankel (see Table 1).

Table 1 International currency functions

Currency Function Official Use Private Use

Value reserve international reserve currency substitution (private dollarization) and investment

Trading medium Forex intervention carrier Currency trade and financial transaction settlement

Anchor currency trade and financial transactions denominated in bookkeeping units

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