The Effectiveness of RMB Internationalization
- 10.2991/assehr.k.211209.244How to use a DOI?
- Renminbi; International relationship; Currency internationalization; The Belt and Road policy; Covid-19
Due to the 2008 economic crisis, the global economic and monetary system requires new blood. Hence the emergence of alternative currencies is inevitable. Based on this situation, this paper will analyze how Macroeconomic policy would influence Renminbi (RMB) being internationalization. In order to explore the result, this paper took “The Belt and Road Policy” as the main case, and after reviewing the international monetary, the research used the SWOT method to analyze RMB. The paper finally found out that China is the second-biggest economy globally, and China has a strong power to control the exchange of RMB; with that, RMB has laid a solid economic foundation and has the potential to be more internationalized. The internationalization of RMB would give more social benefits to China. However, since the internationalization would take so long, some may consider where the opportunity cost could be so high, which makes the internationalization less valuable. It does not affect the Chinese government continues to push the progress of internationalization of the RMB, but it may need longer than the exception. The implication and suggestions are also discussed at the end of this paper.
- © 2021 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Shengting Hou AU - Lu Huang AU - Xiaoduo Zhang PY - 2021 DA - 2021/12/15 TI - The Effectiveness of RMB Internationalization BT - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) PB - Atlantis Press SP - 1499 EP - 1506 SN - 2352-5428 UR - https://doi.org/10.2991/assehr.k.211209.244 DO - 10.2991/assehr.k.211209.244 ID - Hou2021 ER -