The Effectiveness of RMB Internationalization

DOI

10.2991/assehr.k.211209.244How to use a DOI?

Keywords

Renminbi; International relationship; Currency internationalization; The Belt and Road policy; Covid-19

Abstract

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.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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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  -