|Table of Contents|

Advantages, challenges and path of the internationalization and Asianization of RMB from the perspective of Sino-US competition (PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2021年06期
Page:
15-24
Research Field:
国际经济与贸易
Publishing date:
2021-12-30

Info

Title:
Advantages, challenges and path of the internationalization and Asianization of RMB from the perspective of Sino-US competition
Author(s):
GONG Xiuguo
(School of Economics, Sichuan University, Chengdu 610064, Sichuan, China)
Keywords:
Sino-US competition;  de-dollarization;  internationalization of RMB;  Asianization of RMB;  "Belt and Road" initiative;  SWOT analysis;  regions using RMB currency
PACS:
F832.6
DOI:
-
Abstract:
Aiming at the issue of the development of RMB internationalization in the overall context of the big game pattern between China and the United States, based on the Sino-US competition and "de-dollarization" in the new era, the SWOT analysis method is used in this paper to analyze the international political economy of RMB internationalization. The study found that China has promoted the Asianization of RMB through the implementation of the "Belt and Road" initiative, filled the space left by "de-dollarization" in Asia, and promoted the internationalization of RMB as a new development trend; China's political, economic, and military power status is the fundamental guarantee for the internationalization and Asianization of RMB; the "Belt and Road" construction that centers on Asia and connects China and the European Union is a major opportunity for the internationalization and Asianization of RMB; the inertia of some Asian countries using the US dollar, the US's "Indo-Pacific strategy" to contain and suppress China, and the decoupling of China and the United States are real challenges to the Asianization of RMB. The study believes that China should further improve its systems and mechanisms to promote technological progress and industrial upgrading, and enhance its technological innovation capabilities and international competitiveness; adhere to the expansion of opening up on the basis of mutual benefit and win-win results, accelerate the construction of a new domestic and international dual circulation development pattern; and at the same time utilize the opportunities of Asian infrastructure investment banks, the BRICS national development banks and other "Belt and Road" financial support institutions investing and reshaping the international landscape, and actively expand the use and influence of the RMB in Asia and even the whole world.

References:

[1] Luft G,Korin A.De-dollarization:the revolt against the dollar and the rise of a new financial world order[M].Fort Leavenworth:The Institute for the Analysis of Global Security,2019.
[2]陈雨露.“一带一路”与人民币国际化[J].中国金融,2015(19):40-42.
[3]龚秀国,于恩锋.联盟关系对美元地位与非美元货币国际化影响研究:理论与实证[J].四川大学学报(哲学社会科学版),2020(5):128-139.
[4]李晓,李俊久,丁一兵.论人民币的亚洲化[J].世界经济,2004(2):21-34,79.
[5]科什纳.货币与强制:国际货币权力的政治经济学[M].李巍,译.上海:上海人民出版社,2013.
[6]高祖贵.亚洲整体性崛起及其效应[J].国际问题研究,2014(4):9-21,131.
[7]丁一兵,申倩文.中国对“一带一路”沿线国家贸易影响人民币国际化的机制研究[J].社会科学战线,2020(6):84-92,281-282.
[8]李显龙.濒临险境的亚洲世纪[EB/OL].(2020-06-08)[2021-06-12].https://www.guancha.cn/lixianlong/2020_06_08_553266.shtml.
[9]Fratzscher M,Mehl A.China's dominance hypothesis and the emergence of a tri-polar global currency system[J].The Economic Journal,124(581):1343-1370.
[10]Kawai M,Pontines V.Is there really a renminbi bloc in Asia?:a modified Frankel-Wei approach[J].Journal of International Money and Finance,2016,62:72-97.
[11]武小菲,沙文兵.人民币在“一带一路”沿线国家的货币锚效应[J].中南财经政法大学学报,2019(6):121-131.
[12]潘锡泉,于洋.人民币国际化的现状考量及改革路径——基于支付结算职能视角的考察[J].财经科学,2019(12):1-13.
[13]何伟文.人民币国际化面临“后疫情”机遇[N].环球时报,2020-06-24(15).

Memo

Memo:
-
Last Update: 2021-12-30