Internationalization of the Renminbi: Strategical Rethinking and BeyondChinese Full Text

GUO Jianwei;QIAN Yun;

Abstract: For more than three decades, the Chinese economic growth has continued and sustained, and resulted in the second biggest economy in the world. Then the internationalization of the renminbi has been raised, and there is also some optimism about the internationalization process. However, the focus of domestic and foreign academic research falls mainly on economic and financial factors, while overlooking other factors such as politics and military. By studying the history of the internationalization of the dollar, sterling, mark, euro and Japanese yen, we found that the currency internationalization of a great power is a systemic project, which is affected not only by its economic scale but also by political and military factors. In this regard, the paper has the following strategic rethinking: the government of China lacks a national strategy on the internationalization of the renminbi; the political and military factors have been overlooked; the chronicality and complicateness of the internationalization process has been ignored; and the microeconomic and financial foundation has also been underestimated. According to the analysis above, the authorities should employ the systemic and complete strategy to successfully promote the internationalization of the renminbi, which includes outlining a national strategic blueprint, strengthening military power and readjusting Chinese foreign policy, taking seriously the daunting and complicated task of the internationalization, widening international usage of the renminbi and building a strong micro-foundation.

Keywords：

人民币; 国际化; 反思; 战略;

DOI：
10.13851/j.cnki.gjzw.2014.06.005
Series：
Subject：
Classification Code：
F832.6

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Internationalization of the Renminbi: Strategical Rethinking and BeyondChinese Full Text

GUO Jianwei;QIAN Yun;

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