Exploring the Path to Steadily and Solidly Advance RMB Internationalization
Since 2009,the internationalization of RMB has experienced a cyclical process of rising tide-falling back-rising tide again,following the evolution logic from the old"trinity"to the new"trinity",and then to the novel"trinity".Adjustments have been made in line with domestic and international economic situations and potential challenges,leading to positive progress.However,compared with international currencies such as the US dollar and the euro,there is still a significant gap in the overall level of RMB internationalization.Under the new global situation of multiple shocks such as the impact of the epidemic,geopolitical conflicts,and the US dollar interest rate hike,key factors influencing the development of RMB internationalization encompass economic downturn,pressure from exchange rate depreciation,the imperative to prevent and mitigate systemic financial risks,inherent challenges in coordinating and deepening reforms,as well as responding to the evolving landscape of global economic and financial dynamics,and the heightened competition in sovereign currency driven by digital currencies.It is imperative to prioritize the steady and solid promotion of RMB internationalization as our developmental focus,implementing more robust fiscal and monetary policies to ensure that China's economy returns to its potential growth rate,and effectively prevents and defuses systemic financial risks.Furthermore,there is a need to further comprehensively deepen reforms to overcome institutional barriers,expand high-level openness to enhance the external environment,and actively explore pathways related to the internationalization of the RMB.
RMB InternationalizationTrinityInternational Monetary SystemSteady and Solid
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