Study on the Impact of China-African Trade on RMB Regionalization
This article,based on panel data from 54 African countries and China from 2010 to 2021,explores the impact of China-Africa trade on the regionalization of the Chinese Yuan(RMB)in Africa and analyzes its specific mechanisms.The study finds that the expansion of China-Africa trade significantly promotes the regionalization of the RMB in Africa.Heterogeneity analysis reveals that compared to low-income countries,the impact of trade expansion on the regionalization of the RMB is more pronounced in higher-income countries.Mechanism tests indicate that the deepening of China-Africa trade promotes RMB regionalization in Africa by reducing bilateral trade costs and increasing African countries'trade dependence on China.Under the Belt and Road Initiative,China and African countries have engaged in cooperation across policy communication,infrastructure connectivity,trade facilitation,financial integration,and people-to-people exchanges.This cooperation is instrumental in advancing the utilization of the RMB in Africa.From a trade structure perspective,the significant trade complementarity between China and Africa,particularly the export of goods in categories 6 and 7,substantially enhances the adoption of the RMB in the region.
RMB InternationalizationRegionalization of the Renminbi in AfricaChina-Africa TradeImpact Mechanism
NETL
NSTL
万方数据
