The Impact of Internationalization of the Renminbi on Its Surrounding——Based on the Change of Anchor Currency
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Abstract On July 1, 2009, six ministries including the People’s Bank of China jointly issued the cross-border trade RMB settlement pilot management measures, which is a mark for the formal implementation of the cross-border trade RMB settlement pilot, and an historic step of the RMB internationalization. In this paper, China’s neighboring countries’ currencies and the international currencies in the period of 2005-2009 and 2009-2014 are regressed. The results find that since July 1, 2009, RMB has a significant impact on the currencies of surrounding eight countries and regions, which has established its strong currency status. The Euro, the Dollar and RMB have become three strongest currencies. The result shows that the official start of the internationalization of RMB has made its international acceptance greatly improved, and further promote the influence of RMB on neighboring countries.
XU Yu-Wei. The Impact of Internationalization of the Renminbi on Its Surrounding——Based on the Change of Anchor Currency. Economic Survey, 2017, 34(1): 063.
2017, Vol. 34 
