Research on the Influencing Factors of RMB Internationalization under the "Belt and Road Initiative"_Vol. 2 No. 4 (JSE 2025)_Journal of Statistics and Economics (ISSN: 3005-5733)

Home > Journal of Statistics and Economics (ISSN: 3005-5733) > Vol. 2 No. 4 (JSE 2025) >

Research on the Influencing Factors of RMB Internationalization under the "Belt and Road Initiative"

Download PDF

DOI: https://doi.org/10.62517/jse.202511401

Author(s)

Yuting Yang*

Affiliation(s)

School of Economics, Northwest Normal University, Lanzhou, Gansu, China *Corresponding Author

Abstract

After the global financial crisis of this century, both domestic and foreign countries have fully recognized the flaws of the existing international monetary system. To address the problems of the international community and meet the needs of domestic development, China has decided to officially launch the process of RMB internationalization. Meanwhile, the construction of the "Belt and Road Initiative" has provided opportunities and venues for economic and trade cooperation and win-win development between China and many countries along the routes, and has also offered a new development engine for the internationalization of the RMB, playing an extremely important role in promoting the process of RMB internationalization. Currently, the overall situation of RMB internationalization is that the scale of cross-border settlement is continuously expanding, the scale of cross-border investment is constantly increasing, and the scale of RMB as official foreign exchange reserves is continuously expanding. In the "Belt and Road" regions, RMB internationalization has achieved significant achievements such as the continuous expansion of cross-border settlement scale within the region, the increase in the scale of cross-border direct investment in RMB within the region, and the gradual improvement of internationalization infrastructure in the region.

Keywords

Belt and Road Initiative; Internationalization of the RMB; Regional Cooperation; Finance; Regional Agreement

References

[1] Wang Tianqian, Zhu Xiaomei. An Empirical Study on the Anchor Effect of the RMB in the Countries along the Belt and Road Initiative. Southern Economic Journal, 2024, (01): 72-90. [2] Wu Xiaoguang, Sun Wenli. Research on the Internationalization of the RMB and Its Influencing Factors under the Belt and Road Initiative. Research on Financial and Economic Issues, 2023, (10): 3-15. [3] Yang Wenyue. Thoughts on the Internationalization of the RMB under the Background of the Belt and Road Initiative. Cooperation Economy & Science & Technology, 2022, (15): 54-55. [4] Lu Changping, Yang Liu, Yuan Yang. Steadily Promoting the Internationalization of the RMB through High-Quality Joint Construction of the Belt and Road Initiative: A Perspective Based on the Construction of a New Dual-Circulation Development Pattern. International Trade, 2022, (05): 89-96. [5] Ma Xiaofang, Li Jiajie. The Process of RMB Internationalization under the High-Quality Development of the Belt and Road Initiative. Theoretical Horizon, 2022, (02): 73-78. [6] Cao Luqi, Dai Wei. Research on the Internationalization of the RMB: A Perspective Based on Regional Currency Cooperation under the Belt and Road Initiative. New Finance, 2021, (10): 54-61. [7] Qu Fengjie, Wu Yuwei. Promoting the Internationalization of the RMB through the Belt and Road Initiative. China Finance, 2021, (18): 76-78. [8] Du Jie, An Mingyu. Has the Belt and Road Initiative Promoted the Internationalization of the RMB?. Economic Development Research, 2023, (01): 91-103. [9] Li Junjiu. The Connotation, Logic and Path of High-Quality Internationalization of the RMB. Asia-Pacific Economy, 2025, (01): 12-26. [10] Yuan Qian. Actively Promoting High-Level Opening-up in the New Development Stage. Macroeconomic Management, 2024, (12): 6-15. [11] Wang Xiaofang, Yang Yongjian. Research on the Anchor Effect of Currencies along the Belt and Road Initiative: An Analysis Based on Major International Currencies. Economic System Reform, 2024, (06): 152-160. [12] Shu Zhan, Zheng Congjing. The Hazards of the Plundering Mechanism of Monetary Empires and Responses. Contemporary Economic Research, 2024, (11): 59-69. [13] Liu Haoyan. The Internationalization of the RMB in the Digital Economy Era: An Investigation from the Perspective of Political Economy. Economist, 2024, (01): 56-66. [14] Zhong Xuesi, Jiang Kaiwen, Feng Chenchen, Yang Huaijia. Geopolitical Risks and the Anchor Effect of the RMB: An Empirical Analysis Based on Belt and Road Initiative Cooperation Countries and Regions. Economic Issues, 2024, (01): 48-56. [15] Li Shuang, Jiang Yan. The Anchor Effect of the RMB in the Process of Its Internationalization: A Comparative Study Based on 186 Economies. China Circulation Economy, 2023, 37(11): 105-114. [16] Zhu Feng. The 10th Anniversary of the Belt and Road Initiative: Review and Outlook. Asia-Pacific Security and Ocean Studies, 2023, (05): 1-17+133. [17] Wang Luangfeng, Ling Xiao. The Impact of Financial Agglomeration on Cross-border Trade Settlement in RMB. Hubei Social Sciences, 2023, (07): 85-98. [18] Yan Yujun, Gong Xiaoying. The Era Opportunities, Development Value and Future Path of Digital RMB. Academic Exchange, 2023, (02): 88-98. [19] Wang Panpan, Wu Suxi, Shi Jianxun. Global Influence Assessment and Outlook of the RMB Internationalization Process: An Analysis Based on Network Spillover Index. Journal of Finance and Economics, 2023, 49(02): 4-18. [20] Chen Yaowen. Research on Upgrading the Financial Support System of the "Belt and Road Initiative" under the New Development Pattern of "Dual Circulation". International Trade, 2021, (01): 67-73.