Abstract
At present, the enhancement of China’s comprehensive national strength, stable currency policy, and the new round of opening‐up strategy layout have provided opportunities for the financial development in border areas, especially for the RMB internationalization advancement in border areas, while the lagging financial system construction in current border areas also challenges its RMB internationalization. Based on Friedman’s monetary demand theory (1970), the thesis has combined the periodical characteristics and selected the representative Yunnan province in the border areas as the object, taking into overall consideration the two paths of geography and function for RMB internationalization in border areas, so as to build the two‐dimensional path theory framework of RMB internationalization from a border area perspective. In view of the above, a panel econometric regression model is built to estimate the factors influencing RMB internationalization path in Yunnan province. The results show that the process of opening up to the outside world in Yunnan province is its major driving force for RMB internationalization, while the great fluctuation of price level tends to hinder the process advancement and such possible impact of overall revenue on RMB internationalization development as the reginal disparity.
Highlights
Jilin, and Heilongjiang) of China have been transformed from the open “end” to open “front.” Various policies, especially nancial policies, such as nancial comprehensive reform pilot area construction in Yunnan and Guangxi border areas, regional open nancial system construction in three provinces in Northeast China, and regional nancial innovation district construction in Xinjiang Horgos, have promoted the continuous acceleration of RMB regional internationalization in border areas
On the basis of the analysis from theoretical and empirical levels, integrating the research hypotheses in five aspects, the research results of the thesis are drawn as follows: (1) Hypothesis H1: the local GDP in border areas presents the positive correlation with the demand for RMB in border areas. e analysis in the thesis indicates that the local GDP in Yunnan province presents no obvious correlation with the demand for RMB in Yunnan province from the 16 cities and prefectures in the province as a whole, while the local GDP of central Yunnan region presents positive correlation with the demand for RMB in the region from the regional perspective, consistent with the hypothesis
(2) Hypothesis H2: the foreign trade volume in border areas presents the positive correlation with the demand for RMB in border areas. e analysis in the thesis shows that the foreign trade volume in Yunnan province presents obvious positive correlation with the demand for RMB in Yunnan province, either from the overall or regional perspective, consistent with the hypothesis
Summary
E research group of Xinjiang Financial Society [9] from the perspective of domestic and foreign regional layout puts forward the path in which Kazakhstan is chosen as the first country for promoting RMB regionalization beyond the border and Sino-Kazakhstan Economic and Trade Cooperation Center in Horgos is regarded as the pilot point for RMB regionalization in China at the same time. In view of such problems as lagged financial services in Inner Mongolia and Mongolia and lagged adjustment of dollar and RMB fund position in RMB account settlement, Wang [10] raises the path of expanding RMB settlement business in border trade and strengthening financial cooperation with surrounding countries. Image recognition can certainly be used outside of satellite data, and localized predictions of economic outcomes are relevant outside developing countries
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