Abstract
Influenced by the development of international monetary system and the fi-nancial crisis, the promotion of CNY internationalization has gradually evolved into the dual needs of both domestic and overseas. According to the money demand function proposed by Friedman and selecting the semi-annual data from 1990 to 1998, this paper establishes the domestic monetary demand model of CNY and estimates the offshore stock of CNY from 1999 to 2015 by indirect measurement method. And we take this as a measure of CNY internationalization standards. On this basis, this paper establishes a semi-logarithmic model and makes an empirical study on the influencing factors of CNY in-ternationalization by cointegration analysis. The empirical result shows that the expansion of China’s economic scale and the current account surplus are conducive to promoting the process of CNY internationalization, but the impact of capital and financial account on the process of CNY internationaliza-tion is not significant.
Highlights
With the rapid development of China’s comprehensive national strength and the continuous improvement of the level of opening to the outside world, CNY has been widely used in neighboring countries and regions
We find that the scale of CNY stock abroad is fluctuating and rising, indicating that the degree of CNY internationalization is increasing year by year
This paper makes an empirical study on the dynamic relationship among the scale of China’s economy, the structure of international payments and the stock of CNY abroad by using cointegration analysis
Summary
With the rapid development of China’s comprehensive national strength and the continuous improvement of the level of opening to the outside world, CNY has been widely used in neighboring countries and regions. Road” strategy, and the regional economic integration of China is gradually influencing the global scope In this process, China’s foreign trade scale and foreign investment and financing needs are increasing. With the CNY becoming a member of SDR and the deepening of Belt and Road’s strategy, the scale of CNY circulation abroad will be further expanded, and the internationalization process of CNY will be paid more attention by all walks of life It is of great theoretical and practical significance to study the current process of CNY internationalization and analyze the specific influencing factors of CNY internationalization. Thinking the economic output of a country and the influence of the balance of payments on the internationalization of CNY, this is a supplement to the research content in this field
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
