Abstract
This paper analyzes the progress of RMB internationalization by considering the effect of Shanghai Pilot Free Trade Zone (FTZ) specifically. Different from other literature that just focus on introducing policies and giving general descriptions about the influence of Shanghai FTZ, we use quantitative method to measure the effect of Shanghai FTZ on RMB internationalization. Despite of great expectations people have on Shanghai FTZ, our empirical results show that Shanghai FTZ has not made significant influence on the changing speed of RMB internationalization index yet, which is mainly because it has been only one year since the FTZ is set up and it is still hard to notice the changes.
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