Abstract
In recent years, China has been gradually improving its international status. As far as monetary policy is concerned, China has been gradually promoting the internationalization of the RMB, aiming to reduce its dependence on the international financial market dominated by the US dollar and reduce the impact of the Federal Reserve's political measures on the domestic economy. Under the influence of global economic and financial market factors such as COVID-19, the international financial system dominated by the US dollar is unstable and dangerous, and the international financial system has become more volatile. In contrast, the implementation of this measure will have an impact on some international financial transactions, such as stock market price fluctuations, commodity prices and foreign exchange transactions. For a long time, the oil price has been dominated by the US dollar due to the linkage between the US dollar and oil, and has increased with the appreciation of the US dollar. However, the process of people's internationalization affected the oil price by changing this traditional logic and impacted the global status of the US dollar, thus reducing the oil price by triggering the decline of the US dollar. This paper would like to focus on elaborating the influence of RMB internationalization on international crude oil price fluctuation.
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