Recent Developments and the Causes of Globalization for the Chinese Yuan Based on Statistical Analysis

Abstract

We analyze the spatial evolutionary path and spatial evolutionary features of Renminbi (RMB) internationalization from three aspects: transaction intermediary, invoicing unit, and value storage. The main results show that: Firstly, the internationalization of RMB exhibits a certain path expansion pattern, such as initially expands to East Asian countries and regions, then gradually moves to Southeast Asia, Europe, South America, and Australia, and participating countries in the Belt and Road initiative. Secondly, the RMB settlement of cross-border trade presents the “coast-border-inland” spatial characteristics. Thirdly, bilateral currency swap shows “rapid growth” and “unbalanced growth.” Finally, the spatial structure of RMB internationalization has the significant features such as “from points to the area and from lines to the area.”