Global and regional routes to internationalization of RMB

In the context of economic global integration,worldwide economic downturn and the rise of Chinese economy,there have been growing calls for the internationalization of RMB.However,the existing research results are still controversial in terms of the policy implications of internalization of RMB,prerequisites of internalization of RMB,and the possible routes that might be taken to the internationalization of RMB.The article analyzes in what way the internationalization of RMB mitigate the risk of foreign exchange reserves devaluation and financial assets repricing,and the upward pressures on the appreciation of RMB.Despite the fact that the turmoil international financial situation and the favorable domestic economic,the financial situation provide a historical opportunity for the internalization of RMB,the internationalization of RMB is surely a double-edged sword,which determines that the route to the realization of RMB internationalization should proceed in two phases via the combination of market force and policy arrangements,which can firstly encourage RMB to be used as the regional currency and then strive for becoming the international currency eventually.