International Currency,International Monetary System and the Internationalization of RMB

After the global financial crisis in 2008,the possibility of the depreciation of the US dollar has a significant impact on Chinese foreign exchange reserves. At this moment,the internationalization of RMB becomes a very critical topic. Based on the review of the evolution of international monetary system and in-depth analysis of the economic situations of China,this paper points out that the internationalization of RMB is an arduous,systematic and long-term process,which needs a series of prerequisites and conditions. Further,the current challenge is how to make RMB a more convenient,trustworthy and acceptable pricing and settlement currency for our mercantile partners.