Choice of the Exchange Rate Regime in the Initial Stage of RMB Internationalization

As the internationalization of the RMB has risen to the level of national strategy,how to coordinate the corresponding exchange rate of RMB has become an important issue to be faced by the monetary authorities and academia. Based on the related literature at home and abroad and the history of currency internationalization of some major countries,we draw a conclusion: the currency internationalization cannot do without the stability of the exchange rate in the early stages. At present,the internationalization of RMB is still in its initial stage; therefore,the exchange rate of RMB should remain stable in order to push the currency to the international world successfully. As for the exchange rate regime,it is more appropriate to operate the management of floating system with stable and moderate appreciation.