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A Simple Method for Measuring the Internationalization of Currencies and Its Application to RMB Internationalization

Zhang Guangping

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Abstract

As the many functions of a currency in the international market are well reflected in the foreign exchange trading, we can use the ratio of the share of a currency in the international foreign exchange market to the share of the economic scale of the currency's issuer country over the world GDP as a general measure for the internationalization level of the currency. Using the triennial foreign exchange data of the BIS and world GDP data from IMF, we calculate the degrees of internationalization of 30 major currencies in 2007 and 2010 including the RMB. We evaluate the internationalization level of these currencies compared to the USD and the RMB.

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As the many functions of a currency in the international market are well reflected in the foreign exchange trading, we can use the ratio of the share of a currency in the international foreign exchange market to the share of the economic scale of the currency's issuer country over the world GDP as a general measure for the internationalization level of the currency. Using the triennial foreign exchange data of the BIS and world GDP data from IMF, we calculate the degrees of internationalization of 30 major currencies in 2007 and 2010 including the RMB. We evaluate the internationalization level of these currencies compared to the USD and the RMB.

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Available abstract

As the many functions of a currency in the international market are well reflected in the foreign exchange trading, we can use the ratio of the share of a currency in the international foreign exchange market to the share of the economic scale of the currency's issuer country over the world GDP as a general measure for the internationalization level of the currency. Using the triennial foreign exchange data of the BIS and world GDP data from IMF, we calculate the degrees of internationalization of 30 major currencies in 2007 and 2010 including the RMB. We evaluate the internationalization level of these currencies compared to the USD and the RMB.

Key concepts: Renminbi, Internationalization, Currency, Foreign exchange market, Issuer, Business, Monetary economics, International economics

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A Simple Method for Measuring the Internationalization of Currencies and Its Application to RMB Internationalization — Research Paper | ScholarLens