Discussion on the Identity of RMB's Internationalization and Free Convertibility

According to traditional interpretation on the historical development process of an international currency,many scholars believe that a currency could be internationalized only if it has become convertible for long.As to the Chinese currency RMB,however,as a particular case,its internationalization and completely free convertibility are substantially the same process because both are for the same goal,synchronous in progress,similar in conditions and mutual dependency on each other to deal with the financial tsunami.It follows that the internationalization of RMB will go ahead step by step with the steady improvement in liberalizing the currency exchange.