RMB Internationalization in 2023
The "Report on RMB Internationalization 2023: Broadening and Deepening Economic and Trade Cooperation" is the 12th annual report from the International Monetary Institute (IMI) at Renmin University of China.
The report follows a general-to-specific analytical approach combining a literature review, comparative studies and empirical analysis. It systematically demonstrates the significance and mechanism of constructing a comprehensive global economic and trade cooperation network for RMB internationalization.
Focusing on three international cooperation agreements that target different levels and areas, the Regional Comprehensive Economic Partnership (RCEP), China-EU Comprehensive Agreement on Investment (CAl), and Digital Economic Partnership Agreement (DEPA), the report discusses the opportunities and challenges of RMB internationalization according to its priorities and development paths in difference phases.
The report emphasizes that as the international currency competition has entered a strategic stalemate stage, RMB internationalization needs to maintain its strategic stability while pursuing progress in a planned way. Internally, China should accumulate strength to make up for disadvantages promptly. Externally, it should engage in extensive cooperation and prioritize risk prevention to improve the convenience and security of the use of RMB internationally. More chances should be created for the use of RMB in order to establish a solid foundation for an RMB currency area.
Wang Fang, Ph.D. in Economics. Deputy Dean of School of Finance at Renmin University of China. She is a chief expert of a major program with China’s National Social Science Fund, the Deputy Director of IMI at Renmin University of China. Her research focuses on macro financial theory and policy analysis in open economies.
Qian Zongxin, Ph.D. in Economics. Professor of Money and Finance at School of Finance, Renmin University of China. He has published more than 30 articles in peer reviewed journals. These studies cover topics such as monetary and fiscal policy transmission, systemic risk, exchange rate, currency internationalization, pricing and investor behaviors in Chinese and global financial markets.
