Insights from Defect Analysis of the Dollar Standard Currency System for Facilitating RMB Internationalization

Yanfei ZHU, Songwen YAO, Mei HAN, Yinghan GUO, Xinrui MA, Xun YAN, Zhijian HUANG

Abstract


With the outbreak of the global epidemic in recent years, the economies of all countries are facing severe challenges. It has another impact on the dollar standard currency system since the financial crisis in 2008. The system is in urgent need of reform and has become a consensus. With the promotion and deepening of the Belt and Road, China's internationalization has brought new opportunities and challenges to the internationalization of RMB. Both the economic problems of the system itself and the behavior of the core countries eventually led to the failure of the gold standard and Bretton Woods. China should learn from the failure of the past systems, clarify the positioning of RMB in the international monetary system, and promote the reform of the current international monetary system. Meanwhile, the internationalization of RMB should closely follow the national development strategy, further deepen it through Greater Bay Area policy, achieve a two-way promotion with the Belt and Road, and steadily advance it to serve the real economy.

Keywords


The dollar standard ; currency system; the international monetary system; internationalization of RMB.

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DOI: http://dx.doi.org/10.3968/13264

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