Internationalization of the RMB: Currency Strategy in the Belt and Road Construction

Renminbi (RMB) internationalization and the "Belt and Road" initiative are two important development strategies launched by China as a rising power. From the perspectives of theoretical exploration, historical experience and empirical research, this book discusses the mutually beneficial interaction between the two strategies.

To start with, it introduces the Renminbi Internationalization Index (RII) created and published annually by the author, the International Monetary Institution of Renmin University of China, to reflect the use of the RMB in international economic activities. Also, the current situation of RMB internationalization and the Silk Road are studied, including the strategic value of the "Belt and Road" initiative and its relationship with supply of global public goods. Then it examines trade data and infrastructure financing in the "Belt and Road" countries, believing that pricing and settlement of commodities is the main direction of RMB internationalization and infrastructure financing will be a breakthrough point. Besides, it emphasizes that industry development zone construction and cross-border e-commerce among the countries should be the key to RMB internationalization.

Researchers and students in finance and Chinese economy will benefit from this book. In addition, monetary authorities and those interested in the "Belt and Road" initiative will be attracted by it.