Issues and Suggestions on RMB Internationalization

Abstract

Renminbi (RMB) is the official currency of China, issued and controlled by the People's Bank of China (PBOC). This study analyzes the current problems of RMB internationalization and puts forward suggestions through the status statement of RMB internationalization. This study finds that RMB internationalization has issues of a low level of internationalization, an underdeveloped financial system, and a need for supporting policies for RMB internationalization. In response to the above problems, the research suggests improving China's financial market and increasing openness, increasing policy support to promote RMB internationalization, and developing RMB internationalization cooperation projects.