Research on the Impact of RMB Internationalization on China's Import and Export Trade — Based on VAR Model
摘要
At present, the international monetary system consists mainly of a basket of currencies, with the United States dollar as the main currency and the pound sterling and the euro as supplementary currencies. However, with the gradual acceptance of the RMB by more countries in the world, the emergence of this new form is gradually breaking the current international monetary system. With the increased using of RMB(renminbi) in international trade, the scale of China's import and export trade is expanding. This article first analyzes the impact of RMB internationalization on China's import and export trade from a qualitative perspective. Secondly, using monthly data from January 2004 to June 2024, a VAR model is constructed to study the relationship between RMB internationalization and total import and export trade. The results show that RMB internationalization exerts a positive impact on China's import and export trade. Finally, the paper gives policy recommendations from two aspects: creating a favorable ecology for the international use of RMB, and promoting the improvement of the offshore RMB clearing system.