Author(s)

Peng Wang ¹, Yuan Peng ¹

Affiliation(s)

¹ Business School, Hubei University, Wuhan, 430072, China

Corresponding Author

Peng Wang

ABSTRACT

Currency internationalization refers to the ability of a currency to gain widespread recognition in international economic exchanges, and is an important economic phenomenon in the modern market economy system. Currency internationalization can not only enhance a country's international status and influence, but also promote international trade and financial exchanges, which has a profound impact on achieving the smooth operation of the international monetary system and promoting global economic development. This article draws on the experience of the internationalization of the Japanese yen since the 1970s, analyzes and compares the implementation approaches in settlement currency, valuation currency, and reserve currency with the internationalization of the RMB, and looks forward to the future development trends and practical measures of the internationalization of the RMB.

KEYWORDS

Internationalization of RMB; Internationalization of Japanese yen; Settlement currency; Valuation currency; Reserve currency

CITE THIS PAPER

Peng Wang, Yuan Peng, A Comparative Study on the Implementation Approaches of the Internationalization of Japanese Yen and RMB. Accounting, Auditing and Finance (2023) Vol. 4: 67-72. DOI: http://dx.doi.org/10.23977/accaf.2023.040210.

REFERENCES

[1] E Zhihuan, He Xiaobo, Ren Yiyong. Offshore Market Promotes the New Development Pattern of "Dual Circulation" [J]. International Finance, 2021(08): 12-16. DOI: 10.16474/j.cnki.1673-8489.2021.08.002. 
[2] Feng Baoguo. Saudi Arabia Negotiates with China on Establishing a Renminbi Oil Trading Mechanism: The Process of Renminbi Internationalization Continues to Advance [J]. International Petroleum Economics, 2023, 31(01): 13-15. 
[3] Liu Zhanting. Exploring the Internationalization of the Renminbi [J]. Wealth Life, 2019(20): 59-60. 
[4] Lu Changrong. Domestic Political Factors in the Dilemma of the Japanese Yen's "Re-Internationalization": Resource Exchange and Prime Minister's Leadership [J]. Modern Japanese Economy, 2020, 39(02): 1-18. DOI: 10.16123/j. cnki.issn. 1000-355x.2020.02.001. 
[5] Wang Yang. Settling Cross-Border Trade in Renminbi: Path Selection and Risks [J]. International Economic Review, 2011, 02: 108-118+5. 
[6] Zhang Ming. Renminbi Internationalization and Asian Currency Cooperation: Different Paths to the Same Goal? [J]. International Economic Review, 2015, 02: 55-67+5. 
[7] Eichengreen B. The renminbi as an international currency [J]. Journal of Policy Modeling 2011, 5: 723-730. 
[8] Frankel, J. Internationalization of the RMB and Historical Precedents [J]. Journal of Economic Integration, 2012, Vol. 27: 329-365.
[9] Maziad, S., Farahmand P., Wang S., Segal S., and Ahmed F. Internationalization of Emerging Market Currencies: A Balance between Risks and Rewards [R]. IMF Staff Discussion Note, No. 11/17, 2011. 
[10] Prasad, E. and Ye, L. The Renminbi’s Role in the Global Monetary System [R]. Brookings, 2012/2. 
[11] Subacchi, P. One Currency, Two Systems: China’s Renminbi Strategy [R]. Chatham House, International Economics Briefing Paper, 2010/01. 
[12] Subramanian, A. Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition [R]. Peterson Institute for International Economics, Working Paper, 2011, 11-14.

Sponsors, Associates, and Links

---

• Information Systems and Economics
  
  
• Industrial Engineering and Innovation Management
  
  
• Tourism Management and Technology Economy
  
  
• Journal of Computational and Financial Econometrics
  
  
• Financial Engineering and Risk Management
  
  
• Accounting and Corporate Management
  
  
• Social Security and Administration Management
  
  
• Population, Resources & Environmental Economics
  
  
• Statistics & Quantitative Economics
  
  
• Agricultural & Forestry Economics and Management
  
  
• Social Medicine and Health Management
  
  
• Land Resource Management
  
  
• Information, Library and Archival Science
  
  
• Journal of Human Resource Development
  
  
• Manufacturing and Service Operations Management
  
  
• Operational Research and Cybernetics