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A Comparative Study on the Implementation Approaches of the Internationalization of Japanese Yen and RMB

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DOI: 10.23977/accaf.2023.040210 | Downloads: 16 | Views: 538

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.

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