Condition Analysis on the Internationalization of RMB：Historical Opportunities and Realistic Selection

The paper regards that the internationalization of RMB has entered a window of opportunity since the financial crisis in 2008. The paper first analyzes historical opportunities for the internationalization of RMB which includes the essence of RMB's internationalization, the historical turning point and the driving forces. Then it analyzes both the profits and risks during the process of RMB's internationalization. Finally based on the theory of currency substitution and competition, the paper builds up a game model for the realistic selection of RMB's internationalization. The paper suggests that China gradually substitute US dollar and other currencies with RMB to realize the regionalization of RMB by means of currency competition.