Internationalization of Renminbi in Post-crisis Era: a Review

Internationalization of Renminbi has become the focus of research after the financial crisis.This paper reviews the internationalization of Renminbi from three aspects.The paper holds the view that the internationalization of Renminbi is a double-edged sword and China must judge and weigh its cost and benefit to reduce financial risk. The internationalization of Renminbi will produce direct influence on macroeconomic policies of China under the floating rate regime. Due tothe underdeveloped financial market and the strict financial control in China, the more realistic choice is making Renminbi a regional currency in the next few years.