Current Status and Promotion of the Circulation of RMB: Taking the Belt and Road Initiative as an Example

Abstract

Achieving regional economic prosperity requires stable trading currency from the countries within the region and avoiding external risks by the use of currency from other currencies. With the Belt and Road Initiative, smooth trade and financial integration in the regions along the Belt and Road have been promoted, and the key trading currency is needed to maintain the economy and trade. So, it creates great opportunities for the promotion of RMB in the region, which pursue a higher international influence. However, there are still various obstacles to promoting the cross-border use of RMB and becoming a key currency in the "Belt and Road" region because of the unstable regional financial system， currency inertia and lack of financial infrastructure. To promote the use of RMB in the region, it is necessary to further strengthen financial cooperation with countries in the region, promote the function of the value scale, improve the offshore RMB market, and promote the construction of financial services infrastructure, promote financial development and service infrastructure construction.