Empirical Research on Several Factors Affecting RMB Internationalization Based on SVAR Model

摘要

Following the US subprime crisis and the European debt crisis, the discussion of RMB's internationalization is aroused again. In order to promote the process of RMB internationalization, it is essential for us to research the factors affecting it. Based on RMB, we examine the effect of several determinant factors on RMB internationalization via SVAR econometric model. It turns out that RMB's exchange rate affects RMB's internationalization prominently in lag time, what's more, China's GDP generally has a positive impact on RMB's internationalization especially in lag time.