Digital Currency and Regional Financial Cooperation: An Analysis of the Impact of the Belt and Road Initiative on RMB Internationalization
Main Article Content
Keywords
RMB internationalization, Belt and Road Initiative, digital RMB
Abstract
In the context of global geopolitical and economic transformations and the advancement of diversification in the international monetary system, RMB internationalization has emerged as a core agenda for China’s high-level opening-up to the world. This paper constructs an integrated analytical framework of “regional financial cooperation-digital technology empowerment-RMB internationalization,” systematically exploring the impact mechanisms and synergistic pathways of the Belt and Road Initiative and digital currencies on RMB internationalization. The study finds that the Belt and Road Initiative provides core application scenarios and institutional support for RMB internationalization, while digital currencies address cross-border payment bottlenecks through technological innovation. Together, they synergistically promote the steady enhancement of the RMB’s international status in reserves, settlements, and investment and financing. Based on this, the paper proposes recommendations to deepen regional financial cooperation, optimize the cross-border application of digital RMB, and strengthen policy coordination, providing references for the high-quality development of RMB internationalization.
References
- [1] Song, K., Zhu, S. D. and Zhang, J. S. Cross-border E-commerce, central bank cooperation and RMB internationalization. Journal of Management World. 2025, 41(9), pp. 44-64. https://doi.org/10.19744/j.cnki.11-1235/f.2025.0117.
- [2] He, J. Q. and Shu, L. F. Digital RMB helps RMB internationalize: Logic, challenges and path. Finance and Economy. 2023(10), pp. 73-83. https://doi.org/10.19622/j.cnki.cn36-1005/f.2023.10.006.
- [3] Xu, J. Developments and implications of central bank digital currency: The case of China e‐CNY. Asian Economic Policy Review. 2022, 17(2), pp. 235-250. https://doi.org/10.1111/aepr.12396.
- [4] Deng, F. H., Li, M. and Ni, M. J. Promoting RMB internationalization in a stable, prudent and solid manner: Lessons from Us dollar, logical comparison, and pathways. International Economic Review. 2025(2), pp. 33-55+5. https://doi.org/10.3969/j.issn.1007-0974.2025.2.gjjjpl202502003.
- [5] Cui, Y., Liu, L. and Peng, K. International competitiveness and currency internationalization: an application to RMB internationalization. Journal of the Asia Pacific Economy. 2024, 29(2), pp. 588-611. https://doi.org/10.1080/13547860.2022.2031521.
- [6] Liu, L. J. and Wang, K. T. Research on geopolitical factors and the internationalization of the renminbi. Modern Economic Research. 2025(2), pp. 59-66. https://doi.org/10.13891/j.cnki.mer.2025.02.004.
- [7] Shi, H. and Guo, Q. The dilemma and rule construction of DC/EP cross-border flows in countries Along“B&R”. On Economic Problems. 2022(10), pp. 43-50. https://doi.org/10.16011/j.cnki.jjwt.2022.10.014.
- [8] Gu, G. D. and Li, H. Game analysis of central bank’s digital RMB in the regionalization process of “Belt and Road” initiative. Journal of Nanjing Audit University. 2022, 19(6), pp. 101-110. https://doi.org/10.3969/j.issn.1672-8750.2022.06.011.
- [9] Wei, Z., Luo, Y., Huang, Z. and Guo, K. Spillover effects of RMB exchange rate among B&R countries: Before and during COVID-19 event. Finance Research Letters. 2020, 37, p. 101782. https://doi.org/10.1016/j.frl.2020.101782.
- [10] Liu, T., Wang, X. and Woo, W. T. The road to currency internationalization: Global perspectives and chinese experience. Emerging Markets Review. 2019, 38, pp. 73-101. https://doi.org/10.1016/j.ememar.2018.11.003.
Article Sidebar
This work is licensed under a Creative Commons Attribution 4.0 International License.