Research on the Development Process and Influence of RMB Internationalization under the Background of Hiroshima G7 Summit in 2023

Abstract

The internationalization of the RMB is a complex and arduous process. The internationalization of the RMB refers to the economic process in which the RMB crosses national borders and becomes a widely recognized tool for pricing, settlement, reserves, and market intervention internationally. This article conducts further research on the development process and impact of RMB internationalization in the context of the 2023 Hiroshima G7 Summit. The inclusion of RMB in SDR has broadened the export channels of RMB and increased the proportion of RMB's international reserves, which has changed the influencing factors of RMB internationalization. Generally speaking, there is a very close relationship between exchange rate fluctuations and currency internationalization. The appreciation of a currency will bring appreciation benefits to non residents who hold it, thus helping to drive non residents to increase their holdings of the currency and assets denominated in that currency, thereby improving the internationalization of the currency. It can be seen that the key to promoting the internationalization of the RMB at the Hiroshima G7 summit is to enhance the internal driving force of sustainable economic development through comprehensive deepening of reforms.