ABSTRACT
The Belt and Road initiative is designed to create the most attractive community of the common destiny featuring cooperation and mutual benefits. The Renminbi (RMB)-denominated direct investment, bonds, and bill balance occupy a significantly larger share in the world market. The Belt and Road initiative is the most important national strategy under the New Normal. Through the initiative, China will be able to adjust regional economic structure, accelerate industrial upgrading, motivate export growth, facilitate the innovation on the export model, and further encourage Chinese investment and corporations to “go out” in order to provide the new support for RMB’s internationalization. China is the initiator of the Belt and Road initiative, so RMB’s internationalization will facilitate the financial integration of its neighbors. As the Belt and Road initiative moves forward, the share of RMB will undoubtedly rise in trade, financing, investment, financial transaction, and foreign exchange reserve as long as more efforts are made in increasing convenience and lowering transition cost.
