ABSTRACT
The internationalization of Renminbi (RMB) refers to the process of RMB’s performing the functions as a currency worldwide, becoming a major pricing and settlement currency in trade, and becoming a financial transaction currency and an international reserve currency. International financial history shows that a currency’s internationalization needs some basic conditions. The international community often measures currency internationalization level according to the currency’s percentage in the overall international official reserves. In accordance with the International Monetary Fund’s statistical requirements, every country’s government is supposed to submit a currency list to it, among which the listed currencies are at the top of the country’s official foreign exchange reserves. The international reserve function is the most typical and centralized of all international monetary functions.
