ABSTRACT
Financial internationalisation is an important yardstick against which China's integration into the globalization can be measured. With the continuous advance of the reform and opening up, the level of internationalisation of China's financial industry has been steadily enhanced. Especially after China's accession to the World Trade Organisation (WTO), China has embarked on the process of fulfilling the WTO commitments, steadily promoting domestic market-based reform of the financial sector and rapidly improving its economic strength. Due to these reform measures, the restrictions on market access for Foreign Direct Investment (FDI) in the financial sector have been dramatically lowered; China's financial institutions have accelerated their 'going global' expansion; the RMB internationalisation process has been steadily promoted. However, the level of internationalisation of China's financial sector does not match up to the position of China's economic strength in the international economy. China has become the second-largest economy and the largest trading economy of the world.
