ABSTRACT
The RMB cross-border trade settlement pilot projects started in the second half of 2009, which marked the real starting point of the process of renminbi (RMB) internationalization. According to the RMB internationalization index (RII) prepared by the International Monetary Institute of Renmin University of China, the internationalization of the RMB made rapid progress during 2009–2016. A number of research on the relationship between the Belt and Road Initiative and RMB internationalization has been conducted. The chapter discusses the influence mechanism of the volume and commodity structure of China’s trade on RMB internationalization, particularly with the countries and regions along the Belt and Road. China should minimize the proportion of primary products in import by reducing the dependence on external supply of energy. Improving the efficiency of the consummation is the key to reducing primary good imports. In addition, it is necessary to increase the import of consumption goods, for it to promote RMB internationalization.
