Since the conflict between Russia and Ukraine, more and more countries have become intolerable to the dollar hegemony, and are willing to replace them with digital reserve currencies and RMB .
This paper firstly points out the fact that the gap between the RMB and the US dollar and the Euro is still relatively obvious by comparing the data of global RMB foreign exchange reserves, global foreign exchange transactions, global reserve assets, global cross-border payments, and comprehensive economic strength.
Then, this paper puts forward 9 new countermeasures and suggestions for accelerating the internationalization of RMB:
1. Intensify efforts to deepen reforms and promote the domestic economic structure to take the lead in the world.
2. Promote the market-oriented reform of the RMB exchange rate and strengthen risk management.
3. Adhere to a reasonable range of economic operation and increase the opening of the financial market to foreign institutional investors.
4. Vigorously adjust the dollar reserve strategy and reduce the dollar settlement.
5. Vigorously promote the expansion of point-to-point local currency settlement with countries along the Belt and Road Initiative.
6. Raise financial technology innovation, which is dominated by private enterprises, into a national strategy.
7. Give full play to the new private business model and the leading position of digital technology.
8. Enhance the sense of participation and security of private investment, and give full play to the joint investment of private enterprises.
9. Adhere to the combination of government guidance and market-oriented principles, strengthen financial cooperation and improve the financial support system.
