Since the Belt and Road Initiative has been practiced, we make steady progress in RMB internationalization, and RMB has become a major international currency and reserve currency. Under the background of coronavirus pandemic, the circuit breaker of the U.S. stock was triggered repeatedly, the interest rates of the debt kept near or below zero, and accommodative policies on the dollar were implemented. In the current environment, the RMB internationalization target has become clearer and more significant, and its settlement system must be pushed forward steadily.The Importance of RMB InternationalizationOn the one hand, it aims to play RMB’s role of supporting the finance in promoting globalization; on the other hand, improving RMB settlement is an important guarantee for China and the world’s financial security.The Goal of Accelerating the RMB InternationalizationFirstly, we should vigorously push forward the point-to-point local currency settlement with countries along the “Belt and Road” Initiative.Secondly, we should energetically change the dollar reserve strategy and reduce its settlement.Thirdly, we should further promote the market-oriented reform of RMB exchange rate, strengthening professional operation and risk control.Fourthly, we should give full play to the leading position of digital technology and new business model.Fifthly, the financial scientific and technological innovation driven by private enterprises should be upgraded to national strategy.Sixthly, it’s of great importance to strengthen financial cooperation, make the best use of the joint efforts of private enterprises, and improve the financial support system.
