Renminbi Internationalization: Concept Discussion and outlook Qiyuan Xu, Institute of World Economics and politics Chinese academy of Social Abstract: Based on the existing literatures from the perspectives like currency functions, market transactions network and state authority, the notions of currency internationalization and Renminbi internationalization developed about remninbi internationalization also ntroduced: considering the macroeconomic conditions, has the advance of Re tionalization accelerated the inflow of hot ed extra accumulation of the foreign exchange reserve and shocked the domestic monetary policy? What are the reasons to develop the offshore market in hong Kong, and what is the role speculations playing in such a background? Finally we summarize the discussions of the outlook on this issue JEL分类号:F31,F41,G15 人民币国际化,是人民币成为国际货币的过程;因此,人民币国际化具有一般货 币国际化的共性。但是通常来说,金融市场的充分发展,是一种货币实现国际化的必 要条件之一;而人民币国际化,则是在利率市场化、汇率制度改革、尤其是资本项目 开放尚未完成的情况下发生、进行的。因此,人民币国际化又具有其特殊性,研究者、 决策者们在这一领域的认识,实际上也仍然处于学习与探索的状态,这也不可避免的 引发了观察者们对人民币国际化的一系列争论。尤其是2009年7月之后,人民币跨 境结算试点的逐项推开,更是使得人民币国际化进一步提速。在此背景下,人民币国2 Renminbi Internationalization: Concept, Discussion and Outlook Qiyuan Xu, Institute of World Economics and Politics Chinese Academy of Social Sciences Abstract: Based on the existing literatures from the perspectives like currency functions, market transactions network and state authority, the notions of currency internationalization and Renminbi internationalization are developed, an overview about Remninbi internationalization is also introduced: considering the macroeconomic conditions, has the advance of Renminbi internationalization accelerated the inflow of hot money, incurred extra accumulation of the foreign exchange reserve, and shocked the domestic monetary policy? What are the reasons to develop the offshore market in Hong Kong, and what is the role speculations playing in such a background? Finally we summarize the discussions of the outlook on this issue. JEL 分类号: F31, F41, G15 人民币国际化，是人民币成为国际货币的过程；因此，人民币国际化具有一般货 币国际化的共性。但是通常来说，金融市场的充分发展，是一种货币实现国际化的必 要条件之一；而人民币国际化，则是在利率市场化、汇率制度改革、尤其是资本项目 开放尚未完成的情况下发生、进行的。因此，人民币国际化又具有其特殊性，研究者、 决策者们在这一领域的认识，实际上也仍然处于学习与探索的状态，这也不可避免的 引发了观察者们对人民币国际化的一系列争论。尤其是 2009 年 7 月之后，人民币跨 境结算试点的逐项推开，更是使得人民币国际化进一步提速。在此背景下，人民币国