Charting the RMB's Development as a Global Currency Anchor: An Empirical Analysis

doi:10.1111/rode.13212

LZUFE-KMS

	Charting the RMB's Development as a Global Currency Anchor: An Empirical Analysis
	Li, Yuan 1; Chen, Jin 1,2
	2025-02-27
在线发表日期	2025-02
发表期刊	REVIEW OF DEVELOPMENT ECONOMICS
摘要	This study adopts a limited two-step approach to effectively and objectively measure the currency anchor effect of the renminbi (RMB) on a global scale from 2005 to 2021. By measuring and comparing the empirical results of the currency anchor reflected by the RMB-USD, RMB-reference currency, and the RMB in different regions and economic entities, a panoramic analysis chart of the current development process of the RMB is provided. The research results show that: First, with the monetization of the Exchange Rate (ER), the RMB ER has embarked on a more flexible and independent development path. Second, considering the reverse causality of ER fluctuations, the influence of the reference currency as the RMB's currency anchor has a very restricted scope. This implies that the RMB plays a major role in regional ER linkage. Third, the impact of the US dollar on the global scale remains significant across various regions with the euro mainly concentrated in the European region. Meanwhile, the role of the RMB has become prominent in different regions, with the most significant impact in Central Asia and South America. Fourthly, from the perspective of economic development level, the RMB has the most significant impact on currently developing and middle-income countries. The study offers a novel contribution to the high quality of China's economy in RMB internationalization and the currency anchor effect of marketization. By analyzing the factors and mechanisms that enhance the contribution of the RMB as a global currency, this study sheds light on the implications for global finance and China's evolving economic position.
关键词	currency anchor economic development exchange rate global scale RMB internationalization
DOI	10.1111/rode.13212
收录类别	SSCI
ISSN	1363-6669
语种	英语
WOS研究方向	Development Studies ; Business & Economics
WOS类目	Development Studies ; Economics
WOS记录号	WOS:001434128400001
出版者	WILEY
原始文献类型	Article ; Early Access
EISSN	1467-9361
引用统计	被引频次[WOS]：0 [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/38809
专题	兰州财经大学
通讯作者	Chen, Jin
作者单位	1.LanZhou Univ Finance & Econ, Sch Finance, Lanzhou, Peoples R China; 2.Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China
第一作者单位	兰州财经大学
通讯作者单位	兰州财经大学
推荐引用方式 GB/T 7714	Li, Yuan,Chen, Jin. Charting the RMB's Development as a Global Currency Anchor: An Empirical Analysis[J]. REVIEW OF DEVELOPMENT ECONOMICS,2025.
APA	Li, Yuan,&Chen, Jin.(2025).Charting the RMB's Development as a Global Currency Anchor: An Empirical Analysis.REVIEW OF DEVELOPMENT ECONOMICS.
MLA	Li, Yuan,et al."Charting the RMB's Development as a Global Currency Anchor: An Empirical Analysis".REVIEW OF DEVELOPMENT ECONOMICS (2025).