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The Impact of “Belt and Road” on RMB Internationalization under the Double Cycle Development Pattern

In: Proceedings of the 2024 3rd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2024)

Author

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  • Cheng Meng

    (Zhongnan University of Economics and Law, School of Economics)

Abstract

The building of a high-quality Belt and Road is a crucial driving force, which will unavoidably speed the RMB’s internationalization process. Promoting the new development pattern of double-loop is the core of implementing the RMB internationalization plan in the new era. This article examines pertinent data from 26 nations between 2009 and 2022 for empirical analysis, viewing the Belt and Road Initiative and the new double-loop development pattern from this perspective. This paper presents policy proposals in three areas by combining theory and practical evidence: encouraging the reform of the domestic financial system, putting the Belt and Road Initiative and the new development pattern into practice, and expanding China’s international investment and trade.

Suggested Citation

  • Cheng Meng, 2024. "The Impact of “Belt and Road” on RMB Internationalization under the Double Cycle Development Pattern," Advances in Economics, Business and Management Research, in: Kun Zhang & Hang Luo & Hongbo Li & Azlina Binti Md Yassin (ed.), Proceedings of the 2024 3rd International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2024), pages 4-13, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-548-5_2
    DOI: 10.2991/978-94-6463-548-5_2
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