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The Effect of RMB Internationalization on Belt and Road Initiative

In: Exchange Rate, Credit Constraints and China’s International Trade

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  • Miaojie Yu

    (Peking University)

Abstract

This chapter reviews the current development of the Belt and Road Initiative and RMB internationalization, and analyzes the effect of RMB internationalization on Belt and Road Initiative, through trade, investment, and currency reserve channels. The research specifically analyzes the effects of RMB internationalization on bilateral trade through a gravity model, in which panel data concerning the trade and data of currency swap agreements between China and other countries are used. The estimation result shows that both the dummy variable for swap agreements and the size of swap agreements impose significant positive effects on the trade volume between China and its trade partners.

Suggested Citation

  • Miaojie Yu, 2021. "The Effect of RMB Internationalization on Belt and Road Initiative," Springer Books, in: Exchange Rate, Credit Constraints and China’s International Trade, chapter 0, pages 245-260, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-7522-8_9
    DOI: 10.1007/978-981-15-7522-8_9
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