Abstract

This article provides a new framework to evaluate the status of Renminbi internationalization. It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency’s position in the international monetary system. Based on foreign exchange trading data provided by CLS Group, the article constructs a ranking of major international currencies including the Renminbi. It finds that the Renminbi shares more similarities in foreign exchange trading patterns with the established global currencies like the US dollar and the Euro than with those regional currencies. The article also explores the policy implications that the new evaluation approach provides.

摘要

本文提供了一个评估人民币国际化状况的新框架。它提出一种货币在全球外汇市场的交易模式体现了该货币在国际货币体系中的地位。文章基于CLS集团提供的外汇交易数据，构建了包括人民币在内的主要国际货币的排名。研究发现，人民币在外汇交易模式上与美元、欧元等成熟的全球货币相比，与区域货币的相似性更高。本文还探讨了新评估方法提供的政策含义。