A Study on the Internationalization of RMB—Taking the Internationalization of Japanese Yen as a Reference

With the rapid development of Chinese society and the process of economic globalization, an increasing number of people are concerned about the prominent issue of internationalizing the renminbi. China is continuously taking measures to promote the internationalization of the renminbi and elevate its currency to an international status.The internationalization of the renminbi is an inevitable trend resulting from the globalization of the Chinese economy and the significant historical developments in the international monetary system. Given the similarities between China and Japan in terms of society, culture, foreign trade, international status, and background in Asia, it is essential to draw lessons from the internationalization of the Japanese Yen as China studies the internationalization of the renminbi. We can learn from the successful efforts made by Japan to internationalize the yen while also avoiding the mistakes when implementing the internationalization of the renminbi.This thesis provides an overview of the internationalization of the Japanese yen, compares it to the internationalization of the renminbi, and proposes effective strategies for promoting the internationalization of the renminbi.