荐读•赠书 | 货币新局：国际金融格局重塑与人民币新机遇

Core Viewpoint - The internationalization of the Renminbi (RMB) is gaining momentum, with its global transaction volume reaching 8.5%, narrowing the gap with the British pound, indicating a new opportunity window for RMB's internationalization [1][3]. Group 1: Overview of the Book "New Currency Landscape" - The book "New Currency Landscape" discusses the new journey and progress of RMB internationalization, highlighting the significant changes in the international monetary field and the acceleration of de-dollarization among countries [3][4]. - It provides a comprehensive study from theoretical to practical perspectives, focusing on the evolution of the international monetary system and the repositioning of RMB [3][4]. Group 2: Internal Trends and Challenges of RMB Internationalization - The long-term vulnerabilities of the dollar system and its weaponization have led emerging market countries to seek diversification of foreign exchange reserves, positioning RMB as a key alternative due to its purchasing power and market stability [5][6]. - China's shift from a passive participant to a partial leader in international trade and investment is driving the promotion of RMB in pricing, settlement, and reserve asset supply [5][6]. - The need for China to strengthen its internal unified market is crucial for enhancing its international competitiveness and supporting RMB internationalization [11][12]. Group 3: Regional Strategies for RMB Internationalization - Different regional strategies are required for RMB internationalization, focusing on developing countries in Southeast Asia and Africa, resource-rich countries, and developed nations like Europe [7][8]. - In Southeast Asia and Africa, RMB loans can be used for infrastructure projects, creating a dual output of products and capital [8][9]. - For oil-exporting countries, promoting currency swaps and bilateral pricing in RMB can enhance trade relations [9][10]. Group 4: Microfoundations and Key Challenges - The fragmentation of the domestic economy and the need for a unified market pose challenges to RMB internationalization, necessitating reforms in local government behavior and economic governance [11][12]. - Improving financial resource allocation efficiency is essential, as the current over-reliance on the banking system hinders the development of capital markets [13][14]. - The transformation of Hong Kong's financial market and its currency peg to the US dollar is a critical issue for RMB internationalization, requiring careful consideration of its future role [15].