Group 1 - The core argument emphasizes that the internationalization of the Renminbi (RMB) is a crucial indicator of building a strong financial nation, requiring a foundation of marketization, rule of law, and institutional stability [3][4][5] - The RMB internationalization process is closely linked to the improvement of public expectations and market confidence, which are essential for its smooth advancement [3][4] - The RMB has become the third-largest international currency, with an internationalization composite index reaching 5.68%, but the long-term goal is to achieve 20% by 2035 [5][6] Group 2 - The internationalization of the RMB involves multiple dimensions, including investment, financing, payment, clearing, and reserve markets, all of which need simultaneous enhancement [5][6] - The RMB's trading capability is critical for its status as an international currency, with the current weight in the IMF Special Drawing Rights (SDR) at 12.28% being a mid-term target [6][7] - The exploration of a "third path" for RMB liberalization, distinct from traditional models, is necessary to address the unique challenges faced by China [7][8] Group 3 - The RMB must not only "go out" but also be able to "come back," necessitating the establishment of an effective capital market return mechanism to support its internationalization [11][12] - Capital market reforms should focus on asset supply, investment participation, and institutional frameworks to enhance the quality and competitiveness of listed companies [12][14] - The development of the national bond market is essential for providing a stable asset pool to support RMB internationalization, with current bond balances needing significant growth [13][14] Group 4 - Institutional reforms are necessary to ensure a fair and transparent market environment, which includes stringent penalties for fraudulent activities and a shift towards market-oriented regulation [15] - The establishment of a stable and predictable asset pool is vital for the RMB's internationalization, requiring a comprehensive product system and asset market for offshore RMB [9][10] - The transition from a supply-driven to a demand-driven economic model is crucial for aligning economic structure with financial market development goals [10][11]