Group 1 - The core viewpoint is that the internationalization of the Renminbi (RMB) is an important development strategy for China, which should be approached with a pragmatic and cautious attitude rather than a pursuit of prestige [1] - Currency internationalization refers to the extent to which a sovereign currency is used as a medium of exchange or reserve asset in global economic activities, with a significant focus on financial transactions rather than just trade [1][4] - Financial transactions are the primary form of global trade, with the volume of foreign exchange trading equating to a year's worth of international trade every five trading days, and the total financial transaction volume being equivalent to global GDP every week [3][4] Group 2 - The internationalization of the RMB can enhance transaction convenience for businesses, eliminating the need to consider multiple currencies for imports and exports, and reducing exposure to foreign exchange risks [4][5] - A less obvious benefit is the potential reduction in borrowing costs, as international investors may be attracted to invest in China, leading to lower financing costs for companies issuing bonds [5][6] - The internationalization of the RMB could also lower personal loan rates, as increased foreign investment in Chinese banks would reduce the cost of attracting deposits [6][8] Group 3 - From a national perspective, currency internationalization can provide significant advantages, such as improving the ability to respond to financial crises and reducing the cost of issuing government bonds [8][10] - However, there are risks associated with currency internationalization, such as the "American disease," which refers to the potential for a country to relax fiscal discipline when its currency becomes an international currency, leading to increased fiscal deficits and inflation [10][11] - The RMB's internationalization must be approached cautiously to avoid negative impacts on the U.S. economy and to prevent the pitfalls associated with excessive currency issuance [13][14]