The Impact of American Monetary Policy on the Benefit of US Dollar's External Monopoly Privilege to Explore the Path of RMB Internationalization?An Empirical Study Based on VAR Model

In this paper, the research on the development path of RMB internationalization is mainly based on the relationship between the excessive monopoly privilege income outside the US dollar and the US monetary policy, and the empirical research is carried out by introducing the transmission mechanism. Firstly, this paper calculates the scale of the foreign monopoly privilege income of the US dollar, using Eviews software to determine the optimal lag order of the VAR model, obtains the results of the VAR model, tests the stationarity of the characteristic root, constructs the VAR model and makes impulse response analysis to find out the influence of US monetary policy on the foreign monopoly privilege income of the US dollar. Finally, through the empirical research results, this paper analyzes the influence of monetary policy adjustment on the external excessive income of dollar internationalization, and finds out whether the influence of different monetary policies is the same through pulse analysis, and tries to find the development path of RMB internationalization in the future with the result of the impact of American monetary policy on the monopoly privilege income of dollar.