Current Research Status and Future Prospects of Influential Factors of RMB Internationalization

The internationalization of RMB was first formally proposed by China's central bank in 2015, which refers to the process by which RMB can cross national boundaries and circulate abroad to become an internationally recognized valuation, settlement and reserve currency. And with the continuous progress of the internationalization of RMB, the globalization of the Chinese currency, the Renminbi (RMB), has emerged as a subject of fervent discourse and intense scholarly scrutiny, capturing the attention of financial analysts and economists worldwide. Scholars have conducted research on RMB internationalization from various aspects and angles. This study meticulously peruses pertinent literature to delineate the current research landscape on the implications and determinants of the internationalization of the Renminbi (RMB). It systematically collates and encapsulates the scholarly consensus on the significance of RMB's global reach, as well as the factors that influence this process. Furthermore, the paper delves into an in-depth analysis of the potential risks and enduring implications associated with the internationalization of the RMB. In light of the identified lacunae and methodological flaws within the existing research paradigms and content, the paper also proffers a set of constructive recommendations for enhancement.