The internationalization of the yuan and its importance for the development of foreign trade activities in Russia and China

Qin Zhizhen

One of the defining factors of the modern international monetary system is its vulnerability based on a single currency, which destabilizes the international financial environment and maintains an international payment imbalance. Among currencies that can play an important international role, the Chinese yuan (RMB) is gaining in importance. It is especially important that the Chinese authorities are actively involved in the internationalization of their currency and are consistently taking steps in this direction. The driving force behind these actions is the benefits that the country can obtain from the international use of the Chinese currency. The purpose of the article is to try to determine the relationship between the internationalization of the Chinese currency (in the global and regional markets) and the development of foreign trade activities of Russia and China. The implementation of the goal was based on a discussion of the determinants of the process of internationalization of the Chinese currency in the context of turbulence in world financial markets and the construction of a multipolar financial system.

Keywords:convertible currency, financial system, basket of currencies, export, international trade