Relação entre os indicadores macroeconômicos e a internacionalização do Renminbi chinês

Abstract

The international monetary and financial system has the US dollar as the most widely used currency in global trade and financial transactions, considering that the country is a major economic power. China, although also a global powerhouse, still has a long way to go in the process of internationalizing its currency, the Chinese renminbi. The objective of this study focused on identifying the macroeconomic indicators that determine this process. The aim was also to analyze the relationship between the currencies traded in the global foreign exchange market and the internationalization of the renminbi. The methodology used was factor analysis, followed by a regression estimated by the least squares method. Data from the World Bank, the Bank for International Settlements, the Economic Intelligence Unit, Transparency International, and the Heritage Foundation were used in a sample of 26 countries for the year 2021. The results found support the central hypothesis that the monetary internationalization is not only determined by political voluntarism, but also by effective performance in economic and non-economic indicators.