- 期刊
The Analysis on the Possibility of Renminbi Becoming the Anchor Currency of African Countries
摘要
When trade and financial cooperation between countries have developed to a certain level, the economies in the market will choose certain currencies as implicit ＂currency anchors＂ to reduce the transaction costs of a country in world trade and financial transactions. Based on the existing research on ＂currency anchors＂, this article analyzes the status of China's trade with African countries, the use of RMB in Africa, and the current currencies and exchange rates of African countries to analyze that the possibility of RMB becoming the hidden anchor of African currencies. This article finds that the RMB has the possibility of becoming the ＂hidden anchor＂ of African currencies because of the rapid growth of economic and trade transactions between China and Africa, the progress of RMB internationalization in Africa and the fact that the currencies of most African countries are not fully pegged to a certain currency.