关键词: 货币国际化 , 货币交易媒介职能 , 新开放经济宏观经济学 , 产品差异程度

Abstract: The development of a currencys media of exchange function is closely related with its internationalization degreeThis functions micromarket performance is the choice of currency denomination of international tradeHereby, this paper aims at analyzing and interpreting the development of currency denomination theory since 1970sAlong with the emerge of the Euro, the research on this field has experienced a process from pure theoretical analysis to theory and empirical analysis combined together, from macro and micro research did respectively to combining these two aspectsEspecially with the development of new open economy macroeconomics, researches on enterprises settlement currency choice have expanded to a significant variable in macroeconomic researchFinally, relying on these theoretical researches, this paper posed that lower product differentiation and lacking of enterprises competition are the most important factors constraining RMBs international media of exchange function

Key words: currency internationalization , media of exchange function , new open economy macroeconomics , product differentiation