关键词: 人民币国际化 , 稳定性检验 , 国际收支结构 , 协整分析

Abstract: The internationalization of RMB has been the hot point of global academic circle.Based on Friedman money demand function,this paper establishes domestic money demand model.This paper uses quarterly data between 1992 and 2003 to estimate RMB stock overseas from 2004 to 2014,which is chosen as criterion of the internationalization of RMB,on account of indirect measuring method and inspection results of the model s stability.On this basis,this paper uses time series analysis methods such as cointegration theory,Granger causality test and pulse analysis to make empirical test on dynamic relation between China s current structure of international payments,scale of economy,real interest rate and internationalization of RMB.The results shows that there are equilibrium relations between variables above,the enlargement of scale of economy,current account surplus and steady appreciation of RMB are helpful to promote the internationalization of RMB,while capital and financial account surplus will hinder the internationalization of RMB.Therefore,besides developing national economy and remaining firm value of RMB,rationally adjusting our nations double surplus of balance of payments is the objective requirement of the process of internationalization of RMB. 

Key words: internationalization of RMB , test of stability , structure of international payments , co-integration analysis.