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By He Yang, Research Institute of Finance, DRC

Research Report, No.270, 2021 (Total 6335) 2021-9-16

Abstract: The COVID-19 pandemic and loose liquidity have brought brunt to the global monetary pattern in two phases in which the strong impacts of the epidemic on global monetary situation weakened after the end of 2020. Overall, the international status of the U.S. dollar and the euro has seen a trade-off. While the status of the RMB has kept rising, that of the British pound and the Japanese yen remains generally unchanged. Early this year, the exchange rates of major currencies accomplished their respective adjustment and began to fluctuate below or above the new median exchange rate. With impacts of the COVID-19 pandemic, the three major mechanisms of global production and consumption circulation, capital circulation and share of crisis cost have seen marginal changes, which may lead to adjustment of the international monetary system. In the future, the shift of monetary policies of U.S. Federal Reserve, restructuring of the industrial chains and changes of the political and economic landscape will bring more diversity to the global monetary system. China should seize opportunities of the changes in the current global monetary situation to promote RMB internationalization, follow the changes of the international monetary pattern and promote the building of a new and sound international financial order based on fairness.

Keywords: global currency pattern, impacts of the COVID-19 pandemic, RMB internationalization