Digital RMB, RMB Internationalization and Sustainable Development of the International Monetary System

The sound and sustainable development of the international monetary system is cornerstone stable global economy. This paper takes digital currency in China as its research object utilizes a regime-switching transition auto-regression (STAR) model nonlinear time-varying parameter–stochastic volatility–vector auto regression (TVP-SV-VAR) to empirically analyze relationship between RMB, RMB internationalization, system. results show that DC/EP internationalization time-varying, with above being significantly different various economic situations. can boost thereby contribute diversification have important policy implications for financial markets.