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<p>This paper examines the dynamic interaction between financial opening-up and RMB internationalization. A monthly Financial Openness Condition Index (FOCI) for China is constructed using the DMS-TVP-FAVAR model for the period from January 2015 to June 2025. Then, we apply the TVP-SV-FAVAR model to examine the dynamic interactions between the FOCI and RMB internationalization, focusing on the intricate relationship between their time-varying impulse responses and term structures. Empirical results reveals that financial opening-up initially exerts a negative impact on RMB internationalization, whereas RMB internationalization generates intensified positive feedback on financial opening-up as the financial market deepens. The coordinated advancement of financial opening-up and RMB internationalization requires establishing a systematic framework through the maintenance of a dynamic equilibrium between risk containment and growth momentum stimulation.</p>

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The dynamic interaction between financial opening-up and RMB internationalization based on two time-varying parameter models

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年6月3日

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  • Kun Zhang,
  • Wei Li,
  • Na Wei,
  • Canghong Wang

摘要

This paper examines the dynamic interaction between financial opening-up and RMB internationalization. A monthly Financial Openness Condition Index (FOCI) for China is constructed using the DMS-TVP-FAVAR model for the period from January 2015 to June 2025. Then, we apply the TVP-SV-FAVAR model to examine the dynamic interactions between the FOCI and RMB internationalization, focusing on the intricate relationship between their time-varying impulse responses and term structures. Empirical results reveals that financial opening-up initially exerts a negative impact on RMB internationalization, whereas RMB internationalization generates intensified positive feedback on financial opening-up as the financial market deepens. The coordinated advancement of financial opening-up and RMB internationalization requires establishing a systematic framework through the maintenance of a dynamic equilibrium between risk containment and growth momentum stimulation.