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The people's Bank of China has signed a series of currency swap agreements with many countries and regions. This paper review the practice of people's bank of China currency swap, and then analysis the role of currency swaps on the internationalization of RMB, and give some suggestions on the future of the RMB currency swap. Index Terms - currency swap; Internationalization of RMB; capital account 1. Introduction Currency swap refers to the two main holders of different currencies, in accordance with the contract, exchange the two equivalent currencies at the beginning of the period, in the final exchange the principal and pay mutual interest due. A typical currency swap involves three basic steps: first, exchange the principal at the beginning of the period. At the beginning of the swap agreement, Two main exchange the two currencies agreed. The aim is to determine the principal , so as to the future of calculating interest. Second, Interest rate swap. In the duration of the swap agreement, the two sides pay the interest in accordance with the agreement. Finally, the final principal swap again. After 2008 international financial crisis, currency exchange has been widely used in many countries, To enhance market confidence, provide liquidity support and as policy tools to resolve the financial crisis. The people's Bank of China also actively participated in regional currency swap mechanism, signed a series of bilateral currency swap agreements. The people's Bank of China aim was to cope with the financial crisis. But with the American "quantitative easing monetary policy" and "the European debt crisis", the people's Bank of China accelerated the pace of currency swap .Its purpose is to promote the RMB internationalization process.

The Role of Currency Swaps on the Internationalization of RMB