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Influenced by the development of international monetary system and the fi-nancial crisis, the promotion of CNY internationalization has gradually evolved into the dual needs of both domestic and overseas. According to the money demand function proposed by Friedman and selecting the semi-annual data from 1990 to 1998, this paper establishes the domestic monetary demand model of CNY and estimates the offshore stock of CNY from 1999 to 2015 by indirect measurement method. And we take this as a measure of CNY internationalization standards. On this basis, this paper establishes a semi-logarithmic model and makes an empirical study on the influencing factors of CNY in-ternationalization by cointegration analysis. The empirical result shows that the expansion of China’s economic scale and the current account surplus are conducive to promoting the process of CNY internationalization, but the impact of capital and financial account on the process of CNY internationaliza-tion is not significant.

An Empirical Analysis of the CNY Internationalization and Its Influencing Factors