PECULIARITIES OF NATIONAL CURRENCY INTERNATIONALIZATION IN CROSS-BORDER COOPERATION

Abstract

Abstract. The article deals with the influence peculiarities of national currency, particularly
Russian rubble and RMB internationalization on cross-border cooperation of the framework of
global integration; perspectives of their application as reserve currencies and reinforcement of
geopolitical position of Russia and China on the world arena.
The world swiftly moves to the multipolarity. Under existing conditions of increasing instability
of American currency, dollar pricing gives reasons for serious concern in many countries.
Despite the «bail-out» mechanism – state assistance to the banks and «bail-in» strategy – banks
rescue due to the creditors and depositors, there is a fear of stock collapse. In the Middle East

and CIS countries the producers of oil and petrochemicals are interested in organization of a new
oil market, where quotation will be in Euros, rubbles and Renminbi. In October 2013 the government
of Russian Federation offered to create a closed joint-stock company – Saint Petersburg
international commodity exchange with making contracts using regional currencies.
Building nuclear power plants throughout the world and getting quotas on inter-regional
electricity purchase, Russia can create a global rubble system based on the international power
and gas interchange. Moscow international finance center establishing may have a positive influence
on the rubble image and need for the world. In recent years RNB internationalization is
also very urgent due to the constant growing influence of China on the economic development
of APR countries and world economy on the whole. Economic success of China puts a logical
question about possible RNB transformation into the international currency that will be of great
importance for the country’s investment, foreign trade contracts, and turnover of global and financial
markets.
Key words: internationalization, national currency, Russian rubble, Renminbi, cross-border
cooperation.