Fig 1.
RMB financial assets held by overseas institutions and individuals.
Table 1.
Variable definitions.
Table 2.
Measuring indicators of RMB internationalization.
Fig 2.
RMB internationalization index.
Table 3.
The final weight of each sub-indicator of RMB internationalization.
Table 4.
Descriptive statistics results of each variables.
Table 5.
ADF stationarity test results for each variable.
Table 6.
Test values for determining the lag order of the VAR equation.
Table 7.
Granger causality test results.
Table 8.
Cointegration test results.
Fig 3.
Distribution of characteristic roots of VAR model.
Fig 4.
Impulse response analysis diagram.
Fig 5.
Variance decomposition analysis chart.
Table 9.
Variance decomposition results.
Fig 6.
Impulse response analysis chart after changing the RMB internationalization indicator.