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This thesis is an initial attempt to investigate the relationship between the currency internationalization process and the financial markets development by driving a key study of the Chinese renminbi.China started to consider alternative policy instead of the exporting led police after the Asian financial crisis 1997 though it didn’t affect the Chinese economy but the government moved towards the new policy of renminbi internationalization in 2007 with the Creation of Dim Sum bonds and offshore renminbi bond market.In this paper,there is a breakdown of three-folds First,the liberalization of the capital market from strict controls following with china’s opening up to promote the renminbi as international currency.Second,framework that analyzes the implications of renminbi internationalization;this part exploits data of a recent period to interpret three main issues:the role of boosting the financial markets liquidity in accelerating the Renminbi internationalization process using SOL regression model in line with bivariate correlation to state the positive relation between the two variables.Finally,given its size and economic clout,China adopted a unique approach to the renminbi’s role in the global monetary system "capital account liberalization with Chinese characteristics." As with virtually all other major reforms,China has used unconventional measures to promote the ascendance of the renminbi in the international economy.Structural changes in the world economy and the ’rise of the rest’,reinforced during the financial crisis,are likely to prompt the rise of new reserve currencies.The renminbi’s rise will continue even if China’s authorities do not implement market-driven reforms of financial and monetary policy but the Chinese government has to consider the renminbi store of value since the recently the private sector demanded renminbi denominated assets with high hope of ever-appreciating trend but the renminbi entered a depreciation trend since 2016.the demand seemed to be getting lower for renminbi as apart of foreign reserves.