Between the 1960s and the 1980s, with the development of the Euro-dollar as well as other foreign bond markets, there emerged a great number of researches on related subjects. Some of them focused on the impact of Euro-dollar bond market on US dollar internationalization, providing us with the literature basis to understand the relation between the development of international bond market and currency internationalization. In the late 1990s, due to the outbreak of the Asian financial crisis, focuses of many researches on international bond market shifted gradually to the development of Asian bond market. Moreover, after the global financial crisis in 2008, the call for a reform in international monetary system became stronger, and the internationalization of RMB continued to progress. Among researches on the functions evolution of the RMB internationalization, there are also some studies concentrating on the impact of RMB international bond market on RMB internationalization. This paper reviews the historical development of the field of research, concentrating on the impact of international bond markets on currency internationalization, so as to summarize related literature into three aspects: the relation between the development of international bond market and currency internationalization, the development of Asian bond market and Asian financial cooperation, and the development of the RMB international bond market as well as the internationalization of RMB. This paper believes that the development of the RMB international bond market can provide smoother channels of RMB outflows and returns under the capital and financial accounts, which will help to lay a more solid and lasting foundation for RMB internationalization.
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