Fiscal policy, crowding-out effect, unit root test, cointegration, error-correction model, C22, E62,

The renminbi is currently undergoing a process of internationalization which has raised fundamental questions about the evolution of the international monetary system and the dominance of the US dollar. In this article, we assess how far the renminbi has travelled down the internationalization road and analyse the possibilities for it challenging the role of the US dollar in the future. We utilize Cohen's (1971) taxonomy to document the current dimensions of renminbi internationalization. Looking forward, we briefly summarize three common approaches to analysing currency internationalization, and propose a new approach. We argue that renminbi internationalization should be seen as a response to crises, first the Asian financial crisis and then the global financial crisis. As such, we argue that current internationalization has been driven by short-term problem solving rather than a coherent long-term strategy. The current path of RMB internationalization is best described as one of 'currency normalization' rather than 'currency dominance'.

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Colorectal cancer (CRC) is a prevalent malignant tumor with a poor prognosis. Circular RNA (circRNA) circ_0007334 is related to cell proliferation in CRC. This study is designed to explore the role and mechanism of circ_0007334 in CRC progression. Circ_0007334, microRNA-577 (miR-577) and kruppel-like factor 12 (KLF12) levels were measured by real-time quantitative PCR (RT-qPCR). Exosomes were detected by a transmission electron microscope and nanoparticle tracking analysis (NTA). CD63, TSG101, matrix metallopeptidase-2 (MMP-2), MMP-9, VEGFA and KLF12 protein levels were examined by western blot assay. The binding relationship between miR-577 and circ_0007334 or KLF12 was predicted by circRNA interactome or Starbase and verified by a dual-luciferase reporter and RNA immunoprecipitation (RIP) assays. Cell viability, colony number, migration, invasion and angiogenesis were detected by cell counting kit-8 (CCK-8), colony formation, wound healing, transwell and tube formation assays. The biological role of circ_0007334 was examined by the xenograft tumor model in vivo. Circ_0007334 and KLF12 were increased, and miR-577 was decreased in CRC tissues and cells. Also, circ_0007334 expression was upregulated in CRC cell-derived exosomes. Circ_0007334 deficiency repressed cell viability, colony formation, migration, invasion, and angiogenesis in CRC cells. Mechanically, circ_0007334 could regulate KLF12 expression by sponging miR-577. Circ_0007334 downregulation or exosomal circ_0007334 silencing blocked CRC tumor growth in vivo. These results presented that circ_0007334 deficiency exerts a tumor-suppressor by the miR-577/KLF12 axis in CRC, and indicated that exosomal circ_0007334 could hinder CRC tumor growth and angiogenesis in vivo. Our findings provided a novel therapeutic strategy for CRC. Anti-Cancer Drugs 33: e409-e422

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