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The Impact of the RMB Settlement of Cross-border Trade on RMB Internationalization

Author: ZhangYangJie
Tutor: YaoXiaoYi
School: Hunan University
Course: Finance
Keywords: cross-border trade RMB settlement RMB internationalization
CLC: F832.6
Type: Master's thesis
Year: 2012
Downloads: 74
Quote: 0
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Abstract


Since the reform and opening up, China’s economic growth continued andforeign trade expanding. But in recent years, The U.S. outbreak the subprimemortgage crisis and The euro area outbreak the sovereign debt crisis. In the globalizedworld, China’s economy has been affected in a certain degree. The U.S. dollar as theinternational currency, The U.S. domestic risk is passed by the dollar paradox andspread to the global. As China’s largest trading partner, The euro area outbreak thesovereign debt crisis which made the euro fell sharply. Europe’s economy has been hithardly. So far the international currency status of the dollar and the euro began towaver. For China, RMB is not the international money, China’s trade with majorcountries use the dollar and the euro to settle which impact China’s macro-economicand national wealth. If the RMB as an international currency, China’s enterprises canuse RMB to settlement directly in foreign trade, which not only can reduce the riskof corporate transactions but also can reduce the cost of business transactions. In Theglobal economic turmoil, the international monetary system is required to reshapebackground, the Chinese government launched a timely cross-border trade RMBsettlement which taken the first step of the internationalization of the RMB.The direct purpose of cross-border trade RMB settlement is to protect thedevelopment of China’s foreign trade. At the same time,it had a certain impact on thethe RMB internationalization.First, the author introduces the status of cross-bordertrader RMB settlement business from for aspects. Second, we qualitative analysis theimpact of the RMB settlement of cross-border trade on RMBinternationalization,which include the qualitative of the stock of RMB outside and theinternationalization of the RMB bond business. In the chapter four we conducte theempirical analysis, including the impact of RMB settlement of cross-border on theChina’s foreign trade, the impact of RMB settlement of cross-border on RMB foreignexchange transactions and the impact of RMB settlement of cross-border on RMBreserve status. The author concluded through empirical analysis that the smoothdevelopment of cross-border RMB settlement business has a positive impact on theinternationalization of the RMB. Therefore, the author proposed the smoothdevelopment of policy recommendations to promote cross-border trade RMBsettlement business from the following four aspects, streamline business processes in order to improve the efficiency of RMB settlement, widen RMB output and returnchannels, deepening the reform of the RMB exchange rate formation mechanism andgradually improve the financial market, improve microeconomic maincompetitiveness.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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