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Research on RMB Settlement of Cross-border Trade

Author: WuShaoDong
Tutor: DengLiLi
School: Dongbei University of Finance
Course: International Trade
Keywords: RMB Cross—border Trade currency of settlement internationalization
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 456
Quote: 1
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In 2007 the US subprime mortgage crisis broke out, leading to the global financial crisis, on the one hand, financial crisis makes the US financial system into debt and credit crisis, reflected in the international trade market, as a major currency of valuation and settlement,the US dollar liquidity tightens, which led to the trade settlement is difficult to achieve smoothly; on the other hand, the financial crisis spread quickly across the entity economy, a lot of enterprises in the Europe and other developed countries bankrupt, a large number of unemployed workers, which leads to lack of external demand of trade, international trade obvious dropped in the world, China’s Foreign trade has suffer badly impact. At the same time, the financial crisis also show the currently dominated by the dollar’s international monetary system vulnerability and unreasonable, there are a loud voice to build a more reasonable and balanced international monetary system.After the crisis, the US dollar exchange rate fluctuations, domestic and foreign enterprises in order to avoid the risk of exchange rate, hope to be able to adopt a more stable currency for international trade settlement.In this condition, for recovery and development between the China’s trade with other countries in trade, on July 1,2009, the people’s bank of China in conjunction with the Ministry of Finance, the Ministry of Commerce and the General administration of Customs, State Administration of Taxation and the China Banking Regulatory Commission, release Administrative Rules on Pilot Program of RMB Settlement of Cross—border Trade Transactions, which pulled the cross-border trade RMB curtain, in the same year on July 6, cross-border trade RMB start in Shanghai and other five cities, on August 24,2011,officially opened in, the six ministries expand the domestic regional to entire country, outside the country, also covered the world. Cross-border trade RMB settlement of pilot launch and expand, is not only our response to deal with the international financial crisis on international trade in China, but also it is our government step by step to promote an important measure of RMB internationalization, RMB to be used in the international trade important.This paper followed:the feasibility and necessity of cross-border trade RMB settlement, cross-border trade RMB settlement pilot status-the limiting factors to promote the development of cross-border trade RMB settlement-put forward policy suggestions of cross-border trade RMB settlement, conduct a systematic analysis of the issue.This paper is divided into four parts to issues the details:first of all, through the international currency of choice theory research and study, discusses the decision factors on currency choice and point out that if RMB want to develop as a major settlement currency there are a lot need to do, which include reduce the RMB trading costs, improve our export enterprise product quality, improve export enterprise pricing and bargaining power, speed up the construction of the financial market. Second, through combining the current economic environment in China, analysis the feasibility of cross-border trade RMB settlement, from the historical factors, policy factors, economic factors and mechanism factors four angles that argument that cross-border trade RMB settlement launched in the right time. At the same time, through the analysis of the status of RMB pilot cross-border, summed up the pilot brought us positive effects:improve the international trade facilitation and the growth of international trade; the pilot also speed up the construction of the Hong Kong international financial center; facilitate enterprise to avoid exchange rate risk and financial accounting; help companies to save and reduce the cost of exchange and financial derivatives transaction; accelerate the speed of enterprise trade settlement and the efficiency use of funds, reduce the staff job difficulty; enrich the bank business varieties and promote the bank business level and international competitiveness. The paper pointed out emerging issues:cross-border trade RMB import and export asymmetry, there is existing large-scale deficit; cross-border trade RMB settlement pushed up China’s foreign exchange reserves.Policy layer upon layer, the enterprise bite the bullet. Again, discusses the several restrictions factors on RMB settlement of cross-border trade:the existence of RMB capital and financial controls, China’s exchange rate reform is not in place, the interest rate marketization is not perfect, currency RMB two-way choice inertia and the flow channel not smoothly. China is in the lower end of the international division of labor, our export products are substitutability easily and processing trade accounts for higher proportion, the enterprises in China does not have the currency of settlement options. Finally, combined with the theory of front and the problems and limiting factors,I put forward the corresponding policy recommendations:reduce the transaction costs of the RMB; Improve the product quality and non-substitutability of the export enterprise,in order to make the enterprise have big pricing ability on product; to further improve the RMB exchange rate formation mechanism,accelerate the speed of interest rate marketization.Open capital and financial project, connecting the RMB two-way flow channels, the market construction of offshore RMB, according to business requirements issued corresponding policies and measures to straighten out the relevant policy cohesion between process; Continue to deepen regional monetary cooperation.Compared to other scholars’research achievements, this paper innovations include:firstly, include 2011 cross-border trade RMB settlement related data, the time span is longer and update, more accurately reflect the new situation since the pilot appeared; secondly, compared with the previous research,the final part of the policy proposals is based on the above analysis which have more pertinence.Due to access the relevant information and tools is difficult, personal theoretical knowledge remains to be strengthening and other reasons, this paper still deficiency:the one is due to material limited and the data is not latest, individual aspects without specific data and charts to assist. The other is due to consideration is not comprehensive, the proposals put forward can not solve all the problems. These are expected to be improved in the future study and research.

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