The Practice Of RMB Cross-border Settlement In Xinjiang

RMB is used in cross-border settlement, it is means that RMB in foreign trade asa valuation and settlement currency, and qualified investors is allowded to direct ininvestment of RMB. Settlement of the pilot is the important strategic in order to dealwith the international financial crisis,to rejuvenate the export. Because of Xinjiang islocated in the western border, has the unique advantage of location and trade, is theimportant open land passage to the west of China, is the safe land passage of energyimports in future, as well as the centre of the western development strategy. At thesame time, xinjiang has17of the first port,12of the second class port, the boomingport-economy and the development of counter-trade need to seek a way to avoid thehigher risk of exchange rate fluctuation, with the great-leap-forward developmentstrategy in put forword, requires Xinjiang to speed up to catch up with China'sdevelopment pace, which need to various efforts. October29,2010,Xinjiang isformally into the cross-border trade and investment pilot province settle in RMB,from whole, it will effectively to avoid the exchange rate fluctuations risk caused bysettling in dollar in foreign trade of Xinjiang,to reduce the enterprises's cost of importand export, to promote the development of foreign trade and the great-leap-forwarddevelopment strategy smoothly realization. Since the pilot work start to the end of2011, the additional cross-border settlement amount is more than RMB260billionyuan, leaps to the second between in eight border regions, the RMB settlementdevelop well. This paper is divided into five parts, mainly from the view of the fivecentral Asian countries,from the reality basis and favorable conditions of the RMBcross-border settlement in Xinjiang, using method of literature analysis, combiningqualitative and quantitative analysis, comprehensive analysis the present situation ofRMB cross-border settlement and benefit, according to the risk and the existing problem of the cross-border settlement, puts forward the purpose to promote RMBcross-border settlement in xinjiang.