Research On The Problems Of Promoting The RMB Settlement Of Cross-border Trade In Xinjiang

In recent years, the economic and trade between Xinjiang and neighboringcountries and regional has been an unprecedented development. RMB circulation inCentral Asia is becoming increasingly important. Especially，after Proposed toXinjiang to "leapfrog" development by Zhang secretary, strengthening economicintegration with Central Asian countries and Implementation of the RMB surroundingregionalization is one of the problems to be solved by who in the financial sector inXinjiang. Because of this, in the concept of policy pilot, The State has developed aseries of policies and regulations to promote the RMB settlement of cross-border tradeand investment in Xinjiang. The State Council Approved and launched pilot projecton RMB settlement cross-border trade and investment in Xinjiang in2010. Then, in2011, Six central ministries of the People’s Bank of China, General Administration ofCustoms, the CBRC, the Ministry of Commerce, Ministry of Finance andAdministration of Taxation and the People’s Government of Xinjiang UygurAutonomous Region effort to promote the currency function in the RMB settlement ofcross-border trade and investment in Xinjiang to make it play a major role in boostingthe economy of Xinjiang as a whole.This article is standing against this historical background and opportunity. On thebasis of define the concept of RMB settlement of cross-border trade, The paperlimited accurate range for the exposition of the full text. In the demonstration fromdenominated in the currency of choice theory by Grassman and the necessity andfeasibility of promoting the RMB settlement of cross-border trade in Xinjiang, It laida solid theoretical and practical basis for promoting the business. On the basis ofreviewing the history of the RMB settlement of cross-border trade in Xinjiang, as thestarting point in the status quo of policies and systems in this regard and settlementbusiness in Xinjiang, it explores the micro-macro problem on the RMB does notbecome denominated in the currency of settlement by analyzing the characteristics ofthe RMB settlement of cross-border trade in Xinjiang in the long-term developmentprocess. At the same time, it combines with the experience and enlightenment in theaccumulation in the process of promoting RMB settlement of cross-border trade inVietnam and Mongolia. And then it puts forward propulsion strategy. From the current or long term, it has a very important practical significance to make RMB as aregional pricing and settlement currency. It is also close economic and trade relationsbetween China and neighboring countries in Xinjiang. It even is one of importantnational strategy of China’s further participation in international economic affairs.