| In2008, the US sub-prime crisis eventually led to global financial crisis, which exposed latent defects of the present dollar-oriented monetary system. In this financial crisis, the main international currency such as the exchange rate of dollar. Euro and yen have plunged and fluctuated wildly, which has brought great exchange risks to the global trade finance payment and has destabilized the economy of every countries. The need to reduce the currency risk to various economies calls for a revolution in the International Monetary System.With the development of China’ s economy and foreign trade, our country has already passed Japan to become the second largest economy in the world. However, the international standing of RMB is not consistent with this situation. In recent years, with the increase of our economy, the RMB exchange rate is still rising steadily. And the rising demand for RMB of other countries reflects RMB’ s increasing scale-up with surrounding countries’ s frontier trade. Under this background, internationalizing of RMB is cannot be avoided.As the first step of RMB internationalizing, the pilot RMB settlement of cross-border trade has officially launched on the first of July,2009. Although it essentially is just the valuation and settlement of trade, it is the most important step to improve our country and others’ economic and commercial development. After than, we also introduce a package policies to improve RMB settlement of cross-border trade development.This article concluded and expanded the studies both at home and aboard, used large amounts of data and charts on the qualitative and quantiative analysis; meanwhile, this article combined the theoretical with the emprirical analysis to conclude deeper analysis and more persuasive arguments.This article will be divided into seven parts, and the main points are as follows:The first is the introduction. It will introduce the practical significance, methodology, innovative points and difficulties of this research.The second chapter is the literature review. First, it will introduce relevant theories and concepts of currency internationalization, its conditions and metrics respectively. Second, it is the literature review of RMB internationalization. It will introduce its relevant theories and concepts. Besides, it will analyze the conditions, necessities and strategies of RMB internationalization. Then, it is the literature review of RMB internationalization RMB settlement of cross-border trade. And it will state monetary choosing theory of cross-border trade settlement as the basis. Finally, it will state relevant concepts of offshore finance and explain the way of cross-border trade settlement forcing the RMB offshore market.The third chapter described the background of the RMB internationalization process in its cross border settlement.The forth chapter will mainly put the implement of RMB settlement of cross-border trade after2008international financial crisis in our country as the starting point. It will analyze the present situation and constraints of our country’s cross- border trade settlement. Although RMB settlement of cross-border trade experienced a rapid development, its scale is still limited and also have some constraints.The fifth chapter, it will do system analysis on total trade, inflation rate, speed of macro economic development and relevant policies based on relevant theories. Taking it as the basis, it will mainly reveal the factors of our RMB settlement of cross-border trade development from the theoretical level. It will discuss its dynamic relationships with other factors from the empirical level through model building.The sixth chapter evaluated the model’s independent variables, which selected as important influencing factors of the RMB’s cross-bordering settlement, advised on its future development accordingly.The last part concluded the above descriptions, evaluations and suggestions, as well as prospected the future development trend of RMB’s cross-bordering settlement. |
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