Research On Cross-border RMB Trade Settlement In Hainan

Since the reform and opening up, with the strengthening of economic and comprehensive strength, China has gradually become the world’s economic power. With the regionalization of RMB, and constant maturity of international conditions, China has entered the process of internationalization of RMB. To become an international currency, the RMB has to gradually become the settlement currency, investment currency, reserve currency. RMB settlement of cross-border trade means that in the international trading system, RMB, is not a valuation currency any more, but a settlement currency. In July 2009, The people’s Bank of China and other six ministries jointly issued< Measures for the administration of RMB settlement of cross-border trade> and< Detailed rules for the implementation of the pilot management measures for the RMB settlement of cross-border trade>, indicating that China’s cross-border trade RMB settlement officially launched in the whole country.As Hainan is China’s largest provincial special economic zone and the only provincial special economic zone, the development of RMB settlement pilot in cross-border trade plays a vital role in promoting the development of the tourism industry in Hainan province. At the same time, in international foreign trade, enterprises in Hainan Province will enjoy more convenient settlement.First of all, the paper describes the background and significance, the content, methods and main innovation points of the research on the RMB settlement of cross-border trade in Hainan Province; then, it makes a brief comment on the related theories and literatures about the RMB settlement of cross-border trade; then it analyzes the current situation of RMB settlement of cross-border trade in Hainan Province, including:the favorable conditions for the settlement of cross-border trade in Hainan Province, the development process, progress and scale, the basic characteristics of cross-border trade in Hainan Province, the internal and external influencing factors. Through the above analysis, combined with the actual situation in Hainan Province, the paper puts forward some countermeasures:1. Optimize the economic structure, improve the level of trade development; 2. Promote the opening of capital projects, increase RMB financing channels for offshore investment; 3. Improve the RMB payment and settlement system; 4. develop the offshore RMB market vigorously; 5. Improve supporting measures, enhance the coordination of various departments.