Research On RMB Settlement Mode Of Cross-Border Trade

October 8, 2015, the RMB cross-border payment system(the first period) successfully launched on the line, marking the internationalization of the RMB has taken a landmark step. Since 2009, the people’s Bank of China has gradually introduced a series of policies and measures to support the use of RMB cross-border trade and investment, deepen bilateral monetary cooperation. As of the end of 2014,China has handled cross-border trade in RMB clearing business 6.55 billion yuan, and the occurrence of cross-border RMB settlement reached 189(excluding Hong Kong, Macao, Taiwan and other overseas regions). As of the end of june 2015, China has established a cross-border RMB clearing arrangements in 15 countries and regions, covering Southeast Asia, the Middle East, Western Europe, South America, North America and Oceania, etc.. The establishment of the RMB clearing arrangements, not only to promote the use of RMB cross-border trade settlement currency in these countries and regions, but also conductive to the facilitation of trade and investment. At this stage, China has gradually formed a settlement method, which is based on the agency model, the clearing bank mode and the RNA mode of the foreign institution. Among them, the liquidation of agency model and clearing bank mode are the larger size of the settlement, and the use of foreign institutions RNA model is relatively small. The coexistence of many kinds of settlement patterns, although it is conducive to the growth of the RMB settlement amount of cross-border trade, but also brings the confusion of the liquidation order and the difficulty of supervision and other issues. China’s RMB cross-border payment system(the first period) is just on the line running, compared to other international currency clearing system, there is a lot of room for improvement. Therefore, this article will focus on the current cross-border trade RMB settlement model related issues, and for the development of China’s RMB cross-border payment system put forward reasonable proposals. The research content of this paper mainly includes the following six parts: the first part briefly introduces the research background, research significance and literature review and other related content. The second part respectively from the domestic and international two angles to carry on the development course of the cross-border trade settlement model. The third part introduces the current situation and development background of China’s current cross-border trade RMB settlement model, and compares the agency bank model, the settlement bank model and the RNA account model of overseas institutions. The fourth part analyzes the problems existing in the current cross-border trade RMB settlement model, including the low liquidation efficiency, the difficulty of supervision and the settlement process is limited. The fifth part mainly takes the dollar, euro, Japanese yen and pound as an example, and summarizes the international practice and Enlightenment of the cross-border trade settlement model of the major developed countries in the world. In the sixth part, summarized on the basis of previous research, pointed out that the future of cross-border RMB payment liquidation of the development direction, and from entity, financial and regulatory aspects to improve cross-border RMB trade settlement system put forward reasonable suggestions.