The Research On Factors Of Payment Imbalances Of RMB Settlement Of Cross-border Trade

After the outbreak of the financial crisis, the drawbacks of the existing international monetary system emerged in this context. International market exchange rate volatility, our country and neighboring countries and regions of the enterprises have expressed the wish to use the RMB for trade settlement. the RMB as an international currency voice rising. Since 2010, China for the first time surpassed Japan to become the world's second largest economy, the share of global trade of the further sudden increase, a powerful economic strength significantly enhance the social status of our international. Since the cross-border trade RMB settlement pilot full scale RMB settlement presents rapid growth state of affairs, cross border trade in RMB has become an important indicator of economic development. the internationalization of RMB attracted worldwide attention. However, while the scale of cross-border trade RMB settlement has a rapid development. the cross-border trade RMB settlement consequent payment imbalances gradually attracted widespread concern academia, the RMB settlement of cross-border trade and the amount of paid-in disbursements state the period from 2009 has been in imbalance, It is not conducive to the goal of internationalization of the RMB. Payment imbalances has become an urgent need to solve our problems. Therefore, the current understanding of the development situation of cross-border RMB trade settlement, research problems payment imbalance factors affect a very important practical significance.Based on all above, a systematic analysis of cross-border trade RMB settlement payment imbalances has been given based on the basis of existing billing currency options theory. Articles start with the theoretical level reveals factors affecting the RMB settlement of cross-border trade and payment imbalances, followed by the cost of settlement currency, currency risk, business negotiation skills and the perspective of international status from a money issuing country. Than use the cointegration test, the impulse response function and variance decomposition of the empirical method to verify the influencing factors in cross-border trade RMB settlement of payment. The empirical results found that the market share of international trade, expected exchange rate changes, the relative rate of inflation, the development of the offshore market are factors that affect the RMB settlement payment change. In the short term, the expected exchange rates and the development of the offshore market has the largest impact on payment changes. Finally, by means of empirical results, on the promotion of the healthy development of cross-border trade in RMB and RMB internationalization smoothly this paper put forward the corresponding policy recommendations.