Research On The Development Of RMB Cross-border Trade Settlement

Starting from a country’s foreign trade using local currency denominated balance sheet is to show the strength of the national currency,it’s a country beginning to open international currency.Both from the theoretical basis or from historical experience,currency internationalization need to start cross-border trade settlement,currently the world’s major developed economies have gone through this stage.The current global financial crisis towards the development of a multipolar international monetary competition,major international currencies sharply turmoil in the world economy in the doldrums,however,China’s economy has maintained rapid growth,the Renminbi keep stable,rising international status of the yuan,Looking to increase predictability situation whereby the RMB as an international currency diversification in a pole;at the same time,in recent years,driven actively by the Government,although cross-border RMB trade settlement toward the good momentum of development,to promote the international use of the renminbi,prompting RMB success "into the basket," but the problems facing the endless enhanced the rising difficulty of financial reform,"trilemma" dilemma is the problem our government had to face,increasing the difficulty of macroeconomic regulation and control.Thus,a series of in-depth study of the issue of RMB cross-border trade settlement development,how to continue to promote their breakthrough,have become China’s current research focus.This paper summarizes the domestic and foreign scholars on the latest theories and research trade settlement currency,on the currency substitution theory,the theory of floating exchange rates,Krugman and optimal currency area theory in-depth inquiry,from the system at the institutional level,the extent and development of financial markets and other relevant factors,analyzing China’s current new situation,the RMB settlement business is currently developing and emerging issues in the analysis on development path of internationalization of the yen,according to international experience analysing recent data,summarizing the current constraintsderived factor in the development of the RMB settlement is:China’s foreign trade enterprises in the international division of labor is low status,international discourse settlement currency is weak;China’s domestic financial development low level,related service facilities are not conducive to the efficient development of the RMB settlement business;offshore offshore centers imperfect,uneven distribution of offshore renminbi market,not active;major international currencies,the dollar,the euro,are still overwhelmingly dominant,global economies on using inertia and trading habits of international currency is still difficult to change in the short-term.Conduct research on the constraints factors arising in the course and make policy recommendations for the timely issue of future policy makers and relevant government departments to make a useful thinking and learning.In The next stage,we can continue strengthening inter-governmental international monetary cooperation,facilitating foreign trade enterprises to strengthen their competitiveness and expanding in onshore and offshore renminbi market in a bid to further promote business related development.