Research About China-Asean Cross-border Rmb Payment Platform Problem

Under the today's economy of world globalize intensifying,the scale and scope of cross-border trade is increasing.As an country whose economic dimension ranked second in the world,Chinese powerful political and economic strength can make RMB play an indispensable role in cross-border trade.In recent years,the implementation of the "One Belt And One Road" strategy and RMB officially joined the SDR and other major events quickened the pace of RMB internationalization gradually.However,in the face of the dollar,euro and other currencies in global cross-border trade occupies more than 80%of the payment and settlement ratio,and strict control of the domestic financial system,the process of RMB internationalization is still facing many difficulties.Our country set up the RMB cross-border experiment for payment and settlement in 2009.In 2013,In order to develop the economy of the border region and facilitate the trade with asean countries,our government decided to set up border financial comprehensive reform experimental area in Yunnan and Guangxi Zhuang Autonomous Region,which the borders have close trade with asean countries.Border financial comprehensive reform experimental area is located in the border areas,belong to the area of trade with asean countries frequently,in geographical has good cross-border trade conditions.Under the condition of the background,border financial comprehensive reform experimental area government combined with various preferential policies to actively promote RMB cross-border payment and settlement in cross-border trade,vigorously promote the regionalization of process,allowed the radiation scope of RMB expanded in the asean region.In October 2015,the RMB cross-border payment system(CIPS)ran,greatly improved the efficiency of cross-border RMB payment,for the use of RMB in cross-border trade enterprises and financial institutions to provide the convenience.These actions have improved the surrounding countries in cross-border trade with our country to use RMB for payment and settlement.In this paper,we analyzed the related research results about the cross-border RMB payments at home and abroad under the background of the current cross-border payments in the border financial comprehensive reform pilot area.We found the defects of the cross-border RMB payment status in the border financial comprehensive reform pilot area with the consideration of RMB cross-border payment platform in our country and RMB cross-border payments in ShanghaiFree Trade Zone and Hong Kong offshore RMB market.After the research about strategy on RMB cross-border payment from the cross-border trade enterprises and commercial banks through the evolutionary game model,we can come to the conclusion that:Game each other's strategy,the commercial banks' poundage,the income of the commercial banks from extra traffic,the rate risk from the low efficiency of exchange,the tax income gained by cross-border trade enterprises to choose the commercial banks,the costs of RMB transportation,the commercial bank settlement costs,the fees cross-border trade enterprises to choose other channels and funds safety risk cost can all affect the strategy choice of cross-border trade enterprises and the commercial banks.Finally,according to the above factors,the paper puts policies and recommendations to the financial comprehensive reform experimental area government for designing cross-border RMB payment platform.