The System Construction For RMB Internationalization In "Belt&Road" Energy Trade

As a new type of international cooperation initiative,"Belt & Road" is a new breakthrough for China and even the whole world.The successful implementation of the "Belt & Road" initiative is an opportunity for RMB internationalization.This is because the advantage of "Belt & Road" foreign trade has promoted the participation of more fields such as infrastructure construction,service industry,energy resources and manufacturing industry.In this way,more large-scale RMB circulation can be achieved internationally and RMB internationalization can be accelerated.As a country with huge energy consumption,China’s demand for energy is self-evident,which makes China highly dependent on energy imports.Countries along the "area" are rich in energy resources.Contrarily,China energy reserves is relatively poor,but capital is abundant,therefore,China have enough capital to buy "neighbourhood" all the way along the nation’s energy resources to meet the needs of the domestic economic development of our country.The complementarity between the "Belt & Road" route and China’s economy makes the energy trade between the two sides an important opportunity to promote each other’s economic development.Starting from the energy trade between China and countries along the "Belt & Road",this paper explores the relationship between energy trade and currency internationalization through in-depth analysis of the internationalization of the us dollar,and seeks for the enlightenment of the dollar internationalization on the legal construction of China’s RMB internationalization under the background of "Belt & Road".Specifically,the structure and main contents of this paper are as follows:First,according to the current energy situation of countries and regions along the "Belt & Road" and China’s energy trade potential,the conditions and advantages of energy trade between the two sides are expounded.Secondly,the mutual relationship between international energy trade and currency internationalization is summarized.On the one hand,international energy trade can promote the internationalization of RMB;on the other hand,currency internationalization also has certain impetus to international energy trade.Finally,starting from the advantages of energy trade between China and countries along the "Belt & Road",this paper points out the legal requirements for China to promote the internationalization of RMB.Therefore,in order to promote the internationalization of RMB through the "Belt & Road" energy trade platform,it is necessary to establish and improve the supporting legal system.The second chapter mainly seeks the meaning of the enlightenment of the legal system construction of international energy trade and dollar internationalization to our country.This chapter first discusses U.S.energy trade and the Construction of International Legal System for the Internationalization of US Dollars through the analysis of the United States and Saudi Arabia on oil trade secret agreement signed by international role against the dollar.Secondly,it analyses the domestic legal system construction of US energy trade and US dollar internationalization.At last,according to the development process of US energy trade and US dollar internationalization,this paper analyses the reference significance of US dollar internationalization to our country,so that we can learn from the legal construction of US dollar internationalization in energy trade to better promote RMB internationalization.The third chapter explores the international legal construction of RMB internationalization in "Belt & Road" energy trade.To realize the internationalization of RMB,the international attraction of RMB should be enhanced.From the perspective of law,the international approaches to promote RMB internationalization through "Belt & Road" energy trade are as follows: China may sign agreements with governments or monetary authorities of countries along the "Belt & Road" to settle energy trade in RMB.And China can also sign currency swap agreements with countries along the "Belt & Road".Based on bilateral energy storage capacity and the differences in domestic demand for energy,the swap is not only beneficial to those countries’ energy exports,and to a certain extent,can make up for our domestic energy demand brought by the sustained growth of energy consumption.In addition,yuan-denominated settlement system also has a positive impact on the internationalisation of the renminbi in China.The fourth chapter takes the implementation of the "Belt & Road" initiative as the background to explore the domestic legal construction of RMB internationalization through the energy trade between China and countries along the "Belt & Road".In order to improve the international attraction and competitiveness of China’s RMB,it is necessary to eliminate the factors that are not compatible with the internationalization of RMB in China’s domestic legal system.Firstly,it is about the free convertibility of the capital account.At present,China is making steady progress in the capital account,but the degree of capital control is still high,which is a big obstacle to the implementation of RMB internationalization.Second,the institutionalization of the exchange rate market needs to be consistent with the process of RMB internationalization.In addition,the opening of China’s financial market is also a major obstacle to the internationalization of the RMB.Therefore,it is necessary to improve the openness of the financial market and establish a financial market supervision system.Finally,the launch of China’s crude oil futures contract in March 2018 is also very important for the internationalization of the RMB.Apart from strengthening domestic legislation,a special system should be established to better integrate the promotion of RMB internationalization by "Belt & Road" energy trade.