Research On The Evaluation Of RMB Cross-Border Settlement Efficiency And Its Influencing Factors

From the trial of RMB cross-border settlement in 2009 to the inclusion of RMB in the SDR currency basket in 2016,the road to internationalization of the people is steadily moving forward.In the progress,the status of RMB cross-border settlement is obvious.Although the scale of cross-border settlement of RMB is gradually expanding,its efficiency is still at a low level.This is largely due to the relatively late start of China's RMB cross-border settlement business,and the incomplete facilities,systems,personnel.So,there is a significant loss of efficiency.In addition,due to the large differences in the recognition of China's international status among countries and the differences in political relations between countries and China,the efficiency of cross-border settlement using RMB varies greatly among countries.Therefore,it is of great significance to estimate the efficiency of RMB cross-border settlement and analyze the influencing factors of the efficiency of RMB cross-border settlement,which is of great significance for improving the efficiency of RMB cross-border settlement and promoting the internationalization of RMB.Through combing and summarizing the related research,this paper based on the theory of settlement currency selection theory,and then described the RMB cross-border settlement status from the aspects of the scale,structure and scope of RMB cross-border settlement,and analyzed the current problems..Then construct indicators and establish a stochastic frontier model.First,analyze the frontier level of RMB cross-border settlement and estimate the current level of efficiency.Then further empirical analysis of the factors that affect efficiency,and draw conclusions based on the analysis results.Finally,the basis of analysis the text on the front,summarizes the results and draw relevant recommendations to improve the RMB cross-border settlement efficiency in accordance with the conclusions.This paper takes 73 countries and regions from 2010 to 2014 as the research object,first selects cross-border settlement amount,bilateral distance,exchange rate,trade scale,bilateral GDP and other factors to construct a stochastic frontier model,and conducts cross-border settlement frontier level and efficiency of RMB.Through the analysis of the results,it can be found that:(1)At present,the overall level of RMB cross-border settlement efficiency in China is low,indicating that there is still much room for RMB cross-border settlement efficiency.(2)The cross-border settlement efficiency of RMB varies greatly among countries,which indicates that there are different artificial obstacles in different countries.(3)The efficiency of cross-border settlement of RMB has been rising year by year,which shows that the facilities and systems of various aspects of RMB cross-border settlement in China are continuously being optimized.After calculating the efficiency,this paper further analyzes the impact of financial infrastructure,economic freedom,and other indicators on the cross-border settlement efficiency of RMB.Through empirical analysis,we can improve the financial infrastructure,increase the freedom of trade in China,sign bilateral currency swap agreements,and increase the level of development of the offshore market,which will promote the cross-border settlement of RMB.According to how to improve the efficiency of cross-border RMB settlement,this paper puts forward the following suggestions,(1)improve the RMB cross-border settlement infrastructure;(2)improve the RMB cross-border settlement infrastructure;(3)promote the signing of the bilateral currency exchange agreement;(4).to develop offshore RMB market;(5)raise the international recognition of RMB.