Research On The Influencing Factors Of Cross-border RMB Settlement

The internationalization of RMB is an important strategic arrangement in China's opening to the outside world,and the role of cross-border RMB settlement as the basic component of the internationalization of RMB is self-evident.In 2009,China began to carry out the pilot of cross-border RMB settlement business(hereinafter referred to as "business").Since the pilot,the business has developed rapidly in scale,region and structure since the pilot.From the point of view of the sustainable development of business,the growth rate of cross-border RMB settlement in2010-2014 years has continued to decline,but the overall performance is the trend of growth.At the end of 2014,the cross-border settlement amount is 6 trillion and 600 billion,which is nearly 2000 times that of the pilot year.However,with the continuous depreciation of RMB in 2015,cross-border RMB settlement increased at the same time,and there was a negative growth year by year.The settlement of cross-border RMB has stagnated,which is contrary to the development of RMB internationalization strategy.This paper tries to explore the important factors that affect the cross-border RMB settlement in the current background,and break through the factors that mainly focus on the RMB settlement in cross-border trade,and re examine the influence factors of the cross-border people's currency settlement from the trade perspective,the financial perspective and the trade and finance.This paper analyzes the mechanism of these factors under the common influence,and finally finds the way to solve the sustainable development of cross-border RMB settlement,so as to provide a dynamic basis for the realization of the internationalization of the RMB.This paper first summarizes the existing business problems through the analysis of the theory and the status quo,and then uses the monthly data of January-2018 in January 2010 to construct the VAR model.From the trade perspective,the financial perspective and the trade and finance perspective,this paper examines the different directions and processes of these factorson the cross-border RMB settlement under the external environment.The final conclusion is obtained by the influence of degree.First,trade scale and scale of financial assets are still the foundation of cross-border RMB settlement.Secondly,from the trade level,the improvement of trade heterogeneity can greatly promote cross-border RMB settlement,and the expansion of the target of trade ratio with developed countries is not conducive to cross-border RMB settlement.From the financial level,the development of the RMB offshore market is the most important factor to direct the cross-border RMB settlement,and the level of financing efficiency can affect the scale of cross-border RMB settlement to a great extent.In addition,it is worth noting that the depreciation of the RMB settlement is most unfavorable factors,promote the The Belt and Road "strategy of the business has been gradually reflected.Finally,according to the conclusion,from the trade level,financial level and external environment level,it puts forward corresponding countermeasures and suggestions.market is the most direct promotion of cross-border RMB settlement.Important factors,the level of financing efficiency can indirectly affect the scale of cross-border RMB settlement,the scale of financial assets can promote settlement in a certain degree;the other factors: the devaluation of the RMB is the most unfavorable factor in the settlement,the expansion of foreign direct investment is beneficial to the settlement of the settlement,and the improvement of infrastructure is the industry.Provide the basis for business development,to promote the Belt and Road Initiative " strategy of business has been gradually reflected.Finally,according to the conclusion,from the trade level,financial level and external environment level,it puts forward corresponding countermeasures and suggestions.aspects of countermeasures and suggestions are put forward.