Influencing Factors Of RMB Cross Border Settlement Under The Background Of "One Belt And One Road"

With China's trade competitiveness and the country's economic strength,the renminbi has also begun to attract international attention.From the initial cross-border trade settlement pilot to comprehensive cross-border transaction settlement,the acceptance of RMB has been increasing day by day,and the offshore market of RMB has become increasingly large.The internationalization of RMB has become the focus of China's foreign economic and financial fields.In 2013,President Xi Jinping proposed the “One Belt,One Road” strategic concept,advocated the friendly development of countries and regions along the line,and jointly created a peaceful world,and received support from countries along the line.China's economic and trade exchanges with countries along the line have been closer,and the internationalization of the renminbi has gained unprecedented opportunities.The RMB cross-border settlement business began in 2009.Since the implementation of the “Belt and Road” initiative,the RMB cross-border settlement business has developed rapidly,facilitating trade and investment with countries along the route and laying a solid foundation for the internationalization of the RMB.At present,China's currency is relatively high in the global payment currency,but it is still far from the US dollar and the euro.Therefore,there is still a long way to go in the development of China's RMB cross-border settlement business.Combining the impact of the “Belt and Road Initiative” on cross-border settlement of RMB,analyzing the influencing factors of RMB cross-border settlement,and proposing countermeasures for the cross-border settlement of RMB,it has important practical significance for promoting RMB internationalization in the long-term.This paper starts from the development of RMB cross-border settlement since the implementation of the “Belt and Road Initiative”,and carefully analyzes and analyzes the development process,current situation and a series of problems in the development process of RMB cross-border settlement.From a theoretical perspective,it analyzes the development opportunities of the RMB cross-border settlement business under the “Belt and Road Initiative” initiative,analyzes the impact mechanism of the “Belt and Road Initiative” on the cross-border settlement business of RMB,and combines the implementation of the “Belt and Road Initiative” from the economic strength of China.The theoretical analysis of the factors affecting the cross-border settlement of RMB by the four aspects of trade development level,real effective exchange rate of RMB and financial market development(mainly offshore market).Then select the relevant data from 2010 to 2017,use the VAR model,pass the ADF unit root test,and impulse response points.