Research On The Development Process And Influencing Factors Of RMB Cross-border Settlement

It has been more than 10 years since the official implementation of the crossborder settlement function of RMB in 2009.In general,the cross-border settlement of RMB has been increasing year by year.It can be seen that since the internationalization of RMB was proposed by Zhou Xiaochuan,the governor of the People's Bank of China,in 2009,the international recognition of RMB has increased significantly,and great achievements have been made in cross-border settlement of RMB.At the same time,problems in the status quo of development continue to emerge.This article first summarizes the theoretical basis and current academic achievements of settlement currencies at home and abroad,and shows the development process and current development status of RMB cross-border settlement from various perspectives.This article summarizes the collection of data,reports,and evaluations from various parties on the RMB cross-border settlement,as well as the author's field research results in travelling to China's border areas,focusing on the analysis of various problems that restrict the development of RMB cross-border settlement,including The lack of currency options determined by the international trade pattern and product structure,inadequate cross-border settlement facilities,incomplete return mechanisms,and inadequate development of the RMB payment and clearing system.Next,a quantitative model was used to quantitatively analyze several important factors affecting the scale of RMB cross-border settlement,including China's foreign trade development level,exchange rate stability,RMB offshore market development level,consumer price index,and RMB cross-border settlement system.Construction conditions,more differentiated export products,and policy factors.Next,summarize the conclusions drawn above,and put forward policy recommendations corresponding to the problems found above,including policy support to promote the cross-border trade settlement of RMB,promote the technological upgrading of China's export products,and broaden overseas RMB.Investment channels and vigorously promote the use of the RMB cross-border settlement system to promote the development of RMB cross-border settlement in order to further advance the process of RMB internationalization.