| With the development of global economic integration,cross-border capital flows more and more rapidly,and international trade grow in a speed dozens of times faster than before.At the same time,the imbalance of world economy has emerged.The current account of some countries remain deficits while the current account of others keep surplus.Global economic imbalances become one of the prominent phenomenon of the world economic development.As one of the emerging market,the international investment position of China increase with years and the current account remain surplus,but valuation effect has negatively influenced the international investment position and national wealth.Therefore,it is of great importance to improve external imbalance and reduce national wealth loss.Currency composition and investment structure exacerbate our national wealth shrink.Since China has implemented RMB internationalization in 2009,RMB internationalization develop rapidly.RMB payment function has fully exerted while RMB accounting and reserve function has made great breakthrough.The study take RMB cross-border investment settlement and cross-border trade settlement as two main indicator and choose Chinese international investment data from the year of 2011 to 2020.Then the study use co-integration test and build VECM model to analyze the influence of RMB cross-border settlement,real effective exchange rate,China-US 10year yield spread et.on valuation effect rate from the perspective of RMB payment function.Then the study try to explore the way to push forward RMB internationalization and reduce the negative valuation effect on national wealth in China.The empirical results shows that RMB internationalization has a significant effect on valuation effect through exchange rate and asset price.As the size of foreign investment exceeds that of investment abroad,the increase of RMB settlement of cross-border investment will has a negative effect on valuation effect.With the improvement of cross-border trade imbalance,the increase of RMB cross-border trade settlement will has a positive effect on valuation effect.Besides,valuation effect will also influenced by other factors like exchange rate,asset price and asset structure.Due to our actual situation,we shall accelerate the pace of RMB internationalization and exert fully function of accounting and reserve.The investment and currency structure shall be optimized.Based on a solid financial market system,financial market shall be more opened while the mechanism for risk hedging shall be more improved.Our investment return of external asset shall be enhanced through seizing the opportunity to cooperate with the Belt and Road countries. |
