The Influence Of RMB Internationalization On China’s Service Trade

With the deepening of foreign cooperation,China has become the second largest economy and the largest trader of goods all over the world,and foreign trade has become an important growth pole of China’s economy.However,China’s trade structure is unreasonable,and there is a large deficit in service trade,which hinders the optimization and upgrading of the trade structure.In recent years,the voice for promoting the internationalization of the RMB has become more and more intense.In practice,the internationalization of the RMB has promoted the growth of export trade.Therefore,it is necessary to explore whether the internationalization of RMB can promote China’s service trade exports.This paper firstly sorts out the relevant research at home and abroad,and analyzes the development and current situation of RMB internationalization.Second,build a regression model to estimate the scale of RMB overseas circulation and calculate the RMB internationalization index.Then,using the calculated RMB internationalization index,etc.,combined with the bilateral trade data between China and 13 trading partners,a panel model is constructed for analysis.It is found that the internationalization of RMB has a promoting effect on the export trade of service industry.This paper also puts forward relevant suggestions.The potential innovation of this paper is to calculate the RMB internationalization index through indirect measurement method;and to analyze its impact on China’s service trade from the process of RMB internationalization.In addition,from the perspective of empirical analysis,it complements the discussion on RMB internationalization and China’s service trade relationship in this field.