Reearch On The Pricing Power Of Bulk Commodity Trade And The Expansion Of Rmb Function

In recent years,covid-19,the trend of international reverse and the impact of the new crown pneumonia have brought great challenges to the internationalization of RMB,and also provided new historical opportunities.This study considers the feasible path of RMB function expansion from the perspective of commodity trade pricing power.Firstly,this study systematically combs the historical evolution of commodity pricing mechanism and analyzes the determinants of commodity pricing mechanism.Secondly,try to explore the theoretical path to promote the expansion of RMB function from the perspective of commodity trade pricing power.Thirdly,based on the measurement methods such as VECM model,the empirical analysis is carried out with RMB and US dollar as samples,and the results are compared horizontally.Once again verify the impact of commodity trade pricing power on the expansion of RMB functions.The following factors,such as the power to determine the price of bulk commodities or the ability to control the international monetary market,are the main factors that determine the price of bulk commodities;Second,through theoretical analysis,it can be seen that the pricing power of bulk commodity trade can improve the ability of domestic exporters to price and settle in their own currency,and exporters will prefer to use the currency of the exporting country,so as to promote the expansion of monetary function;Third,the empirical analysis of the US dollar as a sample shows that the US dollar’s commodity trade pricing power significantly promotes the expansion of the US dollar’s value scale function,transaction media function and value storage function.The empirical analysis of RMB as a sample shows that compared with the US dollar,the pricing power of RMB commodity trade is weak,the formation mechanism of RMB commodity trade pricing power is imperfect,and it does not promote the development of the three international functions of RMB well.Therefore,this study summarizes and combs the six aspects of industrial chain bargaining factors,market monopoly factors,commodity financial market factors,securities market factors,money market factors and macro policy factors affecting commodity trade pricing power,and discusses the effective expansion path of commodity trade pricing power Affecting RMB value scale,trading medium and value storage function.And further give practical and concrete policy suggestions from the international and domestic levels,in order to promote the expansion of the international function of RMB from the perspective of commodity trade.