Research On The Influence Of Sino-Russian Trade Development On RMB Internationalization Under The Background Of European And American Economic Sanctions Against Russia

Since the pilot cross-border RMB settlement was launched in 2009,the internationalization of RMB has made great progress after more than ten years of development.But under the premise that the international monetary system had been formed,it is very difficult for the internationalization of RMB to achieve further development.This paper takes the second outbreak of the Russia-Ukraine War and the intensification of economic sanctions against Russia by Europe and the United States as the research background.By studying the impact of the development of Sino-Russian trade on the internationalization of RMB,it finds that the economic sanctions imposed by Europe and the United States on Russia have created a new opportunity for the internationalization of RMB.This is because Russia’s foreign exchange reserves were frozen,many banks could not continue to use the US dollar clearing system,and Russia had to seek a more convenient settlement currency,so cross-border RMB became the preferred payment currency of Russia.In this paper,the cross-border RMB index released by the Bank of China is selected as the index to measure the degree of internationalization of RMB.By constructing the VEC model and using EViews 8.0,the long-term co-integration relationship equation between Sino-Russian trade and cross-border RMB index is found,and the pulse analysis is carried out.It further verifies that there is a positive correlation between the development of Sino-Russian trade and the internationalization of RMB.In this particular environment,the development of Sino-Russian trade can promote the development of RMB.I believe that this study can enrich the research content of RMB internationalization and has positive significance for seizing this opportunity and promoting RMB internationalization.At the end of the paper,it puts forward some policy suggestions to promote the internationalization of RMB:first,we should seize this opportunity to promote the internationalization of RMB with the help of Sino-Russian trade development channels;second,we should keep improving our economic strength to ensure the continuous growth of RMB internationalization;finally,we should improve the RMB exchange rate mechanism to ensure the stability of RMB value.