Research On Legal Issues Of RMB Internationalization Clearing

RMB internationalization is a major development strategy in china.The perfect payment and settlement system is the basic condition of currency internationalization,and the clearing legal system is the legal system foundation to ensure the security and efficiency of clearing.Therefore,this article starts with RMB internationalization development trend and study of clearing model,follows the related main legal problems of the safety and efficiency of internationalization of the RMB clearing,on the basis of analysing and learning from major currency internationalization economies such as the United States and the European Union and regulations made by relevant internationalization organizations like Committee on Payments and Market Infrastructures,studies problems on building RMB international clearing legal system,and puts forward suggestions on establish and perfect the relevant legal system.The first chapter is mainly from the United States and the European Union clearing system and the legal system of internationalization,identifies the overall structure of the internationalization of the RMB clearing system and the related legal problems.In the construction of the internationalization of the RMB clearing system,China should take The 2nd Generation of China National Advanced Payment System as the basis,to accelerate the improvement of RMB Cross-border Interbank Payment System,and constantly promote the development of offshore RMB clearing network.In recognition of the internationalization of the RMB clearing system in the structure of the main legal issues:in order to adapt to the demand of RMB clearing the full international,China needs to build a system of the layout of the relevant legal system,the legal system construction of the clearing of RMB internationalization is the primary problem;the internationalization of the RMB,as required by international agency mechanism and the funds transfers mechanism,to ensure that the RMB international electronic funds transfer is safe,efficient,through specific law,provide support for uncertainty related rights and obligations of the parties;the clearing of RMB internationalization,credit risk and liquidity risk are two basic risk,and the final settlement of the system and the collateral system is the key in the two basic risk prevention,in order to make it a solid legal basis,legal system reform is required;payment system is the key of internationalization of the RMB clearing system.Therefore,we must strengthen the supervision of the payment system,especially the systemically important payment system.The second chapter starts with the international recognition,practical and development demands,to support the internationalization of the RMB clearing legal system in the academic community for the first time in the "general law" and " specific laws" system analysis,provides a good logical framework and hierarchy of the specific legal issues of internationalization of the RMB clearing.General legal support for the internationalization of the RMB settlement mainly includes the property law and the law of contract law,banking law,company law,bankruptcy law,collateral law,digital signature law and application of foreign civil relations;specific law mainly includes payment instruments and payment system of law,legal and regulatory payment.Some of our existing legal system is the general introduction of the historical background and the factors based on the internationalization of RMB before and outside,the need to adapt to the internationalization of the RMB clearing aspects are lacking;and the specific legal integrity,lack of effectiveness is low,lack of systemic problems.China needs to adhere to the general law and specific law coordination,both current and long-term balance,market-driven and government promotion,combined with the domestic laws and international standards convergence principle,revised universal law,perfect the specific law,constantly improve the legal system of the internationalization of the RMB clearing.The third chapter focuses on the allocation of rights and obligations of the related parties of high value of electronic funds transfer in RMB internationalization clearing.With the internationalization of the RMB clearing case,the main international practice to adjust the allocation of international commercial electronic funds were compared,summed up to adapt to the international commercial electronic funds transfer legal system factors mainly include:legislation adjustment,timely revision and improvement;value orientation with efficiency,safety and fairness;law application follows the principle of autonomy priority and the most close connection supplemented;international electronic funds transfer trend of unification.At present,in China's RMB internationalization,the adjustment of the rights and obligations of the parties involved in the high value electronic funds transfer has some limitations,such as limited content of relevant legislation,low level of legal efficacy and the dispersion of relevant regulations.In order to meet the needs of RMB internationalization clearing,China should formulate a single law of high value electronic funds transfer.Compared with the comprehensive legislation of high value and small value electronic funds transfer,the risk of legislation is small and the technical difficulty is low.In the construction of the specific content and system,should be clear about the internationalization of the RMB clearing funds transfer,payment order,security procedures and other core concepts,establish the rights and obligations of the start time,the defective payment order processing,cross-border legal application core rules of the allocation of rights and obligations and liability funds transfer risk sharing mechanism.The fourth chapter studies the legal issues of the final settlement of RMB internationalization.Based on the comparative study on the United States,the European Union and the relevant international institutions settlement system,this chapter summarizes the final settlement of institutional factors to adapt to the internationalization of currency mainly include:a sound legal system,perfect law system of final settlementnt,clear the final moment,the settlement provisions of the bankruptcy law with the final settlement related disposal.However,the system of "zero point rule" is not yet established in China.The legal level of the final rule of specific legal aspects is low,and the standard of final settlement should be further clarified,which is not suitable for RMB's fully internationalized clearing.The concrete path of perfecting the final system of settlement in our country includes the following:The first is the foundation of the final universal legal system of ramming settlement.The relevant provisions of the enterprise bankruptcy law should be perfected to avoid the influence of the "zero point rule" on the final settlement of the payment system.In the future civil code contract,the final settlement of financial transactions such as netting settlement agreement shall be specified.The second is to improve the settlement of the final nature of the legal system to guarantee.The specific legal system to enhance the level of the final settlement,clearing the final settlement of "payment system management regulations",in the electronic funds transfer legislation clearly define "receiver end rules" and "netting validation rule".At the level of payment system rules,the institutional provisions of the final nature of settlement are refined.The fifth chapter discusses the collateral system of RMB internationalization clearing.From the United States and the European Union to pay the main provisions of the clearing of the collateral management system in practice and relevant international institutions combing analysis.This chapters extracts the elements of the payment and settlement system to adapt to the internationalization of the currency collateral:a perfect legal framework,widely qualified collateral types,eligible collateral requirements,strict uniform and efficient.At present,China's collateral system related to RMB internationalization clearing is still in its infancy,and the general legal basis of efficient mortgage management is inadequate and the specific legal system is deficient.Improving RMB internationalization in the clearing of collateral system include:improving the legal basis of general collateral payment and settlement,confirm the legal status of security transfer,constructing efficient collateral disposal legal arrangements;improve the payment and settlement of collateral specific legal basis,expand the scope of the statutory eligible collateral,credit assets will be included in the scope of eligible collateral,collateral overseas,clear statutory eligible collateral standard,improve the collateral valuation,deposit and disposal mechanism.The sixth chapter mainly studies the supervision of payment system in RMB internationalization clearing.A comparative study based on the international practice of the payment system of supervision,refine the supervision system to adapt to the internationalization of currency payment system factors mainly include:the main regulatory body clear,increasingly clear regulatory objectives;to follow international best practices,the gradual convergence of regulatory standards;the regulatory scope continues to expand,the overall management of the trend is obvious;put stress on supervision and strengthen regulatory cooperation.RMB internationalization to accelerate,put forward higher requirements for China's systemically important payment system such as RMB Cross-border Interbank Payment System,the internationalization of China's payment system supervision,regulators are also the legal basis is not complete,the regulatory system has not yet formed the overall framework,regulatory cooperation needs to be further strengthened.This chapter suggests to actively implement the Principles for Financial Market Infrastructures and other international standards,reference and international monetary economies payment system supervision experience,making payment system regulation,strengthen the supervision of systemically important payment system,expand the scope of supervision,strengthen the management of infrastructure of the financial market,deepen the domestic and international regulatory cooperation,accelerate the legal regulation of the international payment system.