Feasibility Study Of Cross-border RMB Trade Settlement In Yunnan Province In The GMS Subregion

GMS countries are the main foreign trade partner of Yunnan Province. In the long-term of trade, the RMB has been recognized outside the territory of China widely, and has gradually become the main settlement currency of the trade, investment and tourism activities between Yunnan and the GMS countries. With the development of China’s economy and the comprehensive strength of growing and the relatively stable value of RMB, the RMB have being accounted for the identity of the currency and the currency of payment in the neighboring countries and regions in the large-scale use. In April2009, the pilot RMB settlement of cross-border trade to officially launch marks the RMB has begun to step door going abroad.Firstly, this paper based on the related theory systematically, such as the theory of optimum currency area, currency alternative theory and the monetary integration theory, to seek the theoretical support for RMB settlement of cross-border trade issues. Secondly, based on the research of the present situation of economic and trade cooperation and the RMB cross-border trade development between Yunnan and the GMS countries, this paper explored the foundation of further promote the RMB cross-border settlement between Yunnan and the GMS countries under the background of bridgehead strategy and GMS cooperation mechanism mainly from the practical point of view. And guided by the optimal currency area theory, this paper explored the feasibility of Yunnan to further promote the RMB settlement of cross-border trade in GMS, which obtained many beneficial conclusions.Finally, according to the results of the full text, this paper summarized the problems and obstacles of the RMB cross-border trade development between Yunnan and the GMS countries, and constructed a settlement system for further promoting the development of RMB settlement in cross-border trade, specific including:continue to strengthen cooperation and communication with GMS countries, to strengthen the supervision of RMB cross-border trade settlement, to improve and promote the existing settlement patterns, to further improve the Kunming regional cross-border RMB financial services center, to encourage the Commercial Bank of Yunnan to go abroad, and to create a healthy and orderly financial environment and so on. In addition, the RMB for international settlement between Yunnan and the GMS countries will involve a series of new problems, we must take positive measures to prevent irregular transactions and financial risk formation.