An Analysis On Impact Of The Arbitrage Behavior In Cross-border RMB Settlement

RMB internationalization is an important measure of the proportion of RMB settlementin foreign trade, so the development of cross-border RMB settlement is of great significance.This paper combined with the actual case, outline is representative in the cross-border RMBexchange rate, interest rate arbitrage, and remit the typical interest rate arbitrage combinationmode.And then the analysis of market dynamics of arbitrage in cross-border RMB settlement,said that:(1) the cross-border RMB settlement policy provides a practical to carry out thecarry trade environment;(2) the rapid development of the offshore RMB market forcross-border arbitrage provides technical basis;(3) the onshore price is always the basis of fobprice, fob prices fluctuating around the onshore price, it is offshore RMB exchange rateformation mechanism in the free market, determines the differences from the onshore;(4) inaddition to the RMB products at sight, forward exchange rate of RMB offshore marketderivatives development more quickly, the forward price difference, and the differences fromonshore for arbitrage portfolio provides a relatively complete support;(5) a large amount ofRMB deposit monk in the initial stage of the money to clear contrast, capital market scale,which directly determines the level of the offshore RMB interest rate and the mainland yuanprice between interest rates and arbitrage opportunities.To analysis in the process of RMB internationalization, such as the carry trade producedsome negative spillover and its brings some of the macro financial risk:(1) the cross-borderarbitrage, the negative effect on the process of RMB internationalization;(2) the cross-borderarbitrage settlement influence on balance of payments imbalances;(3) the cross-borderarbitrage settlement influence on commodity prices;(4) arbitrage settlement may cause theoffshore assets "circulation obstruction";(5) to carry on macro financial regulation andmonetary policy challenges;(6) to carry on the macroeconomic impact of dialectical thinking.The final work puts forward six Suggestions of specific policies.