Research On The Cross-border RMB International Settlement Under Current Account

Along with deepening the international trade globalization and the regionalizing, the Chinese economics tend to close to the world economics day by day. China’s unceasing comprehensive national strength, the gradually open money market, and the stable RMB exchange rate and the currency inflation rate bring opportunity to the RMB settlement in cross-border trade. The RMB settlement in cross-border trade is important step to the RMB internationalization strategy and is inevitably request which our country economic potentiality strengthens. Accordingly, scholars are paying more attention to the research on the cross-border international settlement of RMB. Since the pilot project began, the cross-border international settlement region and the business volume of RMB has expanded unceasingly, the service type innovation varied unceasingly. The cross-border international settlement has obtained the remarkable result but still had a series of problems. From the macroscopic perspective, Such as, the imperfect existence policy, the system arrangement, the unsatisfactory exchange control, the lack of circulation channel, the currency exchange scale limitation as well as the not balanced trade structure and so on. In the eyes of commercial bank, because developing the new service to need time to carry on familiar, the bank jobholders lack the operation technology and desire. The cross-border international settlement of RMB products need to be further excavated and the finance grade of service want to be further promoted. In summary, the development of cross-border RMB international settlement is facing certain challenge. This paper is to analyze the cross-border RMB settlement under the current account, indicate the related theories in detail, and summary the domestic and foreign scholars’ achievement to study the RMB international currency function as the settlement currency. Next, the system analysis cross-border international settlement of RMB related concept, the realistic condition, the development course as well as the facing barrier. Once more, the paper using the empirical model to analyzes the cargo trade and the service trade to the cross-border international settlement of RMB influence. The paper summaries the new products and the concrete service procedure for the current four state-owned banks of the cross-border RMB international settlement. Finally, in view of the analysis above, the related policy and proposal has been put forward in view of macroscopic and the microscopic. The paper holds the opinion:First, in the support of the national policy, the cross-border RMB international settlement has frequently yielded the remarkable result. The traditional and new settlement way altogether promote the RMB cross-border flow. Second, the goods trade occupying in the foreign trade total amount is much higher than service trade, but it doesn’t mean the service trade won’t promote the RMB cross-border settlement so as to goods trade. Third, the commercial banks are the micro subjects. The four state-owned banks continuously create new products to obtain new achievement.