On The Cross-border International Settlement Of RMB In China-ASEAN Free Trade Area

With the Chinese economy’s continuous development, and breadth and depth of Global trade cooperation strengthens unceasingly, the RMB exchange rate has been in a rising state of stability.The influence is obviously increased in Asia and even the whole world, the international status of RMB is greatly improved. So, the development trend of the internationalization of RMB is inevitable, while the cross-border RMB settlement is the main way and the necessary condition to realize the internationalization of renminbi. Under the pressure of RMB appreciation, the cross-border RMB settlement pilot can also be the way for countries to stabilize the exchange rate, reduce the pressure of appreciation and balance the international payments. So the research on cross-border RMB settlement is of great significance.This paper will study from the angle that how does the cross-border RMB settlement in China and the ASEAN Free Trade Area promote the internationalization of RMB. And mainly discuss the advantages fo RMB settlement in the China ASEAN Free Trade Zone, and how to use the advantages to promote the development of RMB settlement of cross-border trade in the free trade zone, and to strengthen trade settlement function. It involves many aspects, such as the free convertibility of the RMB,exchange management, monetary policy regulation, economic ties in the free trade zone, and so on. Based on the RMB settlement of cross-border trade, regional and international research results, the scholars combined with the related theories of cross-border RMB settlement. This paper will discuss the development history present situation, characteristics and existing problems,then provide advices to the development of the cross-border settlement of RMB in China-ASEAN Free Trade Area.The main points of this paper:first, the cross-border renminbi settlement is necessary to realize the internationalization of RMB. We should strengthen the function of RMB settlement, in order to lay a solid foundation to realize the internationalization of RMB. Second, The China-ASEAN Free Trade Area provides opportunities and platforms for cross-border RMB trade settlement, at the same time, the RMB settlement also provided financial support, security and financial services for free trade zone further construction. Third, although the implementation of the RMB settlement of cross-border trade in China-ASEAN Free Trade Area will inevitably meet some obstacles, difficulties even some negative impacts, the advantages will outweigh the disadvantages from the analysis of the overall and long-term perspective. So we should give full play to the positive role of the free trade area in the promotion of cross-border RMB settlement and RMB internationalization process.