Study On Guangxi Cross-Border Trade RMB Settlement Under The Border Financial Comprehensive Reform

Since Guangxi carried out the pilot program of using RMB in cross-broader trade settlement in 2010, it has achieved good results. In order to improve trading volume of RMB in Cross-broader trade settlement, enhance openness and cooperation between Guangxi and ASEAN, promote reformation and innovation, Chinese government announced "the overall program of Yunnan and Guangxi’s border financial comprehensive reform pilot area". In this program, a priority is to develop China’s Cross-broader trade settlement by RMB. That is very important to the development and openness of Guangxi, and the strategic construction of the upgraded version of China-ASEAN Free Trade Area, and the achievement of RMB regionalization and international. However, there are still some problems in carrying out the program of Cross-broader trade settlement in RMB.I reviewed the currency substitution theory and the theory of international trade settlement currency. Based on these theories, I carefully analysed the internal conditions and external environment of using RMB in cross-broader trade settlement between Guangxi and ASEAN, summarized development status and problems conscientiously, and research the relationship of using RMB in cross-broader trade between Guangxi an ASEAN、the exchange rate of RMB against the US dollar、the consumer price index、the RMB deposits of HK、the trade between Guangxi an ASEAN with VAR model. The result shows that the amount of using RMB in cross-broader trade between Guangxi and ASEAN moves inversely to the exchange rate of RMB against the US dollar, and changes in the same direction with the consumer price index、the RMB deposits of HK、the trade between Guangxi an ASEAN. Moreover, the influence from large to small is the exchange rate of RMB against the US dollar、the trade between Guangxi an ASEAN、the RMB deposits of HK、the consumer price index. Finally, I suggest increasing the amount of QFII and QDII, establishing the fund settlement center of Guangxi and ASEAN, and shaping the exchange rate mechanism between RMB and small currency of ASEAN.