Research On The Cross-border Settlement Of RMB Under The Trade Between China And Russia

In recent years, as China’s economy continued to develop steadily, the economic status of China keep rising,the overall national strength had enhance greatly, the pace of internationalization of the RMB is accelerating. Coupled with the financial crisis, the exchange rate of mainly international settlement currencies as US dollar and the euro constantly fluctuating, so the voice of the international community to establish a new international monetary system is higher and higher, besides, value of the RMB is relatively stable and has been recognized by more and more countries,so RMB internationalization has reached a consensus in the international community. RMB internationalization follow the process by "settlement currency investment currency-reserve currency",so the RMB cross-border settlement is the starting point and basic link of the RMB internationalization. China and Russia are geographically adjacent, close political and economic relations, so cross-border settlement between China and Russia is one of the very important part in the overall planning of the RMB cross-border settlement. Although since 2009 cross-border RMB settlement pilot launch has been starting,the scale of cross-border settlement between China and Russia is rising rapidly,but is still not so high in the country accounted for RMB cross-border settlementIn order to promote the development of cross-border RMB settlement business, and to accelerate the pace of internationalization of the RMB, this paper will put cross-border RMB trade settlement between China and Russia under the study, integrate the empirical analysis and normative analysis, theory and practice analysis method, and then summarize the research scholars of RMB cross-border clearing and settlement of currency options related issues from economists at home and abroad, and finally the monetary settlement related theories were consolidated and analyzed. Secondly, it introduces the evolution of the RMB cross-border settlement policy, the distribution channels and the development status, and explores the impact,favorable conditions and problems of RMB cross-border settlement between China and Russia. Again,econometric models were established to verify the impact of the two countries economic and trade by RMB cross-border settlement between China and Russian. Finally,put forward policy recommendations in response to these problem.This paper argues that:①RMB internationalization is a significant trend, the RMB cross-border settlement laid a solid foundation of RMB internationalization.②RMB cross-border settlement is both advantages and disadvantages for China and Russia, but in the long term development interests, benefits far outweigh the disadvantages, so avoiding disadvantages and giving full play to its positive role is very important.③RMB cross-border settlement between China and Russia can not be done overnight, it not only requires the joint support of the two countries, but also need countries, banks and businesses to work together.