| The disadvantages of present international monetary system emerged from the subprime mortgage crisis in 2008. The internationalization of RMB has attracted more and more attention. The achievements of China are visible to all since the reform and opening-up. China has now become the second largest economy and the largest goods trading country in the world. But it is obvious that the international status of RMB cannot match the status of China. Therefore, RMB settlement in cross-border trade project was launched in 2009. It opened the door for the internationalization of RMB and promoted RMB to be one of the major international currencies. In recent years, the internationalization of RMB has kept a strong momentum of development. To keep the steady development and eliminate the obstacles in the process of internationalization of RMB, which are two main lines of promoting the internationalization of RMB, cross-border RMB business and offshore RMB market have become the most important parts to raise the level of internationalization of RMB.This paper reviews the research of cross-border RMB business and offshore RMB market construction, reveals their essences and meanings and explains the theoretical basis of analysis methods. Then the current situation of cross-border RMB business and the situation of offshore RMB market construction are expounded. At the same time, the existing basic problems are analyzed. After discussing the relationships between cross-border RMB business and offshore RMB market, the internal logic of the relationships between cross-border RMB business and offshore RMB market are analyzed. Then the empirical analysis is conducted to verify the relationships by using Grainger causality test based on Bootstrap simulation method. In the last part, some suggestions are proposed for solving prominent problems existing in cross-border RMB business and offshore RMB market construction and developing the cross-border RMB business and offshore RMB market construction. |
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