Research On The Influence Factors Of RMB Settlement In Cross-Border Trade From The Perspective Of RMB Internationalization

The U.S.real estate market subprime mortgage loan crisis in early twenty-first Century,then caused the global financial crisis and the European sovereign debt crisis,once again reveals the defects of the international monetary system to the dollar as the core currency model to the world,the future trend of the reform is to develop in the direction of diversification.With the continuous development of Chinese economic strength,RMB internationalization strategy is becoming the focus of much attention at home and abroad.However,the internationalization of the RMB is a systematic project,not overnight,and cross-border trade RMB settlement is an important measure to promote the process of internationalization of the rmb.In recent years,the scale and coverage of RMB settlement of cross-border trade has expanded year by year,and has made gratifying achievements,but its development is still facing many challenges.In this paper,through the systematic study of the influence factors of RMB cross-border trade settlement,discusses how to grasp the "The Belt and Road national strategy and the yuan in the SDR basket SDR opportunity,efforts to resolve the current cross-border RMB trade settlement dilemma,expanding the proportion of RMB in the international currency trade settlement in RMB,thus promoting the transformation of government functions to achieve international currency,RMB internationalization.The international settlement currency choice theory based on the research on promoting cross-border RMB trade settlement in RMB internationalization,in order to further study the influence factors of cross-border trade settlement,the representative and strong influence factors as the final empirical variables,and make assumptions based on the theory of.By constructing the SVAR model,the impulse response function and variance decomposition analysis of the variables are analyzed.The study found that in the short term,improve the proportion of high-tech products and reduce the fluctuation of RMB exchange rate has significant effect on cross-border RMB trade settlement;in the long term,to deepen the domestic financial market and the development of offshore RMB market is the basic factor affecting the RMB cross-border trade settlement,the stability of the RMB exchange rate,but also plays an important role the sound of our exchange rate system.Therefore,the development of domestic financial markets and offshore RMB market,improve the exchange rate formation mechanism is an important starting point to promote the development of cross-border trade RMB settlement,but also to accelerate the process of internationalization of rmb.