Research On The Settlement Of RMB In Cross-border Trade In Yunnan Province

Since 2010,Yunnan Province has was approved for the second batch of cross-border trade RMB settlement experimentalism unit,with superior geographical advantages,history,market demand,policy advantages,as well as the Greater Mekong Subregion,Bangladesh Sino-Indian Economic Corridor,China-ASEAN FTA Construction and other international economic cooperation mechanisms,it has achieved remarkable effectiveness,the total amount of RMB settlement continued to increase,the RMB of the acceptance level in surrounding countries and regions continues to promote.However,through more than six years of development,there have been various problems,the growth rate of using RMB settlement gradually decreased and tend to stable,and relatively lag behind other provinces.Therefore,the paper analyzes the current situation and predicament of the settlement of cross-border trade RMB in Yunnan Province,and finds out the factors influencing its further development,and formulate effective policy measures to better promote cross-border RMB settlement business,the surrounding of RMB and the construction of regional financial centers in Kunming,combining with the country's “along the way” strategy and the approval of the financial comprehensive reform pilot area in Yunnan province.Firstly,this paper briefly introduces the historical background of the cross-border trade RMB settlement,expounds the background,significance,contents and methods of cross-border trade RMB settlement in Yunnan Province.Then,the paper summarizes the relevant literatures of international settlement currency selection theory and cross-border trade RMB settlement,and sums up the factors influencing the settlement of RMB in cross-border trade.Subsequently,the cross-border trade RMB settlement process is reviewed in Yunnan.The paper analyzes the favorable conditions,status quo,achievements,difficulties faced by the RMB settlement of cross-border trade.Then,based on the theory of international settlement currency selection,according to the factors influencing the choice of trade settlement currency,the paper uses the data of Yunnan province through the unit root test and principal component analysis,establish the multivariate linear regression model,and makes the empirical research on the factors influencing the RMB settlement of cross-border trade in Yunnan province.Finally,according to the qualitative analysis and empirical results,the paper concludes that Yunnan province expands the cross-border trade in RMB settlement needs efforts,in order to further promote cross-border trade in RMB settlement of the relevant recommendations.