Research On The Legal Supervision Of Cross-border Payment Of Payment Institutions Under RMB Internationalization

Currently,the RMB is both China' s second largest cross-border payment currency and the world' s fourth largest payment currency.The currency competition is the highest competition among countries,of which the highest form is the domestic currency internationalization.Along with promotion of China's political and economic status in the world and enhancement of economic strength,the internationalization of RMB is required by economic development both at home and abroad.For realization of RMB internationalization,the possibility of obtaining RMB should be given to the overseas market,which requires the RMB cross-border payment business.With improvement of the international market demand diversification,the liberalization degree as well as the national income,China has a greater demand for cross-border consumption,promoting the rapid development of cross-border electricity business.The establishment of the sub-investment bank,One Belt and One Road and other policies has promoted the scale of cross-border payment market to expand constantly.Also,the rapid development of cross-border e-commerce and the social need for convenient cross-border payment ways accelerate the growth of China's cross-border payment industry.Combining with the status of China' s cross-border trade in the global market and the present situation of China' s cross-border payment industry,the payment institution has been selected as the RMB cross-border payment business pilot because of its flexible and convenient business way,in order to cope with the complicated and changing international financial market,which is conducive to application innovation of the entire financial industry cross-border payment tool,and enhances the quality of financial services at a higher level.Under the effective supervision of the national foreign exchange supervision department,China' s RMB cross-border payment business continues to develop.However,RMB cross-border payment business carried out by the payment institutions a new industry,with risks on the transaction authenticity audit,personal foreign exchange control,cross-broader anti-money laundering,exchange rate,foreign exchange receipts and payments data monitoring,international currency'inherent externalities and inertia barriers,RMB offshore market balance and so on,due to the short development time,fast speed,lag legal supervision system,etc.Under the background of RMB internationalization,this paper analyzes current legal problems and potential risks with the payment institution as the object,and the RMB cross-border payment business as the breakthrough point.Based on reference to supervision experience of the United States,the European Union and other economic entities,the puts forward the legal policy supervision,in order to further improve the system construction of payment institutions to carry out RMB cross-border payment business,and provide new legal supervision ideas and methods for better supervision of the payment industry.