Analysis Of Current Situation And Influencing Factors Of RMB Settlement In Hongkong

With the development of economic globalization,China's economic strength is constantly increasing.The scale of China's foreign trade has also been expanding,however,the renminbi does not belong to the currency widely used in the world.From this,the international status of the Renminbi is extremely inconsistent with the current economic status of our country.The outbreak of the international financial crisis has fully demonstrated the fragility of the international monetary system.Under the severe international economic situation,our country should seize the opportunity and participate actively in the reform of the international monetary system.In this context,the large-scale adoption of RMB settlement has a positive and practical significance for China's economic development.Some people think that the first step toward internationalization of the RMB should first make the RMB an international settlement currency.In recent years,our government has adopted various policies to actively promote the renminbi to become an international settlement currency.The settlement area of the renminbi has seen its settlement scale continuously expanding.However,in the course of development,problems such as regional structural imbalance also appeared.Therefore,it is of great significance to understand the influencing factors of RMB settlement,analyze the existing problems and causes in the development and finally find a solution.Hong Kong has always been a unique presence in the world economy because of its complex historical reasons,geographical location and economic model.Taking Hong Kong as an example,this paper analyzes the development process,current situation,advantages and dilemmas of RMB cross-border trade settlement in Hong Kong based on the theory of denominated currency selection,the research on the settlement of RMB cross-border trade in Hong Kong and the settlement of RMB cross-border trade in Hong Kong Based on this,we further analyze the factors that have an important influence on it.The correlations between variables,multivariate linear regression analysis,F test(linear regression test of regression equation),test(coefficient of determination test,regression line to fit test data),t test(independent variable Whether the influence of dependent variable is significant test)and standardized coefficient regression analysis to study the relationship between the settlement of RMB cross-border trade in Hong Kong and the factors that affect its development.Through the overall research above,we can draw some conclusions:(1)The settlement of RMB cross-border trade in Hong Kong is influenced by many macro and micro factors,including the global economic situation and China's role in the world economy,the Chinese monetary policy,the RMB exchange rate,RMB interest rates,inflation,Hong Kong's financial infrastructure,RMB offshore market development level.(2)There is a significant linear relationship between the settlement of cross-border trade of RMB in Hong Kong and the spread between China and the United States,the offshore market of RMB and the role of China in the global economy.(3)The amount of RMB cross-border trade settlements in Hong Kong is in line with the size of the RMB offshore market and the role of China in the global economy,in the opposite direction of the interest spread between China and the United States.(4)The impact of various factors on the amount of RMB cross-border trade settlement in Hong Kong varies.The effect of RMB offshore market size on the amount of RMB cross-border trade settlements in Hong Kong is significantly greater than the interest spread between China and the United States and China's role in the global economy.China's role in the global economy has slightly more effect on the amount of cross-border RMB trade settlement in Hong Kong than the spread between China and the United States,ranking second.(5)The impact of time series of arbitrage and arbitrage on the cross-border trade settlement amount of RMB in Hong Kong may not be significant in this analysis.However,from the perspective of the actual settlement of cross-border RMB trade in Hong Kong,Arbitrage and arbitrage are also very important factors affecting the settlement of RMB cross-border trade in Hong Kong.Therefore,further studies are needed?Finally,based on the theoretical research and the actual situation of cross-border RMB settlement in Hong Kong and the empirical analysis,this paper gives some suggestions to strengthen the construction of offshore RMB market in Hong Kong,adhere to the steady and open capital project,persist in the pace of RMB exchange rate reform,vigorously develop our country's modern economic system and strengthen our country Enterprise innovation and development policy recommendations.