Research On Internationalization Of Rmb Settlement Function

As the fundamental and important step of internationalization of RMB,internationalization of RMB settlement function has rapidly developed in scale and coverage since its pilot run in July 2009.Meanwhile,the launch of the Belt and Road provides a historical and valuable opportunity for RMB settlement in cross-border trade.In order to develop the internationalization of RMB settlement function and achieve the goal of internationalization of RMB based on this background,this thesis researches the current situation of internationalization of RMB settlement function,main influencing factors of it and the trend in the near future.In addition,this thesis also analyzes and learn international experience from other countries.Firstly,this thesis expounds the theories and concepts,and then analyzes the current situation of internationalization of RMB settlement function.Secondly,this thesis analyzes the advantages and disadvantages of internationalization of RMB settlement function.Thirdly,this thesis classifies factors of internationalization of RMB settlement function,including trade scale,economic strength,structure of export product,offshore currency market,stability of the currency value,monetary market and power of inertia,and expatiates their mechanism of action.Then we use factor analysis and ARIMA model to predict the degree of internationalization of RMB settlement function in the short run.Fourthly,study the history of major international currencies,including yen and mark,to provide some experience for Internationalization of RMB settlement function and internationalization of RMB.Fifthly,based on above analysis,we come to conclusion of the paper,and then provide corresponding suggestions.In this regard,this paper proposes suggestions from aspects of economy and trade,finance as well as market and government,including improving the offshore RMB market,promoting the exchange rate formation mechanism,advancing the opening of financial market,enhancing the power of inertia and balancing the role of market and government in the process of promotion,so as to promote internationalization of RMB settlement function.