Research On The Influencing Factors Of Choosing Renminbi In Thai Enterprises

With the increasing scale of import and export trade between China and ASEAN countries,the total trade volume between China and ASEAN reached US$514.82 billion in 2017.China has become the largest trading partner of ASEAN for nine consecutive years,and ASEAN has also become China's number one for seven consecutive years.The three major trading partners,the trade dependence between the two sides continues to rise,which provides a good prerequisite for the healthy development of the internationalization of the RMB.Especially on October 1,2016,the International Monetary Fund(IMF)officially included the RMB in the Special Drawing Rights(SDR)currency basket,which greatly increased the possibility of countries choosing RMB as the currency of valuation in international trade.As a member of ASEAN,Thailand is China's third largest trading partner among ASEAN countries,and China is Thailand's second largest trading partner.At present,when Thai companies conduct international trade settlement,they mainly use the third country currency as the denomination currency,of which the US dollar is the most important international trade settlement denomination currency.Therefore,in the increasingly close trade relationship between China and Thailand,China has adopted the ?Belt and Road? strategy to promote the internationalization of the RMB from the national level.This paper attempts to answer the following questions from the perspective of Thai companies: the current import and export companies in Thailand will use RMB as a currency of currency on a large scale? What factors will affect the choice of Thai companies in the currency of international trade? What are the influencing factors of Thai companies using the renminbi as an international trade currency? What are the current problems of the RMB in order to become the main denomination currency in Sino-Thai trade?Based on the theory of pricing monetary,this paper attempts to construct an analytical model from corporate preferences,corporate capabilities and other factors.With the help of questionnaires,200 questionnaires were distributed and 182 valid questionnaires were finally returned.On the basis of collating the results of the questionnaire data,This paper analyzes the factors that influence the Thai enterprises to decide the pricing currency in international trade,analyzes the attitude of the sample enterprises to the RMB as the pricing currency,and sums up the influencing factors of Thai enterprises using RMB as the pricing currency,In order to analyze whether the RMB meets the demand of enterprises to select the currency,and to find a breakthrough point to promote the RMB as an international currency,this paper puts forward some countermeasures and suggestions for the RMB pricing and use in Thailand.The final study found that the sample companies prefer to use the US dollar,followed by the Thai baht,followed by the RMB.In international trade,the main micro-factors affecting the use of RMB by Thai enterprises are the market share of Thai enterprises themselves and the macro-factors,the currency strength of RMB.In the trend of settlement of Thai companies' choice of currency,although the RMB has shortcomings as an international settlement currency,the future trend of the RMB as a settlement currency in Sino-Thai trade and trade between Thailand and other countries is likely to increase.