Under the background of the financial crisis and the devaluation of the US dollar brought about by the continuous quantitative easing monetary policy of the Federal Reserve, China has proposed the internationalization...Under the background of the financial crisis and the devaluation of the US dollar brought about by the continuous quantitative easing monetary policy of the Federal Reserve, China has proposed the internationalization of RMB, and at the same time has launched a pilot project of RMB settlement for cross-border trade. It is not difficult to find that the scope and scale of RMB settlement for cross-border trade are gradually expanding under the impetus of financial development and other important factors. Therefore, this paper sorts out the relevant theoretical basis and analyzes the research status quo. On this basis, the paper selects the relevant data from 2016 to 2021 to measure the financial development from three aspects of scale, structure and efficiency. Under the condition of controlling the inflation rate, trade scale and RMB exchange rate, the paper conducts quantitative regression analysis on RMB settlement of cross-border trade, which proves that the financial development has a significant positive effect on RMB settlement of cross-border trade, and puts forward relevant policy recommendations.展开更多
文摘Under the background of the financial crisis and the devaluation of the US dollar brought about by the continuous quantitative easing monetary policy of the Federal Reserve, China has proposed the internationalization of RMB, and at the same time has launched a pilot project of RMB settlement for cross-border trade. It is not difficult to find that the scope and scale of RMB settlement for cross-border trade are gradually expanding under the impetus of financial development and other important factors. Therefore, this paper sorts out the relevant theoretical basis and analyzes the research status quo. On this basis, the paper selects the relevant data from 2016 to 2021 to measure the financial development from three aspects of scale, structure and efficiency. Under the condition of controlling the inflation rate, trade scale and RMB exchange rate, the paper conducts quantitative regression analysis on RMB settlement of cross-border trade, which proves that the financial development has a significant positive effect on RMB settlement of cross-border trade, and puts forward relevant policy recommendations.
