Welcome to free paper download website

Economic other

You are here: Home > Economics > Economic other > content

A feasibility study on the RMB as an international currency for trade settlement

Author: WeiZhi From: www.yourpaper.net Posted: 2010-07-08 09:28:23 Read:
Study the RMB as an international trade settlement currency, has a very important significance in promoting financial innovation, and promote the construction of Shanghai international financial center, but also will effectively alleviate the adverse impact of the appreciation of the RMB to the Shanghai Foreign Trade, to promote the Shanghai International Trade Center construction.
First, the research purpose and significance
RMB as an international currency for trade settlement is the mining dump RMB in international trade as the pricing currency debt and debt settlement. This is an important step towards internationalization of RMB and an important way to enhance the international status of the yuan, also in the case of China's capital project is not yet open. Study the RMB as an international trade settlement currency, is speeding up the construction of Shanghai international financial center and an international trading center has an important significance:
(A) helps to reduce the exchange risk, to avoid exchange gains and losses
At present, our implementation of a managed floating exchange rate regime, a single foreign exchange settlement currency so that our enterprises can only passively to face the risk of exchange rate fluctuations. RMB as an international currency for trade settlement will give enterprises the freedom to choose a foreign currency or RMB settlement of international trade, help to improve the ability of enterprises against exchange rate risk, saving the cost of foreign exchange.
(B) in favor of the internationalization of the RMB, enhance the international status of the yuan
Study the feasibility of the RMB as an international trade settlement currency for China's capital project is not yet open case how the RMB go international to explore an important way, also help to improve the international influence of the RMB, the yuan to become world currency to create the conditions for the opening of China's capital account.
(C) help to improve trade facilitation, promoting the construction of Shanghai International Trade Center
For a long time, China's international trade settlement is a single foreign exchange settlement system. Shanghai as China's important trade center of the city, with the rapid growth of the scale of foreign trade, the facilitation of international trade settlement have become increasingly demanding, a single foreign exchange settlement system limits the companies have chosen the Settlement Currency 19 degrees, reducing trade efficiency. RMB as an international currency for trade settlement for international trade settlement to provide a new settlement currency selection, help to improve trade facilitation, and promote the construction of Shanghai International Trade Center.
Second, the problems faced by the RMB as an international currency for trade settlement pilot
This report will focus on research in extraordinary items freely convertible under the conditions, the feasibility of the RMB as an international currency for trade settlement. RMB as an international currency for trade settlement, will face the following problems:
(A) the problems of the existing foreign trade management
First, dominated by the dollar-denominated monetary system. Commonly used in international trade to the U.S. dollar, euro, yen as an international settlement currency, and accepted by the merchants. China's current foreign trade management and statistical use of the dollar as a unit of account. RMB as an international currency for trade settlement, you need to break this convention.
Both audit system of customs, commodity inspection of electronic reporting system, or a bank, tax and outer tube and other departments, foreign trade data are dollar-denominated, if the RMB as an international currency for trade settlement will require the existing electronic reporting system to be modified.
(B) the internationalization of the RMB problem: has not yet been widely accepted
First, the RMB is still not the world currency. This is mainly subject to capital projects in China has yet to open RMB capital account is not freely convertible, the RMB has not yet been accepted by the major countries in the world. Second, foreign customers as the pricing currency RMB difficult to accept. Due to China's international competitiveness is not strong, the right to speak much, in El prior to the buyer's market-based international trade, domestic suppliers negotiating advantage is not obvious, foreign customers as an international trade settlement in RMB-denominated monetary recognition is not strong.
(C) foreign exchange management, there are still many constraints
At present, China's RMB fact that the RMB freely convertible under the current account, but # Life is still in place certain controls, such as write-off management of the implementation of the receipt and payment of foreign trade, enterprise, regardless of the the export receipt or payment of imports will be subject to foreign exchange management department of the audit, and their declarations, according to foreign exchange verification. Such as the current foreign exchange management system, which requires the amount of import and export enterprises to adopt international currency to the U.S. dollar-denominated RMB-denominated still need to be converted into U.S. dollars in the final settlement of internationally recognized settlement currency exchange risk is still difficult to eliminate. Third, carry out cross-border trade in RMB clearing conditions are ripe
(A) the status of the city of Shanghai International Trade
Shanghai is China's largest trading center of the city, accounting for 1/4 port trade. Many multinational companies have been as the global order and procurement centers, the next few years is the Shanghai to speed up the construction of a critical period of the International Trade Center City. This will provide a better external environment RMB as an international currency for trade settlement pilot.
(B) the achievement of the financial center and Pudong comprehensive reform pilot Advantage
At present, Shanghai is speeding up the construction of an international financial center, Pudong comprehensive reform is also actively promoting at the same time. According to the Pudong comprehensive reform requirements, Pudong can continue to implement the new policy breakthroughs. This will RMB as an international currency for trade settlement pilot to provide a favorable policy environment.
(C) the RMB exchange rate steadily rising
RMB exchange rate rising steadily enhanced the attractiveness of the RMB as an international settlement currency, while continuing to develop the domestic financial market for the RMB as an international settlement currency also provides a good environment for the domestic market.
(D)
the RMB settlement external demand increases
On the use of RMB international settlement external demand continues to improve, especially in economic and trade activities with neighboring countries and regions, there has been greater demand for RMB as a regional international settlement currency. In the case of continuous appreciation of Renminbi, the domestic import and export enterprises RMB for international settlement currency demand is very high.
Fourth, the cross-border RMB trade settlement pilot program
"Cross-border trade RMB settlement pilot management approach" since the announcement in July 1, the Municipal Commission of Commerce and other relevant departments to cross-border trade RMB settlement pilot as a financial center and shipping center construction a priority in recent efforts to actively promote, through policy research, coordinate and promote the city to the introduction of customs, tax and other aspects of supporting policies related to cross-border trade RMB settlement pilot, the pilot enterprises, to handle cross-border trade RMB settlement business in various aspects of the domestic dredge .
Up to now, the city's cross-border RMB trade settlement has exceeded $ 1.2 billion.
Cross-border trade RMB settlement pilot surviving on the following issues, the relevant departments are paying close attention to study and solve:
(A) cross-border trade RMB settlement related financial services is not yet mature offshore RMB trade finance, the RMB overseas investment, RMB back investment external links is not smooth.
(B) the cross-border RMB trade settlement pilot area restricted part of the enterprise customers in Europe and the United States and other markets, through associated companies in Hong Kong and Macao to carry out cross-border trade RMB settlement business.
(C) exchange rate risk transfer
Please consciously abide by Internet-related policies and regulations.
Tips: Log in to comment, the user name to enter comments directly from your personal space, so that more friends to meet you.

Economic other latest papers

Sponsored Links

Economic other papers Ranking

Latest free papers

Sponsored Links

Top