Abstract
With the establishment and expansion of cross-border trade RMB settlement pilots, Cross-border RMB settlement scale is growing, which has an important role in promoting the process of RMB being the main international settlement currency and RMB internationalization. Combining the existing literature, this paper makes the theoretical analysis of the influential factors of the scale of RMB cross-border settlement. After unit root test, cointegration test and Granger causality test, builds VAR model. By impulse responses analysis and variance decomposition, conducts research on the influential factors of RMB settlement of cross-border trade. The conclusion is that RMB exchange rate, China's trade competitiveness and the development of RMB offshore market have different effects on the scale of crossborder trade RMB settlement, and the RMB exchange rate has the most significant impact. Finally, combining the results of the theoretical and empirical research, this paper puts forward relevant countermeasures and suggestion on promoting the development of RMB cross-border settlement from the angle of maintaining the stability of RMB, enhancing China's trade competitiveness and improving the RMB offshore market.
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