In April, 2009, China launched the pilot project of RMB settlement of cross-border trade in Guangzhou, Shanghai and other cities, which fully reflected that RMB entered the international stage and China's international status was gradually improved. Under this development trend, RMB settlement of cross-border trade emerges one after another, which brings certain risks to overseas RMB settlement. Based on this, relevant enterprises should pay more attention to this problem and prevent it before it happens.
Keywords: cross-border trade; RMB settlement; Problems; Countermeasures
I. Research on RMB Settlement of Cross-border Trade
In fact, RMB settlement of cross-border trade refers to cross-border trade settlement by qualified enterprises approved by the state on a voluntary basis. At present, commercial banks can provide cross-border RMB settlement services for enterprises within the scope stipulated by the People's Bank of China. In addition, China export enterprises can also use RMB to settle transactions with overseas enterprises, including remittance, import and export letters of credit, collection, etc. If a country wants to become a financial power and have influence in the world, the most important thing is to realize currency internationalization. In the past, RMB in China was regionalized first, but now it is developing internationally. At present, it is still in the primary stage of internationalization, but it is inevitable that RMB will be included in the international currency in the future. The internationalization of RMB has changed China's financial system. For commercial banks, there are both opportunities for development and more challenges.
Two. Research on RMB Settlement of Cross-border Trade
1. Customer marketing. At present, many large domestic enterprises have set up overseas branches, so the overseas market has become a new profit growth point for commercial banks. Commercial banks are the main body of RMB management and circulation in China. At present, RMB has a large trading and circulation scale in the international market, which helps commercial banks win overseas customers and broaden overseas markets. 2. Strategic layout. The implementation of RMB cross-border settlement business has made China step into the process of international development. Compared with developed countries, China's commercial banks carry out overseas business late and slowly, but the status of RMB in the international financial market is constantly improving. Chinese-funded commercial banks can make full use of their sufficient RMB to carry out international operations. Specifically, commercial banks can expand the scope of services, penetrate the international market, or set up institutions in various regions outside China. 3. Failure to achieve free convertibility. At present, there is a serious shortage of RMB abroad, which restricts the effective implementation and development of RMB settlement. As the most active place for overseas RMB circulation, Hong Kong has a good RMB business foundation, but even so, the shortage of RMB supply is very serious. Relevant data show that in 2008, the trade volume between Hong Kong and Guangdong was about 654.38+07007 billion RMB. If 654.38+00% of all transactions are settled in RMB, the demand for RMB for cross-border trade settlement is about 654.38+070 billion RMB. 4. The risk of capital flow has intensified. In the process of offshore RMB settlement, various settlement risks will inevitably appear. Regarding market risks, the internationalization of RMB makes the circulation of RMB in the world faster and faster. Due to the difference in capital prices between domestic and foreign markets, it is easy to have the problem of illegal capital flow. If the preventive work is not done well, it will affect the development of commercial banks. With regard to credit risk, at present, offshore RMB-funded projects are gradually developing, but this obviously increases the cross-border credit risk of banks. Commercial banks outside China do not have enough outlets to know all overseas enterprises in detail, so there is a greater possibility of potential default risk when handling credit business. As for operational risks, as RMB cross-border settlement business is still in its infancy, there will be some loopholes in policies and some problems in supervision. At the same time, the relevant regulations have not yet formed a unified standard, which has significantly increased the operational risk of banks.
Three. countermeasure analysis
To sum up, in order to ensure good development in the international environment, we must adapt to the situation of RMB internationalization, focus on cross-border RMB settlement business, constantly innovate, constantly expand overseas customers and markets, constantly optimize the layout of overseas institutions, and constantly cultivate outstanding talents to adapt to the new situation. The author will elaborate from the aspects of increasing people's supply, planning development strategic route, innovating RMB internationalization products, and taking RMB settlement of cross-border trade as a breakthrough, so as to better solve related problems. 1. Increase the supply of RMB. According to the author's analysis, there are still many problems in RMB settlement of cross-border trade in China, which brings many risks to RMB settlement. In order to improve this situation, firstly, China should fully increase the supply of RMB and effectively alleviate the problem of poor circulation of RMB. At present, the overseas RMB supply mode is mainly currency swap, but this measure has been difficult to adapt to the current situation of social development. Therefore, China must fully define and effectively expand the RMB swap agreement. If overseas banks are allowed to provide RMB trade financing for China enterprises; Allow overseas qualified institutions to issue RMB bonds in China; Gradually relax the exchange restrictions between RMB and Hong Kong dollars, and so on. 2. Formulate development strategic planning.
In the process of RMB internationalization, there are many uncertainties and many unexpected situations will occur. This process may take decades to be truly perfect. For commercial banks, most overseas financial work is the first time, and they lack experience in RMB internationalization. Therefore, in order to ensure smooth development, we must constantly learn from the development models of other international currencies, draw lessons from failures in development, sum up useful experiences in development, and closely observe how other countries can effectively play a cooperative role in the internationalization of their currencies and how to truly participate in the internationalization of national currencies. By learning from the experience of other countries and combining with the specific situation of China, a detailed scientific development strategy is formulated. 3. Innovate RMB internationalization products. First of all, we should constantly innovate cross-border RMB settlement and its derivative products, including deposits, trade financing, settlement and other businesses for corporate customers, as well as investment, liquidation, account management and other products for financial institution customers. Secondly, we should constantly innovate RMB investment products. Commercial banks should ensure the timely development of various new businesses under capital according to the changes of national financial policies, including interbank lending in RMB provided by other overseas banks, cross-border RMB purchase and sale of foreign exchange by overseas enterprises, and RMB account financing. There are also domestic financial products directly linked to stock indexes and stocks, which attract overseas capital to buy domestic financial products through filing and issuance. Finally, it is necessary to provide comprehensive and comprehensive service plans for corporate customers, including that when domestic enterprises merge with overseas enterprises, commercial banks should provide targeted and all-round financial service plans for enterprises, and banks should participate in enterprise negotiations in the early stage of mergers and acquisitions, inform enterprises of local capital controls and relevant laws and regulations, and make full use of their own advantages in the whole process to help enterprises avoid various risks. 4. Take RMB settlement of cross-border trade as a breakthrough. In order to realize the large-scale development of overseas RMB business, we must attach importance to the important foundation of RMB settlement business in cross-border trade and promote the development of various overseas RMB businesses such as RMB depository, settlement and liquidation. Chinese-funded commercial banks should seize this opportunity, focus on cross-border trade RMB settlement business, build and improve settlement channels, constantly increase product categories, do a good job in risk management, win more overseas customers, relay more overseas RMB, and ensure the solid development of RMB overseas business. One is to identify key overseas branches, the other is to expand international business customers, and the third is to cultivate overseas customers in areas with high RMB circulation rate. In a word, China must pay more attention to overseas RMB settlement and put forward a series of solutions.
Four. conclusion
From the above analysis, we can know that the internationalization of RMB has opened up more development opportunities for China, but there are also many challenges. In order to promote the effective implementation of RMB settlement in cross-border trade, China must strengthen research, grasp the world development situation, face challenges, seize opportunities, strengthen regulatory control and statistical monitoring, and bring RMB cross-border flow and overseas assets and liabilities into the regulatory monitoring system as important regulatory contents from the institutional arrangement and regulatory design, so as to further enhance China's international status.
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