跨境贸易人民币结算失衡问题研究

Research on Unbalance in the Cross-border Trade RMB Settlement

跨境贸易人民币结算失衡明显,造成这一矛盾的主要原因在于以劳动密集型产品为主的出口商品贸易结构,出口企业缺乏议价能力、人民币升值预期以及人民币离岸市场广度和深度发展有限。结果是:一方面增加外汇储备资产风险暴露头寸;另一方面造成货币当局和境内进口企业福利损失。解决的方法是增强汇率制度弹性、深化人民币离岸市场和优化出口贸易结构以期完善人民币作为计价货币的市场条件。

Unbalance in the cross-border trade RMB settlement is obvious,the main reasons are export trade structure of labor-intensive oriented products,exporters being lack of bargaining power,the expected appreciation of RMB and the limited development of RMB Offshore market breadth and depth, which will increase the risk exposure cash of foreign currency reserve assets and create welfare losses of monetary authorities and the domestic importing finns. The solution are to enhance the flexibility of exchange rate regime, deepen RMB Offshore market and optimize the structure of export trade for improving the market conditions of RMB as currency of invoice.