As China’s economy and trade scope continues to expand and increase its influence in Asia, the internationalization of the RMB became a hot issue in the world. In 2008, after the outbreak of the global financial crisis, confidence in the dollar fell; the Chinese government adopted many policy measures and actively promoted the internationalization of the RMB, in order to reduce RMB dependence on the dollar. Since then many scholars have studied RMB settlements of cross-border trade, but the great majority made an analysis from a Chinese perspective, as well as focusing on qualitative analysis. This paper is from both a Chinese and a South Korean perspective on the current condition and influence factors of RMB settlements. First of all, this paper integrates correlated documents from scholars from each country, governmental and organizational published reports and other material to set forth the development process and conditions of RMB settlements of cross-border trade. Next, this paper analyze the trade relations between China and South Korea and the current condition of RMB settlements of cross-border trade from a Korean perspective. Then, using measure data from February 2011 to December 2016. After obtaining stable data, this paper built a time series model and then conducted a regression analysis. The results show that the higher the China’s market share in World Goods Trade, China’s market share in Korea and RMB exchange volatility, the higher RMB settlement. The higher RMB exchange volatility, the higher the preference RMB to avoid the exchange risks. On the other hand the lower RMB inflation volatility, the higher RMB settlement. The establishment of RMB clearing bank has not significant impact yet. Finally, in accordance with the integration of theoretical and empirical analysis results, also this paper’s analysis of actual problems in the development of RMB settlements of cross-border trade from China and South Korea’s perspective, put forward policy suggestions. Definitely, there exists huge potential for RMB trade settlement between China and Korea. However, there remain some obstacles limiting the transactions. In order to improve the situation, continued efforts for RMB settlement and related payment and settlement service infrastructure would be crucial. At the same time, China needs to improve China’s financial policies to increase the usage of RMB with China’s trade partners. As the regulatory environment in both countries is harmonized, the usage of RMB in both countries is expected to increase gradually.
부산대학교 중국전략연구소(구 부산대학교 중국연구소) [Institute of China Strategy]
설립연도
2006
분야
사회과학>사회복지학
소개
본 연구소의 설립을 통해 우선 한중 양국 국민의 상호이해와 교류증진을 위한 인문, 사회과학적인 연구는 물론이고, 이를 통해 기업(인)이 중국에 안정적인 정착과 교류를 할 수 있는 각종 환경을 조성하고자 한다.
게다가 본 연구소는 기존의 연구소의 기능과는 달리 단순한 학술 교류에 머물지 않고 인적 교류를 통해 양국관계의 이해를 증진하고 나아가 한국과 중국의 각종 프로젝트를 적극 유치, 개발함으로써 지속적으로 재원의 창출을 도모하고자 한다.