Research on the Application Path of e-CNY in China's Offshore Financial Market:Empirical Analysis Based on DSGE Model
With the progress of science and technology and the development of digital economy,more and more attention has been paid to how e-CNY plays its function and its impact on the existing international payment and settlement system as well as the construction of offshore financial market.This paper compares the different impacts of the enterprises'application of e-CNY in cross-border payment on macro economy and micro entities in offshore and onshore financial market scenarios by constructing a DSGE model.The results show that the construction of e-CNY cross-border payment and settlement system provides the enterprises with a new way to mitigate the risks of exchange rate and price fluctuations.When the enterprises choose to conduct transactions with e-CNY in offshore financial market,it can effectively give impetus to the growth of investment,output and labor supply,thus promoting the increase in social consumption and capital stock.Based on this,this paper suggests a"three-step approach"to expand the application scenarios of e-CNY and further promote the construction of RMB offshore financial market to better serve the real economy.
e-CNYoffshore financial marketRMB internationalizationcross-border paymentDSGE model
NETL
NSTL
万方数据
