RMB Cross-Border Settlement Reform and Corporate Exports
Based on the"List of Pilot Exporting Enterprises for Cross-border Trade RMB Settlement"launched by China in 2009,this paper examines the micro-level impact of the pilot local currency settlement policy on the export of Chinese enterprises and conducts an in-depth study of the impact mechanisms of variable and fixed exchange costs.The study finds that,first,the use implementation of local currency settlement can significantly promote corporate exports.Second,corporate exports,which are more sensitive to exchange costs,are more strongly influenced by the settlement reform.As exports to destination countries sign local currency swap agreements with China,variable exchange costs decline,significantly amplifying the impact the settlement reform has on them.On the other hand,non-intermediaries are more responsive to fixed exchange costs,making the reform more significant for their exports.Finally,after using the stacked DID and instrumental variables techniques to eliminate the influence of the border trade settlement reform advancement and pilot randomness,the fundamental conclusion remains valid.Overall,this paper employs the settlement reform to demonstrate the positive effect of cross-border trade local currency settlement on China's exports from a business perspective,providing micro-evidence to further improve trade facilitation.
万方数据
维普
