Paper Infomation
Impact of RMB Cross-Border Settlements on Trade Under One Belt and One Road Initiative — Research on Agricultural Products in the ASEAN Market
Full Text(PDF, 363KB)
Author: Linghong Li
Abstract: Since the initiation of RMB cross-border settlement in 2009, spurred by the Belt and Road Initiative, import and export trade has been significantly affected, fostering agricultural trade development between China and ASEAN countries. This study examined how RMB cross-border settlement impacted the scale of bilateral trade by applying trade interdependence as a mechanism variable. Taking agricultural trade between China and ASEAN countries as an example, RMB cross-border settlement enhanced trade interdependence between the economic entities, thereby stimulating the growth of agricultural trade. When Chinese enterprises or individuals engaged in cross-border settlement in ASEAN markets through RMB cross-border investments, it facilitated economic ties between China and ASEAN countries and increased the trade interdependence between the two economies. Furthermore, it contributed to expanding agricultural trade volumes, attracting foreign investments, and circulating capital, and ultimately improving the local agricultural supply chain and distribution network in ASEAN countries.
Keywords: One Belt and One Road Initiative, RMB Cross-Border Investment, Trade Dependency
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