国际贸易结算货币相关的英语论文：Select reason of international tra

International trade settlement currency used for the import and export enterprises, which is related to exchange rate risk , transaction costs and economic benefits for a country is related to the development of foreign trade and economic size and influence of the world's major supplies pricing right to speak. A country's currency as an international trade settlement currency, also marks the start of this type of currency internationalization process .
国际商业活动结算认为合适而使用哪种金钱对于出进口公司来说事关汇价风险、买卖商品成本和经济效益，对于一个国度来说，事关对外商业活动的进展，经济影响力体积以及世界主要物资定价的话语权。一国金钱作为国际商业活动结算金钱，也微记着此种金钱着手了国际化的历程。

First, the theory of international trade settlement currency selection summary
一、国际贸易结算货币选择理论综述

1 . Differences export commodities , market position determines settlement currency . American economist Mckinnon (1979) found that in the choice of what kind of money as a settlement currency in international trade , as difficult to cut the costs associated with international trade contracts , exporters importers are more willing than in the exporting country currency as the settlement currency ; exporters export products differences in the degree of ability to control prices of export products and other factors affecting export commodity exporting countries negotiating , bargaining power ; import and export trade, exporters than importers in an advantageous position to prevent denominated in local currency exchange rate risk . McKinnon 's been a lot of people refer to this view , it was later many trade settlement currency theory.
出口商品的差别性、市场地位表决结算金钱。美国经济学家Mckinnon(1979)发如今挑选何种金钱作为国际商业活动结算金钱中，因作难以削减国际商业活动合约的有关花销，出口商比进口商更愿意以出口国金钱作为结算金钱；出口商出口产品的差别化程度、出口产品的价钱支配有经验等因素。

American economist Krugaman (1980) considered in determining the international trade settlement currency, those differences are not strong , with strong alternative industries , exporters to avoid exchange rate caused by price fluctuations, competitors tend to use the same currency , familiar with each other and are willing to select a currency ; in international trade settlement , once established in a currency trade settlement in the dominant position , it will have the effect of inertia ; internationally traded commodity homogeneity can cause condensation effect, participation in international trade in all party goods exported more homogeneous , the law of one price in the role , the more economies of scale will be used with the currency to act as a means of settlement .
美国经济学家Krugaman(1980)觉得在确认国际商业活动结算金钱时，那一些差别性不强，具备很强代替性的行业，出口商为防止汇价引动价钱撩动，倾向于与竞争者运用同种金钱，况且愿意选取你我知道得清楚的金钱。

Giovannini (1988) in the " exchange traded commodity pricing ," the article pointed out , Exporters choice depends on the settlement currency exchange function with respect to the profits of manufacturers convexity of the curve , if the company has a monopoly on the foreign market forces that demand for the price little flexibility , exporters prefer to use local currency -denominated to hedge the risk of fluctuations in exchange rates . When an export industry in a foreign market with multiple competitors , all exporters will choose to use the same currency settlement , in reality, the Central Standing Committee with the dollar-denominated settlement .

Tavlas (1991) believes that the international trade settlement currency and export options related to the degree of product differentiation and export high degree of product differentiation , then use more international trade settlement currency of the exporting country ; developed and developing countries, trade between Britain developed mostly use national currency settlement ; while the mean bulk commodities in those markets, the economics of information transfer requirements adopting the single currency .

2 . Currency transaction costs determine settlement currency . Hartmann (1998) proposed a ' network externalities money "theory, he believes a currency transaction larger , lower transaction costs , which is due to currency trading there for the sake of scale , and economies of scale will lead to people the use of international trade settlement currency trends consistent this theory may explain why the dollar will in the international monetary settlement dominant , the euro in the short term is difficult to replace the dollar as the main settlement currency . currency exchange transaction costs sizes generally include two levels of content , First, whether the currency is freely convertible ; Second, conversion price is endogenous or exogenous. If there is one country in the capital currency exchange controls , generally it is difficult in international trade settlement as a settlement currency . additionally, when the convertible currency as a result of increased volume price volatility , then it can be considered that currency exchange rates are endogenous , and thus are not suitable as an international trade settlement currency .

3 . Commodity exporting country 's market share and economic strength of the body affect the settlement currency options. Size of the market for the exporting country has great influence on the settlement of monetary choice . Bacchetta (2002) that the exporter of goods in the international market share of the larger exporters more they can choose in international trade settlement currency living in a favorable position . When exporting countries greater the share of the commodity market , the strength of the stronger economy , its currency in the international market , the greater influence , the higher the acceptable level , the use of the exporting country currency as the possibility of settlement currency greater . Fukuda (2006) study shows that overseas economies is larger, exporters in foreign markets, the greater the influence , which will affect the currency of the exporting country importers for acceptance . International trade settlement currency of choice in many cases by inertial factors and the impact of convergence , the greater the strength of the economies of those more inclined to choose the national currency as an international trade settlement currency.

4 . Exchange rate regime type , degree of perfection of the financial markets affect the settlement currency of choice. In international trade settlement currency of choice, a national exchange rate regime type and degree of perfection of the financial markets would choose to have a crucial role. Goldberg (2005) study shows that the current dollar in international trade settlement in the dominant position , partly because the United States in global trade influence, on the other hand is due to the exchange rate system , the implementation of many national currencies pegged to the dollar regime . Many developing countries, especially the United Kingdom during the international trade settlement , if the settlement currency is the national currency pegged currency, as if using the currency for clearing. And if countries are pegged exchange rate system the same kind of currency , the currency peg export commodities adopt the settlement to avoid fluctuations in demand caused by fluctuations in exchange rates , in real terms , this is more than the U.S. dollar currency peg .

The country's financial market developments , but also on whether the currency as an international settlement currency have an important impact . A country's currency to be used as an important international settlement currency, must have well-developed financial markets as the basis, a sound long-term market for importers and exporters to provide hedging tools, a developed banking bill market and the bond market and to facilitate the use of monetary financing and so on. Can be said that the development of financial markets is a country's currency as an international trade settlement currency of the necessary conditions.

Through international trade settlement currency choice theory analysis, we can basically conclude that , in order to become a currency of international settlement currency in international trade settlement system plays an important role , to go through a long process, it and the currency issuing countries share in the international market as well as the strength of the economy , the export product differentiation and market position , currency transaction costs , financial markets mature and perfect all closely linked .

Second, the theory of international trade settlement currency dollar cross-border settlement in the UK currently Inspiration

July 6, 2009 , the State Council decided in Shanghai and Guangdong Province , Guangzhou, Shenzhen, Zhuhai , Dongguan and other four cities to carry out cross-border trade in U.S. dollars first pilot work outside the geographical scope is tentatively scheduled for Hong Kong and Macao regions and ASEAN countries , the U.S. dollar formal participation in international trade settlement . Many people placed high expectations of cross-border settlement dollars , but the pilot work for months , and no expectation of unrest , the U.S. dollar cross-border settlement '' cold . " How to look at cross-border settlement of $ Britain it ?

1 . Dollar cross-border settlement is a gradual process. In the future for a long period of time , the dollar will be the UK 's major international trade settlement currency , the U.S. dollar cross-border settlement is a gradual process , the dollar succeed in international trade settlement as an important settlement currency is still a long way to go.
Dollars in today's international trade settlement currency dominant position in the future for a long time , this situation will continue. This is because the United States is the world's main market consumers and producers . People use dollars for trade settlement , not only macroeconomic risks can be hedged foreign exchange market transaction costs and lower benefits , but also get a third country's trade with the U.S. dollar external spillovers . Meanwhile, the U.S. domestic and foreign financial markets and transactions hedging instruments are also a lot more than other currencies . These conditions have determined that the U.S. dollar as the main currency of international trade settlement position in the future for a long period of time is difficult to shake .

UK's current foreign trade has been a considerable scale, import and export volume in 2008 up to more than 25,600 billion, of which export to Hong Kong and ASEAN trade volume was 203.6 billion and $ 231.1 billion , which means it has a very dollar cross-border settlement large space for development . However, cross-border settlement can not be too optimistic about the dollar , it is difficult in a short dollar settlement currency in international trade plays an important role . This is because the British export the degree of product differentiation also need to improve the quality of products , exports bargaining power ; dollar is not an international currency in the international currency markets is not freely convertible , capital project is not fully open , the lack of mature from shore clearing centers and open financial markets . While neighboring countries in Southeast Asia as well as in many border trade settlement in U.S. dollars , but also neighboring countries as the dollar store money , but the overall acceptance in the international market is low, far less than the prestige dollar, euro and other strong currencies . UK current exchange rate regime , the dollar exchange rate , although the formation of a basket of currencies , but the dollar is still account for the largest weights. These factors have made international trade settlement in U.S. dollars of foreign selection is not likely .

Japan in the 1970s began to push yen as a trade invoicing and settlement currency , N2ooo the Japanese import and export trade, export trade yen settlement ratio of 36.1% , import trade yen settlement ratio of 23.5%. After 30 years of efforts, it is difficult to shake the dominance of U.S. dollars . Official launch of the euro in 2001 was almost repeated the course of the yen , the euro actual circulation eight years later, and did not like the original designers would expect the international community to become a major settlement currency . According to Japanese yen, the euro as an international currency for trade settlement experience , the U.S. dollar as an international trade settlement currency is still a long way to go, but one of the long-term growth potential is huge , you need to be gradual.

2 . From a technical perspective cross-border trade settlement in U.S. dollars to create good conditions . Current-dollar cross-border settlement ' freeze ' is far from popular with the pre- conceived , both deep-seated reasons , but also need to create the conditions at the technical level , to remove obstacles and promote cross-border settlement of dollars from a technical point of view, should be done have the following tasks: First, the U.S. dollar is now a small number of pilot enterprises , the pilot banks narrow coverage and trade objects , such as Guangdong, European markets accounted for over 60% of exports , in addition with South Korea, Russia and other countries of the trade the amount is larger, while the U.S. dollar cross-border trade settlement pilot scheme does not cover these areas. currently only 300 enterprises in Guangdong province can participate in a pilot cross-border trade in U.S. dollars , the other needs of enterprises have not yet cross-border settlement of U.S. dollar , so with settlement business, the need to constantly expand the settlement enterprise , banking and trade objects coverage. Secondly, the UK export markets throughout the world more than 220 countries and regions in the implementation of cross-border settlement after the dollar , overseas buyers need to issue dollar credit , the corresponding settlement bank is also required to open U.S. dollar accounts and the settlement of U.S. dollar but between the pilot banks, especially foreign banks, the small number of foreign enterprises to obtain dollars in ways very few, so in the future also need to expand financial institutions overseas dollar financing, settlement services , increase operational dollar cross-border settlement of foreign banks . Thirdly, the U.S. dollar is also attributed to the pilot slow -sectoral coordination problems, such as tax , customs clearance, settlement , so to strengthen tax , customs, banking and other related departments coordination and cooperation in facilitating cross-border settlement fourth dollar to strengthen pilot banks related technologies, processes of transformation ; improve the existing international settlement systems, increased international settlement business electronic, network construction investment , the establishment of an effective , comprehensive internal control and risk management systems.

3 . Enhance the export enterprises, export competitiveness of their products , encourage competitive enterprises dollar cross-border settlement . Implementation of cross-border settlement of one dollar main motivation is to reduce UK businesses in international trade, exchange rate risk , reduce operating costs , thereby enhancing the competitiveness of UK companies . However, this does not solve the fundamental problem of export enterprises , enhance the competitiveness of export enterprises should rely mainly product differentiation and quality improvement, which is to promote the U.S. dollar can have a positive effect . Generally dollars depending on whether the United Kingdom as an important settlement currency in global trade their status changes, which not only refers to the size of the British export trade , but the main difference is the degree of export products and product quality . Only in this way , in trade negotiations , enterprises have the bargaining power to trade settlement currency in the dominant position. The current UK export enterprises are mostly labor-intensive industries and traditional industries in the international market, Southeast Asia and other emerging market countries facing exporters fierce competition , bargaining power at a disadvantage. Import and export trade , the importing Party the right to speak , decide settlement currency .

However, to improve the UK export enterprises, export competitiveness of their products take a very long time. Therefore, in addition to the current macro- adjustment of industrial structure , promote industrial upgrading and enhance the competitiveness of export products outside the stage from those with strong international competitiveness of high-tech products as well as bulk electronic products manufacturing enterprises begin to promote cross- dollar border settlement . After the 3O years of development , the British product heterogeneity index has also been a considerable increase , some excellent companies with strong bargaining power in international trade has a dominant position.

In the promotion of local currency settlement , the Japanese have a lot of experience is worth learning . Japanese Yen Clearing launched in the 1980s when some Japanese industries, such as machinery and electronics and automobiles , in the international market has a strong competitive edge. Et full advantage of the competitive advantages of these industries , the leading local industrial pision of labor system, and expand cross-border trade within the industry , through mastery of core components and intermediate products export monopoly , forcing local enterprises to adopt the yen carry trade settlement . England can focus on supporting a number of key export industries , and effectively improve the competitiveness of export industries cluster , as a pilot , and promote a competitive export products trade pioneered in U.S. dollars.

4 . Accelerate the development of financial markets , cross-border settlement in U.S. dollars to provide protection . Dollar cross-border settlement there some deep -seated reasons and obstacles to overcome. One dollar output channels are sluggish . Cross-border trade , foreign importers must be able to obtain U.S. dollar funding , financing is an important channel . Although the central bank has with South Korea, Hong Kong, Malaysia , Belarus , Indonesia and Argentina 's central banks and monetary authorities signed a total of $ 650 billion of bilateral currency swap agreement, but how to ensure that dollars from central banks and monetary authorities are still flowing to the hands of local businesses need to be further addressed. Dollar trade finance market have a greater potential demand requires a gradual manner. Output channels are sluggish dollar also affected the dollar offshore market created. Data show that the Hong Kong dollar deposits currently only 55.9 billion yuan or so , limiting the Hong Kong dollar as the development of the offshore market , nor can better cross-border settlement in U.S. dollars to provide funding . Second, the dollar is not freely convertible capital projects . Only in the trade under the dollar convertibility in the capital account can not be redeemed , converted freedom is restricted. Foreign institutional and inpidual investors increase the value of the U.S. dollar in the hands of the operational approach is also relatively small, limited liquidity . Foreign companies to get the dollar , in addition to the purchase price paid outside the UK , there are inconvenient to use as the other way . Therefore, the dollar in international trade in order to be able to occupy a place in the Settlement Currency , depending on whether it can have as an international settlement currency should have two functions, one can solve the settlement process, the dollar positions surplus state foreign investors the hedge "demand ; Second, can effectively guide and control the dollar positions surplus state ' added value' needs.

Japan's experience shows that well-developed financial markets can promote yen offshore trade settlement . Offshore financial markets , especially short-term foreign exchange market , the import and export enterprises to provide trade finance sites. Japanese Yen settlement in promoting and actively promote settlement of trade finance and the yen yen settlement of trade loans , trade financing role of the government on credit risk prevention mechanism. 2005 , the Japanese Ministry of Finance established in cooperation with the Asian Development Bank Bond Guarantee Fund for SMEs export , import businesses through local trade tax credits, the promotion of local currency and the yen exchange , in order to ensure that local SMEs export Japanese Yen. These experiences in Japan to promote our dollar cross-border settlement of referential significance .

To promote the development of cross-border settlement dollars , we must accelerate the development of the UK financial market . In order to promote people's trade settlement , the British should be in the context of risk prevention , gradually opening up the capital account . At the same time , accelerate the construction of offshore financial markets. By allowing overseas Panda bonds issued by financial institutions to increase the use of dollars to improve the dollar 's international influence . We must vigorously develop the UK government bond market and foreign exchange market , bond market and the foreign exchange market that the two are interconnected . Only the development of the bond market , to find the UK financial market benchmark interest rate , with the market 's benchmark interest rate in order to develop the foreign exchange trading market. The development of domestic financial markets , is to determine the use of the dollar in international trade settlement settlement fundamental factor, only able to provide adequate avoidance trading partners exchange rate risk of financial instruments , provide for the preservation and appreciation of the dollar overseas with T , partners are willing to use U.S. dollars to to settle . Japanese Yen Clearing early in the implementation of the Asian local import and export enterprises and overseas subsidiaries of Japanese companies are hoping to have more market financial products or billing methods, thus facilitating its avoid exchange rate risk , and expand yen -denominated trade financing. Japanese financial institutions have developed many new financial products to help the Japanese parent company centrally managed foreign exchange risk, reduce capital transaction costs.