Bilateral swap agreement and renminbi settlement in cross-border trade  

作　　者：Ke Song Le Xia 

机构地区：[1]China Financial Policy Research Centre,School of Finance,Renmin University of China,Beijing,China [2]International Monetary Institute,Renmin University of China,Beijing,China

出　　处：《Economic and Political Studies》2020年第3期355-373,共19页经济与政治研究（英文版）

摘　　要：This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cross-border settlement messages of 91 countries/regions between October 2010 and November 2015,we confirm that the signing of an RMB BSA helps increase the number,value and proportion of the RMB settlement in cross-border trade.Our results are robust with respect to the choice of different models,including multi-level mixed model,two-stage regression model,and difference-in-difference model.In addition to justifying the effectiveness of China’s BSA-signing strategy to promote the RMB usage in trade settlement,our results clarify that the signing of those RMB BSAs is not purely for China’s political ends as some scholars claim.

关 键 词：RMB bilateral swap agreement cross-border trade SWIFT 

分 类 号：F42[经济管理—产业经济]