RMB Internationalization Promotes the Transformation Analysis of Import and Export Enterprises

Business faculty, Hongkong baptist university, Hongkong, 999077, China

^* Corresponding author: 18830770563@163.com

Abstract

In 2009, the pilot project of RMB settlement for cross-border trade was started, which started the process of RMB internationalization. Later, China has made a series of progress in cross-border trade and investment settlement, RMB offshore market, and monetary government cooperation. In 2016, China joined the Special Drawing Rights currency basket, and great progress was made in the internationalization of the RMB. However, in 2014, RMB’s exchange rate entered into two-way fluctuation channel, increasing the uncertainty; In 2015, the share of RMB internationalization because of the depreciation of RMB decreased significantly, and the RMB balance in Hong Kong decreased by nearly 40% in 2018 compared with 2015. The outbreak of COVID-19 in 2019 and the global economic recession have made it increasingly difficult for China’s foreign trade enterprises. But with the in-depth implementation of the strategy of “Belt and Road”, and the outbreak gradually normalized, and economic recovery, the foreign trade enterprises will usher in a new step of development opportunities, how to seize the opportunity under the new situation, with the deepening of RMB internationalization, open their market, stimulate enterprise vitality, improve profits, at the same time promote the country’s economic growth. Becaming a question which worths discussing.