The Renminbi Internationalization Strategy:From the Perspective of Renminbi Cross-border Trade Settlement

China has experienced the huge changes of domestic currency and foreign currency policy.After the international financial crisis broke out in 2008,the renminbi internationalization was not only a short-run countermeasure to protect the open enterprises,but also a major international financial strategy.To promote the renminbi cross-border trade settlement is a main step of the renminbi internationalization roadmap.This action has got some outcome,but it is far away from the original estimate.The further promotion of the renminbi cross-border trade is facing up many challenges.In institution,China need open the financial market further without changing the old framework significantly,enhance the capability of the service and allocation of global resources,perfect the foreign exchange market,improve the renminbi exchange rate formation.Simultaneously,the Asian production network and the trade structure needs to be improved,and the foreign enterprises pricing power needs to be strengthened.