The Influence of CNY in RCEP Countries Based On the Trade Pricing

The Regional Comprehensive Economic Partnership (RCEP) would conduce to increasing the investment and trade dependence of member countries.With the increasingly close economic and trade relations in East Asia, the dependence of East Asian countries on the United States and the European Union would decrease to a certain extent.Meanwhile, it would also affect the status of the U.S. dollar, euro and sterling in Asia.The China Yuan (CNY), by contrast, would be more widespread.This would further accelerate the process of CNY internationalization.The purpose of this paper is to test whether the CNY could serve as a trade invoicing currency in RCEP countries in the context of China's deep involvement in the Asian value chain.Thus, it could provide a basis for China to enhance the regional influence of the CNY through the trade channel in the short term.Based on the structure of the Asian value chain and the role of CNY in Asia, this article would focus on the pricing paradigm framework of intra-regional trade in RCEP countries.Taking trade pricing as the entry point, this article would study the influence of CNY exchange rate fluctuations on intra-regional trade in RCEP countries.In addition, this article would discuss whether it could enhance the influence of CNY in RCEP countries through trade channels, so as to provide a foothold for promoting the internationalization of CNY in the short term.