文章在考察外汇市场预期、中国进出口企业收付款方向、结算货币选择权以及确定结算货币这四个因素的基础上,构建跨境贸易人民币结算的完全信息动态博弈模型。通过逆向归纳法求解,中国进出口企业在不同情形下的纳什均衡一共有四个,结果显示人民币结算为中国进出口企业在跨境贸易中提供多了一个策略空间,这是一个值得不断推进及完善的策略空间;但是,人民币结算并不是惟一的纳什均衡,在不同情形下中国进出口企业的纳什均衡是动态变化的。
This study constructs a dynamic game model of complete information for crossborder RMB clearing on the basis of investigating foreign exchange market expectations, payments of Chinese foreign trade enterprises, currency options and the determination of settlement currency. By using the backward induction method, it finds out the four Nash Equilibriums for Chinese foreign trade enterprises in different circumstances. The results show that RMB clearing has provided more strategic options for Chinese enterprises' crossborder trade, so it is worth promoting and improving. However, RMB clearing is not the only Nash Equilibrium in that the Nash Equilibriums dynamically in different circumstances.