关键词: 贸易大国 , 结算货币选择 , 价格替代弹性 , 市场份额比率 , 交易成本

Abstract: his paper theoretically analyzes the effect of monetary shock on currency invoicing in the circumstance of nominal and of real wage stickiness by a threesector (two tradable sectors and one nontradable sector) model of general equilibrium analysis. The crucial factors of determining currency invoicing are substitution elasticity of tradable products, market share ratio of domestic selling to export, as well as the moving gap of transaction cost of trade nationscurrencies due to fluctuation of exchange rate. In order to promote international trade invoicing in Renminbi, China should take the import products which have large elasticity of substitution and high relative market ratio in intraindustry trade with United States, European Union and Japan as main objects to be invoiced in yuan. In addition, China should also advance convertibility and circulation of Renminbi, keep stable value of Renminbi as far as possible in order to reduce its transaction cost compared to international trade invoicing currencies.

Key words: large trade nations , currency invoicing , composition of trade commodities , price elasticity , transaction cost