关键词: 双边货币互换, 跨境贸易人民币结算, 人民币国际化, 非对称性

Abstract: Based on the RMB settlement data of goods trade at the provincial level from 2012 to 2019，this paper studies the influence and mechanism of bilateral currency swap agreements on the RMB crossborder trade settlement Empirical analysis based on DID method shows that，bilateral currency swap agreement helps to improve RMB crossborder trade settlement，and the promoting effect is asymmetrical，which means that bilateral currency swap has significant effect on export，but has no significant effect on import RMB swap network helps to alleviate the “lameness” of RMB crossborder trade settlement Mechanism analysis shows that “foreign currency financing availability” is an important channel Heterogeneity analysis shows that for provinces with higher trade openness and partner countries with closer trade links with China and higher capital account openness than China，RMB swap networks have much stronger promoting effect on the RMB internationalization in the trade settlement field This study provides important empirical evidence and policy enlightenment for the People's Bank of China to carry out monetary and financial cooperation，strengthen the function of RMB as trade medium and orderly promote RMB internationalization

Key words: bilateral currency swap, RMB crossborder trade settlement, RMB internationalization, asymmetry