臺灣博碩士論文加值系統

大多數人認為人民幣的國際化，會循著三個階段前進：成為結算貨幣、投資貨幣、儲備貨幣，2009年7月2日頒布施行的『跨境貿易人民幣結算試點管理辦法』，正宣告了中國官方開始大舉推動人民幣成為國際結算貨幣。

跨境貿易開始以人民幣作為結算貨幣，不僅代表著人民幣有了新的功能，更隱含著許\\\\\\\多機會；因此，此篇論文的一大動機即在於想瞭解，人民幣作為結算貨幣會如何影響代理行業務(Correspondent Banking Business)，以及會帶給它何種商機？

本論文以一家世界代理行業務的領導者 - W銀行為例，藉由探討代理行業務的價值鏈，以及W銀行的商業模式，試圖刻畫W銀行可以如何運用人民幣國計畫開展的新契機，並發掘W銀行做為一個美系的銀行，依然存有在人民幣相關業務上提供服務的潛質與地位。
關鍵詞：人民幣貿易結算、跨境貿易人民幣結算試點管理辦法、代理行業務

Most people agree that the internationalization of RMB follows a three-step strategy, i.e. turn RMB into a settlement currency, investment currency, and reserve currency. The promulgation of the “Administrative Rules on Pilot Program of RMB Settlement of Cross-border Trade Transactions” on July 2, 2009 demonstrated that China has officially begun to facilitate the use of currency in trade settlement.

The start of RMB cross-border trade settlement not only stands for new function of RMB but also brings new opportunities. Therefore, a fundamental motivation for this research is to explore how will it influence correspondent banking business and what business opportunities it offer to correspondent banking business?

This thesis takes the case of W Bank, a world leading correspondent banking service provider for example. By discussing value chain of the correspondent banking business and studying the business model of W Bank, we depict how W Bank can exploit the new business opportunity and conclude that W Bank, a U.S.-based bank, remains in a good position to offer RMB-denominated services.

Acknowledgement i
論文摘要 ii
Abstract iii
圖目錄 vi
表目錄 vii
Chapter 1 Introduction 1
1.1 Research Motivation 1
1.2 Research Purpose 3
1.3 Research Method and the Flow 5
Chapter 2 literature review 9
2.1 Value Chain 9
2.2 Business Model 13
chapter 3 the inception and progress of rmb-denominated trade setlement 17
3.1 Background of Implementation of “Administrative Rules on Pilot Program of Renminbi Settle of Cross-border Trade Transactions” 17
3.2the Content of “Administrative Rules on Pilot Program of Renminbi Settlement of Cross-border Trade Transaction” 21
3.3 the Progress and Outlook of Pilot Program of Renminbi Settlement of Cross-border Trade Transactions 25
3.3 The Progress and Outlook of Pilot Program of Renminbi Settlement of Cross-border Trade Transactions 26
CHAPTER 4 THE CORRESPONDENT BANKING BUSINESS AND HOW IT RELATES TO RMB-DENOMINATED TRADE SETTLEMENT 29
4.1 Introduction of Correspondent Banking Business 29
4.2 Core Products or Services of Correspondent Banking Business 34
4.3 Business Opportunities Derived From RMB-denominated Trade Settlement 41
Chapter 5 how renminbi-denominated trade settlement business affects the correspondent banking – the case of w bank 46
5.1 W Bank at a Glance 46
5.2 Value Chain of the Correspondent Banking Business 49
5.3 Business Model of W Bank 55
5.4 New Business Opportunities Derived from RMB-denominated Trade Settlement for W Bank 58
Chapter 6 conclusion 61
Reference 63
APPENDIX I administrative rules on pilot program of rmb settlement of cross-border trade transactions 65
APPENDIX iI regulations for implementing the administrative rules on pilot program of rmb settlement of cross-border trade transactions 73
APPENDIX iII list of pilot enterprises 85
附錄I 65
附錄II 73
附錄III 85

圖目錄
Figure 1-1 Flow Chart ………………………………………………………………… 8
Figure 2-1 Four-box Model ……………………………………………………………16
Figure 3-1 Monthly RMB Settlement of Cross-border Trade Transactions ………… 26
Figure 4-1 Payment Service Flow …………………………………………………… 36
Figure 4-2 Check Service Flow …………………………………………………… 37
Figure 4-3 Trade Service Flow …………………………………………………… 38
Figure 4-4 Agent Bank Model …………………………………………………… 43
Figure 4-5 Clearing Bank Model …………………………………………………… 44
Figure 5-1 Correspondent Banking Business Value Chain ………………………… 54

1.Anjali Kumar, Ajai Nair, Adam Parsons, and Eduardo Urdapilleta, “Expanding Bank Outreach through Retail Partnerships – Correspondent Banking in Brazil”, The International Bank for Reconstruction and Development / The World Bank, 2006
2.Arthur D. Austin and Elinor Harris Solomon, “ A New Antitrust Problem: Vertical Integration in Correspondent Banking”, Vol. 122, No. 2, Dec. 1973, University of Pennsylvania Law Review
3.China Monetary Policy Report, Q2, 2010
4.Dominique Rambure & Alec Nacamuli, “Payment Systems: From the Salt Mines to the Board Room”, 2008
5.Eiichi Sekine, “Yuan-denominated Trade Settlement and the Internationalization of China’s Currency”, Nomura Institute of Capital Markets Research, Nomura Journal of Capital Markets Spring 2010 Vol. 2 No. 1
6.Henry Chesbrough, “Business Model Innovation: It’s Not Just About Technology Anymore”, Strategy & Leadership, Volume: 35, No. 6, 2007, Pages: 12-17　
7.Joan Magretta, “Why Business Models Matter”, Harvard Business Review, May 2002
8.Lee Dong-Hua, “RENMINBI Cross-border Denomination and Settlement: Issues and Solutions, China Financial Publishing House, 2003
9.Mark Johnson, “Seizing the White Space – Business Model Innovation for Growth and Renewal”, 2010
10.Michael E. Porter, “Competitive Strategy”, 1980
11.Michael E. Porter, “Competitive Advantage”, 1985
12.Michael E. Porter, “What is Strategy”, Harvard Business Review, Nov.-Dec. 1996
13.Monetary and Economic Dept., Bank for International Settlement, “China: the Evolution of Foreign Exchange Controls and the Consequence of Capital Flow”, Bank for International Settlement, Paper No. 44, Dec. 2008, page 143-152
14.R. Alton Gilbert, “ Economics of Scale in Correspondent Banking”, Vol. 15, No. 4, Nov. 1983, Journal of Money, Credit and Banking
15.Robert J. Lawerence and Duane Lougee, “ Determinants of Correspondent Banking Relationships”, Vol. 2, No. 3, Aug. 1970, Journal of Money, Credit and Banking
16.Wang Yuan-Long, “A geological and functional ''three-step'' for RMB''s internationalization”, China Economist, Nov. – Dec. 2009, page 78-85
17.William P. Osterberg and James B. Thomson, “Banking Consolidation and Correspondent Banking”, Federal Reserve Bank of Cleveland, Economic Review 1999 Q1
18.孫兆東, ”世界的人民幣”, 高寶國際, 2010/6