Mechanistic and heterogeneity analyses.

Cross-border trade settlement in Renminbi (RMB) is a crucial component of China’s efforts to internationalize its currency. This study develops micro-level indicators of RMB cross-border settlement to empirically investigate the role of export competitiveness in promoting the use of RMB in international trade. The findings reveal that export competitiveness significantly enhances RMB cross-border settlement, with the establishment of Free Trade Zones further amplifying this effect. Heterogeneity analysis indicates that the impact is more pronounced in firms with smaller scales, higher industry concentration, or greater operating liabilities. Moreover, the increased use of RMB in cross-border settlements, driven by export competitiveness, is associated with reduced import dependence and enhanced firm value. These results deepen the understanding of RMB internationalization from the perspective of firm-level trade activities and provide valuable empirical insights for the strategic promotion of RMB internationalization.

人民币（Renminbi, RMB）跨境贸易结算是中国推动本币国际化进程的关键组成部分。本研究构建了人民币跨境结算的微观层面指标，旨在实证检验出口竞争力在推动国际贸易中使用人民币结算所发挥的作用。研究结果表明，出口竞争力可显著提升人民币跨境结算规模，而自由贸易区（Free Trade Zones）的设立会进一步强化这一正向效应。异质性分析（Heterogeneity analysis）结果显示，该影响在规模较小、行业集中度较高或经营性负债水平更高的企业中更为显著。此外，由出口竞争力驱动的人民币跨境结算使用量提升，与企业进口依赖度下降及企业价值提升存在显著关联。上述研究结论从企业层面贸易活动的视角深化了对人民币国际化的认知，并为人民币国际化的战略推广提供了极具价值的实证参考。