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| China quietly accelerated the internationalization of RMB is expected to be the Asia Pacific currencies |
According to Hong Kong, "Wen Wei Po" reported that in the global financial crisis and the emergence of "de-dollarization," the voice, the Chinese quietly to speed up the process of internationalization of the RMB, RMB currency to the world the ultimate cross-complete "triple" and make preparations. "RMB territory" is taking shape, is expected to be the Asia Pacific currencies.
RMB internationalization speed on two channels
The Mainland's financial officials said that the internationalization of RMB is still a difficult and long journey, the next step the two paths need to go hand in hand, rely on the scale of China's third largest trading nation to accelerate the circulation of RMB in the region, and through a series of institutional arrangements and market building, a move to international financial markets to the stage.
Since the second half of last year has been the deterioration of the international financial crisis, China's central bank and the trend line, introduced a number of new initiatives to promote the internationalization of the yuan, including allowing the issuance of renminbi in Hong Kong securities market products, and trading partners have signed bilateral currency swap agreements and to allow the yuan as part of international economic activities, such as billing currency. This was interpreted as outside the government to promote the internationalization of RMB breakthrough act.
The so-called "RMB internationalization", that is, the RMB to the international market, widely recognized and accepted, and play-denominated units of exchange value of the storage media and means of these three functions of international currencies. A country's currency in international trade and economic aggregates and their closely related. With China's rapid economic growth, and closely integrated into the global trading and financial system, the yuan currency by the country grow into a regional currency, and eventually become an international currency, has been gaining momentum.
However, the State Council Development Research Center, deputy director of finance by Ba believes that the RMB internationalization is a complex set of "triple jump" action, China has just started. In his view, a number of measures have been introduced, the scope and covers only trade relations with China's neighboring countries and regions closer, cross-border trade settlement in real terms in the realization of free convertibility of RMB technical steps. "If the RMB internationalization triple decomposition for the liberalization, regionalization and globalization of the three-step, the RMB is still in the phase of liberalization and regionalization of the depth of the initial phase."
Hong Kong central bank officials, "Wen Wei Po," said the next step in the internationalization of the renminbi through two parallel path forward, "two legs" to walk. First, the use of the scale of China's trade advantage, and promote the circulation of RMB in the region; second is to promote the RMB in the international financial market liquidity.
"RMB territory" is taking shape
Although non-convertible currency, the renminbi has become the quasi-Asian regional currencies. According to statistics from related departments, has been out of tens of billions of Chinese Yuan Renminbi continent, north into Russia and Mongolia, to the northeast to North Korea, to the southwest along the Lancang River, the Mekong River, flowing into the South-East Asia; to the southeast, across the Taiwan Strait and the Pearl River, flowing into Taiwan, Penghu, Golden Horse and Hong Kong and Macao to form a "map of the yuan."
As a measure of value, the current scope of the RMB settlement of cross-border trade, mainly in the field. In China and its neighboring countries and regions, trade, currency denominated in RMB have been started as. Over the past two years, China has been and Vietnam, Burma, Russia, Mongolia, Korea and other neighboring countries signed eight agreements, trade settlement of bilateral currency choice. According to statistics, China's border trade, the ratio of settlement to the RMB has been as high as 45-95%, more than 20 billion yuan into the outside through the border trade.
As a means of payment, in recent years, the RMB has been flowing into neighboring countries and regions, especially in Hong Kong, Hong Kong, Macao and Taiwan regions, the growing acceptance by the market.
As a reserve currency, the RMB has been in some Asian countries appear in the foreign exchange reserves. RMB in 2006 to accept the Philippines as its reserve currency, this is the first time, foreign central banks as an official reserve currency RMB, Belarus in 2007 to follow up. In addition, some countries have also begun to consider the exchange rate of RMB factors, India and the European Central Bank announced in 2005 will be included in a basket of currencies the yuan.
Asia Pacific is expected to be monetary
Economists believe that the completion of the gradual internationalization of the renminbi, or will require 10-20 years before that, the yuan conditions of the Asia-Pacific region to become the first regional settlement of the currency and regional reserve currency.
Economists believe that the yuan is an obstacle to the internationalization of the domestic financial system, openness, competitiveness and financial market development in the future there is still much uncertainty; together with the history of the international reserve system inertia will dollars to maintain and upgrade the status of the euro, the RMB to 20 years in real internationalization, as an international reserve currency system, the more important members, more difficult.
However, economists still believe that in the next 10 to 20 years, China could take the lead in regionalization in the Asia-Pacific region. China's foreign trade has more than Japan, the huge scale of trade between China and Southeast Asian countries and the trade patterns that will help the renminbi as a regional settlement currency, and to promote as a regional reserve currency.
In addition, China's emerging market economies in Asia to maintain foreign trade deficit, an increase of RMB in these areas the availability, will also help speed up the process of regionalization of RMB. China on the world to maintain huge trade surplus, making the pressure of RMB appreciation pressure on large and small devaluation, which guarantees the RMB as a reserve currency of the security and profitability. Therefore, if the completion of the RMB under capital account convertibility, in the Asia-Pacific region will become a major foreign exchange reserves a good choice. |
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