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| Officially launched on the 6th of cross-border trade in RMB clearing business |
An important step in the internationalization of the RMB
Crisis in the financial environment, this should be exciting news. In the short term, this policy will not only help promote the launch of China and its neighboring countries and trade cooperation, but also helps to avoid risks related businesses. Since last year, as a result of trade settlement as a major U.S. dollar currency fluctuations, so that affected global trade and foreign trade enterprises in China has suffered huge losses. Cross-border implementation of the RMB settlement of foreign trade enterprises to reduce costs and to avoid exchange rate risk is a positive. Sino-US Relations Research Center of Tsinghua University Senior Fellow, Zhou Jian said: "China's foreign trade with more than 80% of all U.S. dollar clearing,
Devaluation of the dollar has been the inevitable structural circumstances, be able to circumvent the U.S. to do so, such as currency exchange rate risk. "
From a long-term point of view, this not only marks the RMB settlement in international trade position has been upgraded from the quote currency to the settlement currency, the yuan is in the process of internationalization as an important step. Generally speaking, a country's currency in order to achieve international, usually to get settlement money, investment currency and reserve currency in three steps. Prior to that, although the yuan has been paid in settlement of cross-border trade as a currency used in China --- the estimated flow of the border region of 30 billion yuan in cash --- but "minor." Lian Ping, chief economist at Bank of Communications said: "if we really want the yuan to be internationally accepted,
On the need for payment and settlement in international trade has been the use of electron flow through the commercial banks to carry out cross-border trade settlement, belong to the mainstream of trade settlement. "
How can we become a "hard currency"?
Many analysts as "the significance of the landmark" to describe the official opening of the RMB settlement of cross-border at this moment. So, an important step, the RMB to truly become a world currency, but also the conditions necessary?
If the national currencies of the world's leading international point of view of historical experience, then, the most basic requirement is the economic development of the scale and degree of openness.
On the one hand, China's economy accounted for the proportion of the world economy must be sufficient weight. Zhou Jian said China's GDP share of world GDP ratio should be at least 10%. In addition, it must have sufficient gold reserves. U.S. has become an international reserve currency, to some extent because of the gold reserves at the time the United States accounted for 70% of the world is now, the U.S. gold reserves are also accounted for one-third of world reserves, while China is only 1,000 tons, too low.
On the other hand, the openness of capital markets is one of the conditions. Fellow, China Institute of International Studies±þìûChen said that in order to achieve the internationalization of the RMB, RMB capital projects must be open to allow entry of foreign capital after the free flow of, access to, so help from the soft currency yuan into hard currency, but also need to take into account After the risk of foreign investment in, and strengthen government control and regulation of power.
Lianping also pointed out that as the birth of the international monetary conditions, in addition to the needs of the country issued its own currency stability in the economy, enterprises with strong competitiveness, balance of international payments in order to not to devalue the currency to appreciate but not significantly, the financial markets also need to continuous improvement, such as the development of the RMB exchange rate, the interest rate derivatives trading, capital markets and opening up can be long-term and short-term flows, such as bonds.
U.S. to catch up with the euro still a long way
RMB internationalization will help us to participate in international resource allocation, in favor of an international financial voice. At present, the financial crisis, the decline against the dollar, and China since 2008 has been signed with the multinational amounted to RMB 650 billion yuan swap agreement. In that case, the prospects for the internationalization of the renminbi how? On an equal footing with the U.S. to do?
In addition to economies of scale and there is still a huge gap between the United States, the generally recognized to be the reserve currency refers to a government --- to balance international payments, foreign exchange market intervention, the international debt of the monetary funds, it must be universal was acceptable, widely used by the international community's currency, the yuan and the current limited market acceptance, to be willing to use the currency market, I am afraid there is still a process. Lian-Ping said, "as an international currency RMB at least a decade, and to truly become the U.S. dollar, the euro side by side in the three-pole, I am afraid that ten years is not enough."
In fact, even the start of the second set has 10 World currency, the Euro, but also not perfect because of the measures have not been able to shake the U.S. hegemony, of course, developed countries may not be willing to have a new currency to challenge the status of their currency, to share their share, will be economic, political and other means to do everything possible to maintain its existing status. From this perspective, as it is the internationalization of the yuan while an important step in the road, but to really Huitong the world there is still a long way to go.
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