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The following article was published in our article directory on November 10, 2010.
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ASEAN Becomes RMB International First Stop

Article Category: Business

Author Name: Amanda xzh

China's close economic ties with Southeast Asian countries to improve cross-border settlement will make the yuan a trade and investment between China and Southeast Asia, an important carrier of facilitation, and continue to enlarge trade and investment in Southeast Asia will further enhance the status of the renminbi, to speed up its internationalization process. Analysts believe that, given the trade deficit with China on expanding the ASEAN region, the ASEAN countries most likely to become yuan "going out" the first leg.

FTA needs to deepen Renminbi

North Bay Economic Zone has a long tradition and experience RMB, but also have a more urgent demand for the RMB settlement. Countries such as China and Vietnam has a long border trade cooperation, cooperation in border trade, the yuan trade and capital between the two countries play an important settlement in the role, the RMB settlement of bilateral economic and trade cooperation has played an important role.

At present, China is gradually promoted in several ways, the process of internationalization of the RMB, and ASEAN, as China's fourth largest trading partner, both have extensive trade ties, as the RMB internationalization strategy an important part. Although China and the ASEAN financial cooperation between the whole still in its infancy, but the two sides have achieved remarkable results in financial cooperation, and show broad prospects and huge potential, which is RMB international development certainly provide a solid foundation, and China - ASEAN FTA will further promote the circulation of RMB in the East Asian region.

It is understood that the pilot launch cross-border trade in RMB, the yuan has greatly promoted the settlement of cross-border trade. As of September, the RMB settlement of cross-border trade business to grow significantly, the banks handle the cross-border trade were 197.1 billion yuan RMB clearing business. Since the pilot project to expand, the RMB settlement of cross-border trade volume in August and September monthly increments are much higher than 300 billion yuan.

Part in the ASEAN countries, such as the Philippines, Malaysia and other countries central banks and monetary authorities have classified as an official reserve currency, the yuan, and China in recent years and the ASEAN countries such as Malaysia, Indonesia, Singapore, sign a bilateral currency swap agreement, increasing the use of the renminbi and the international coverage of cross-border settlement of RMB financial support provided to speed up the process of internationalization of the RMB.

As of the end of 2008, China and Thailand, the Philippines, Malaysia and Indonesia and other countries signed a total of 6 copies of 635 billion bilateral currency swap agreements. Since 2009, in order to jointly resist financial crisis, Asian central banks to establish currency exchange mechanism, the People's Bank of China has with Malaysia, Indonesia, Singapore's monetary authorities have signed a total of 330 billion yuan in bilateral trade in the currency swap, in support of direct bilateral trade and direct investment.

December 2009, China and ASEAN to participate in the establishment of the total size of 120 billion Asian regional reserve pool, enhancing the mobility of the region to address the international balance of payments problems. Meanwhile, the steady increase levels of foreign market institutions, to encourage financial institutions to ASEAN, China to set up branches and carry out financial business, the establishment of China - ASEAN Investment Fund, the first fund-raising 1 billion U.S. dollars, ASEAN countries to provide 15 billion U.S. dollars in credit preferential bank loans amount to 67 billion U.S. dollars.

Meanwhile, the China - ASEAN Free Trade Area of the completion of the development process of the internationalization of RMB will no doubt play a significant role in promoting. China - ASEAN Free Trade Area is completed, our commitment to gradually open its capital projects to strengthen the renminbi flexibility, and speed up the development of offshore financial markets, the ASEAN region as an important settlement of cross-border trade RMB pilot areas, will be the process of internationalization of RMB play an important role in promoting.

China - ASEAN Free Trade Area of the building, in the promotion of trade facilitation and economic integration in the process of RMB will lead to cross-border trade, thus promoting the pace of internationalization of the RMB. Ho Sai Hong said, the RMB in the use and circulation of the surrounding area is being further expanded in the Asian region for the development of the renminbi is widely accepted as a useful exploration currencies. Therefore, the RMB as a free trade area to promote the main settlement currency, the RMB internationalization is important.

In addition, the huge bilateral trade in the ASEAN region to China on the yuan to carry out cross-border trade settlement offers great support. Closer trade links between China and ASEAN, ASEAN has become China's fourth largest trading partner. The first three quarters of this year, bilateral trade volume between China and ASEAN reached 211.31 billion U.S. dollars, up 43.7%, exceeding the growth rate over the same period 19 percent of China Import and Export.

Cross-border trade in RMB clearing business conduct, to a large extent on foreign trade enterprises can eliminate concerns about the exchange rate. Use the RMB settlement of cross-border trade will help guard against foreign exchange risks of foreign trade enterprises to effectively control the profit forecast, in particular, is conducive to expanding enterprises to take advantage of the geographic advantage and the economic and trade exchanges among the ASEAN countries, "in the promotion of exports, while realizing big business to do Strong. "

RMB settlement in the ASEAN regional trade widely on China's banking sector since the "going out" to provide a convenience. China's first cross-border trade with ASEAN countries are also beginning RMB. At present, Myanmar, Laos, Vietnam and other ASEAN countries is second only to Hong Kong, Macao RMB mobile active region. RMB in the ASEAN region with the increased demand for Chinese banks to provide RMB services has advantages, Chinese commercial banks will be able to use their RMB business has a comparative advantage to expand their business space.

Keywords: China Sheet Metal Parts, Sheet Metal cabinet, china machining parts,

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