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The following article was published in our article directory on November 15, 2010.
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RMB Internationalization Should Go With the Flow

Article Category: Business

Author Name: Amanda xzh

When a country's overall economic strength of the rising time, the currency will inevitably become the focus of attention. China is a big country, but from the perspective of economy, the actual compare the EU and the United States, therefore, China's comprehensive strength is not enough to make the yuan to become mainstream currency. Internationalization of RMB is more of a concept is to promote the internationalization of other countries means that people believe the RMB.

RMB internationalization not worry, the yuan does not yet have the conditions to become an international currency. First, the economy of scale is not big enough, but not stable enough; Second, the internationalization of China's financial institutions is not yet high, the degree of internationalization of domestic banks much better than before, as well as in overseas mergers and depth of participation in the international market to do very good, but with large multinational financial institutions is still inadequate compared; Third, China's degree of internationalization of financial markets is not enough, there are a lot of capital controls, the RMB freely convertible take some time.

RMB internationalization path to choose, there are a relatively clear path: First, the RMB settlement of regional trade in Asia currency; the second is issued in Hong Kong Renminbi denominated bonds, foster an open, regional bond market, have the reserves to make the investment function of the renminbi; Third, through the construction of domestic financial markets and the development of offshore renminbi bond market to expand the depth of the renminbi offshore market, asset class offshore RMB business to expand the business scope of the yuan in the international balance of payments capital account convertibility, the creation of real offshore financial center, making the yuan a range of East Asia and the dominant currency in the Asian region; Fourth, to promote the regionalization of RMB internationalization of its ultimate success.

The ideas and the external environment on the face of China. China's economy and the world economy, especially Asia, the formation of a strong regional economic interdependence, so China's economic rise is difficult to quickly translate into political or strategic advantage, making it available in other countries on the one hand the interests of China's economic rise, while able for their own interests to contain China's economic rise. In this international environment, on the one hand, China has formulated any strategy must take into account foreign economic relations with the world, particularly the fact that Asian economies closely linked, it also requires China to implement or adjust the strategy may face external pressure to be prepared.

Regionalization of the RMB should adapt to the current status of China's economic and financial development, steady progress. Should be no fundamental change in China's current exchange rate regime, capital account management framework to promote moderation. Involved in the regionalization of RMB yuan of output, and return circulating outside the three links, only the virtuous cycle to promote the regionalization of RMB.

The current policy is mainly focused on cross-border transactions in renminbi, and further development should be managed within the existing framework of the capital account, and gradually let the yuan's exchange with the existing international economic relations, in the policy have the same treatment, only including foreign currency has been allowed a certain amount and in the case of approval of FDI, ODI, (small) QFII, (small) QDII and other fields, but also gradually expand the scope of trade financing in the amount of existing debt to allow domestic institutions under the management of in the issuance of RMB bonds and stocks overseas, the development of RMB ETF and other products, and gradually increase the opening of domestic financial markets and so on. Technically you need to further improve the cross-border renminbi settlement system.

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