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The path of RMB internationalization and policy choice

Author: Chan De From: www.yourpaper.net Posted: 2010-07-05 16:39:10 Read:
[Keywords] market choice of exchange rate system of international trade and investment finance market comprehensive national strength
[Abstract] with the rapid development of Chinese economy and China's rising international status, the internationalization of the RMB has become a hot topic, and has been carried out to promote the internationalization of RMB to work.Here I will briefly describe my understanding of the internationalisation of the renminbi, and specifically on my path of RMB internationalization and promote RMB internationalization cognition measures.
RMB internationalization of the meaning of 1
The internationalization of RMB is mainly refers to the internationalization of RMB is RMB can transcend national boundaries, in foreign countries, has become internationally recognized valuation, settlement and reserve currency, which is not only a process of development, but also refers to promote the internationalization of RMB efforts and initiatives.
2 background
The internationalization of RMB is a trend of the times, it is the choice of history, it is the choice of market and competition.
2.1 from the renminbi itself
First, the RMB has become a strong and influential currency in circulation.The renminbi stable high-speed economic growth under the support of strong performance, enhance the credibility of RMB in the region and regional market trust and need.In Southeast Asia has become second only to the dollar, euro, yen and a "hard currency".In the southwest border areas such as the scope of Laos, Vietnam, circulation of the country such as Burma is wide and in the northeast, the RMB cross-border circulation is mainly to Russia and North Korea and Mongolia of china.Especially in Mongolia, have as a major foreign currency rmb.The maximum of RMB cross-border circulation is the Hongkong region of China, in the Macao region of China also is widely used.RMB can not only through a variety of ways to free exchange, is more of a reserve currency is as an investment at.With the continuous development of China economy, people's income increase, outbound Chinese tourists growing in Europe, the United States of America, Canada, as well as our neighbor Japan, many Airport Hotel and other places is closely related with the tourism to carry out a wide range of RMB business.
2.2 from the development in our country
China's huge economies of scale, stable growth, a huge source of power to become the internationalization of rmb.To see the situation: in 2007 China's GDP overtook Germany to become the world's J, large economies.In 2008, under the strong impact of the financial crisis, China's overall economic performance is stable, the 9% economic growth alone in the world, degree of contribution to global economic growth reached 2O%.In 2009 China's "8 war" has attracted the world's attention, according to the United Nations announced in 2010 before New Year's Day message, years of China's economic contribution to global growth rate is estimated at more than 50%, can be said that the Chinese economy fully deserve to become an engine of the global economy in 2009 led to the most powerful.China showed a positive, active, full of confidence, have confidence and momentum for the global economy.
3 path
In short, the two "three steps": one is geographical "three steps", namely the peripheral, regionalization, internationalization.Two is the functions of money, "three steps", namely the settlement currency, investment money, reserve currency.From the two dimensions also pointed out that the main direction of the internationalization of rmb.
To achieve 3.1 RMB internationalization through two paths
1) through international trade route
China is the world's second largest international trade of china.China can use the world trade nation status, through the arrangement of the renminbi in international trade play a greater role to promote the internationalization of RMB, play to China's comparative advantage.At the same time, the promotion of international trade in Renminbi to exercise the functions of international currency in the international market, the benign interaction can be formed in currency and trade.
2) through the international financial market path
The RMB to become a world currency, in the international financial market stand firm foot is very necessary.
3.2 RMB internationalization should take measures in many aspects
3.2.1 economic system, especially the exchange rate system reforms should be carried out first in the system to the need for RMB internationalization are certain adjustment of China's market economy system still exist many problems difficult to support the rapid implementation of the process of internationalization of the RMB, such as problems, the interest rate market of RMB exchange rate mechanism, improve the problem of capital account convertibility problem etc..Therefore it is necessary to take some measures to promote the expansion of the scope of the circulation of RMB, up from the system level.
1) relaxing capital controls, improve the exchange rate system, gradually realize the convertibility of rmb.
This is not only the premise of the RMB to the world, but also to improve an opportunity and influence of China, the renminbi.
2) find the advantageous position in the international.
The first is to improve in the status of IMF, obtain the right to speak.Only in this way can we break the barriers in some developed countries, the RMB to the world.In addition to the main trading partners and establish effective mechanisms of cooperation, signed a cooperation agreement on RMB's circulation, and gradually expand the proportion and scope of RMB as foreign trade and currency and settlement currency.A more feasible strategy is to cooperate and neighbor of Japan, when necessary, may consider the establishment of "Asian dollar".
3) within the territory of China implement steps, gradual capital account convertibility.
The first RMB in capital account items under the conditions change, the time is ripe and then gradually open up broader exchange scope and more relaxed exchange conditions.
4) to establish RMB backflow mechanism of multiple.
In the international investment, allowing the RMB to China direct investment, such as the qualified foreign institutional investor (QFII) scheme, qualified domestic institutional investors scheme (QDII); in terms of trade will allow the use of offshore RMB payment in China export commodity money.
5) to improve the safety of the RMB exchange rate, the establishment of early warning mechanism perfect.
And the regional cooperation mechanism within the country and regions to establish information exchange and statistical monitoring, strengthen the monitoring and control of the illegal and burst flow.
3.2.2 international trade and investment
Combined with peripheral, regionalization, internationalization of the "three steps", through international trade and investment make the Yuan Wei South China to overseas radiation, divided into two lines:
The first is with the renminbi's influence gradually increased, the geographical first uses the Chinese influence in the countries and major trading countries in the formation of a wide range of Kuai, RMB circulation circle, and then the southern neighboring countries and major trading country to regional development, in a similar trade area van Citong wide circulation, to globalization the development of.
Second is the monetary function exercise is also from the shallower to the deeper, first is the trade between China and the country's trade balance, and later with the acceptance of the yuan continues to improve, the flow of more widely, can promote the realization of his country and other countries to use RMB payment.Combining the settlement currency, investment money, reserve currency "three steps", first of all is the main international trade settlement towel, along with the deepening of the internationalization of RMB to expand into international investment level.
Specific measures are very extensive, such as in the investment not to countries or regions to promote domestic enterprises to use the RMB to foreign situation of RMB circulation better such as Southeast Park home investment, also can consider to invite overseas quality enterprises to A shares of the issuance of RMB bonds or stock, so that a part of RMB into dollars abroad, thus improving the operation efficiency of China Company governance and capital market.
With international trade, to encourage and promote foreign trade enterprises and foreign trading partners to the RMB clearing, and gradually try to encourage other countries, the country with the mutual trade RMB settlement, and not only with China's trade with the RMB clearing, the space is quite broad.
Domestic enterprises in promoting foreign trade settlement in RMB seven, can be considered by the people's Bank of China for foreign trade enterprises subsidies currency swap service, namely to lower price to provide future RMB income according to the predetermined rate of exchange for foreign currency services, it is equivalent to the use of the renminbi can receive subsidies, thus effectively push the enterprises with RMB settlement.
3.2.3 financial market
In the international market to issue RMB denominated government bonds and corporate bonds, in order to achieve the ultimate goal of RMB assets gradually become important financial T surround border market reliable investment and the value of the assets of the.
A possible solution is to establish a financial |I| center in Shanghai, as the center of RMB pricing and settlement center, play the "agglomeration effect", can lay good foundation for the internationalization of RFJ future rmb.However, a world financial center is not a short duration of time to completion can be achieved, but also the financial center of Shanghai built largely need RMB to become an international cargo
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