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Small Currencies Are Directly Internationalized For RMB Internationalization.

2011/6/13 17:44:00 84

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Following the launch of China's currency network by the China foreign exchange trading center in 2010

RMB

In June 9th, after the exchange price of two small currencies of Malaysia ringgit and Russia rouble, the Bank of Fu Dian, located in the southwest border area, worked with Lao Volkswagen bank. The first commercial bank in China launched the listing rate of RMB and Laos kip, and launched the cross-border settlement business of China's old currency.

Insiders pointed out that the trend of RMB toward multi currency direct exchange has been very obvious. The realization of the double currency cross border settlement with small currency areas has avoided the complicated procedures and costs of multiple exchange with the third party currency, and is favored by foreign trade enterprises. Its fair and equal mode has also been recognized by the two countries.

With the direct exchange of RMB between the RMB and other smaller currencies, this will enable RMB settlement to play a broader role and will greatly promote the process of RMB peripheral, regionalization and internationalization.

Small currency dual currency settlement favored

In June 9th, the "Sino old currency cross border settlement start and cum Bank launched the Laos Kip to the RMB exchange rate listing ceremony" held in Kunming.

The kip of Laos has also become another small currency currency outside the 5 traditional currencies, such as non US dollars, which are directly traded in Malaysia after the ringgit and Russia rubles.

Hu Gang, general manager of the International Business Department of Fu Dian bank, said that there was no direct exchange rate between the RMB and Laos Kip. Almost all of them were converted through the exchange rate with the US dollar. The operation was rather cumbersome. Now the rich Bank of Yunnan has directly listed the RMB and the Kip exchange rate. The customer handles the trade and remittance business of Laos Kip more conveniently and quickly.

Liu Gang is a wood furniture in Yunnan.

businessman

He told reporters that he used to use the US dollar to settle accounts. He used to convert the renminbi into dollars in order to trade at the bank. Sometimes the time was very urgent. He even had to exchange money through illegal "stall banks" and "underground banks". Now the Bank of Yunnan Province has opened up its settlement with Laos, and later, when doing business with Laos, it can choose to use Renminbi or Kip to settle accounts, which saves complex exchange procedures and saves costs.

Deng Xianhong, deputy director of the State Administration of foreign exchange, said that the RMB exchange rate and the local currency settlement were significant progress in cross-border RMB settlement and RMB regionalization in the border provinces of China.

Hu Gang, general manager of the International Business Department of Fu Dian bank, said that the two countries' businesses, individuals and banks could freely choose their currencies and trade currencies with the other countries' currencies. This fair and equal mode is very popular with the bilateral countries. Therefore, the dual currency settlement has also been regarded as a good medicine for the relocation of the international financial structure.

RMB internationalization from "

retail

"To" wholesale ".

Xing Yujing, deputy director of the two division of the monetary policy of the people's Bank of China, said that since the outbreak of the international financial crisis in 2008, the exchange rate of major currencies in the international exchange market has fluctuated sharply, and international trade financing has declined sharply. How to reduce exchange rate risks, deepen pragmatic cooperation and facilitate trade and investment is an important issue facing both emerging markets and developing countries. At present, there is a profound market base for developing RMB cross-border business with neighboring countries.

Xing Yujing said that banks such as Fu Dian bank are more familiar with the money market between their neighboring countries, and the PBC is willing to encourage banks in the border areas to play the advantage of being close to the market and familiarize themselves with the market, supporting them to carry out the listing and clearing of currencies with neighboring countries, exploring the establishment of a single bank trading platform, and even developing into a multi bank trading platform.

Xing Yujing said that from the perspective of China's foreign exchange market, the interbank foreign exchange market in Shanghai is more suitable for international hard currency pactions with relatively good liquidity and relatively limited foreign exchange control. With the gradual opening up and deepening of financial opening in our border areas, especially in neighboring countries, when we share the proportion of bilateral currency settlement in our foreign trade with these small currency countries, it is possible to launch regional listing exchange rates nationwide. When the customers of Fu Dian bank estimate that not only businesses and individuals, other banks may also become their customers, then the single bank system of small currency listing and settlement may develop into multiple banking systems.

Liu Guangxi, director of the Finance Office of the Yunnan provincial government, said that the direct exchange of Renminbi with the kip is only a small step in the cross-border settlement of Yunnan's RMB. It is now only a large "wholesale business" that will be gradually pferred to bank positions between the bank counters and the retail businesses of individuals and enterprises.

Liu Guangxi said that in the future, more commercial banks will be encouraged to establish RMB exchange rate and cross-border settlement business with neighboring countries' banks.