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Central Bank: Expanding The Scope And Variety Of Cross-Border RMB Business

2012/3/1 8:31:00 2

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Yesterday, the people's Bank of China said that the bank recently held a "cross-border RMB business and related monitoring and analysis working conference".

Central Bank

This year, we will expand the scope and variety of cross-border RMB business on the basis of norms, actively expand the cross border use of RMB in trade and investment, and facilitate trade and investment facilitation.

"Overall, cross-border RMB business in 2011 has significantly increased, business areas and varieties have been steadily expanded, and overseas RMB reflux channels have been broadened."

The central bank said that the recognition and acceptability of RMB outside the country increased steadily.

Statistics released by the central bank showed that in 2011, the total amount of RMB settlement business in cross-border trade amounted to 2 trillion and 80 billion yuan, and the total amount of RMB settlement business in direct investment amounted to 110 billion 900 million yuan.

In addition, monetary cooperation between the Central Bank of China and other central banks has further expanded.

By the end of 2011, the central bank signed a bilateral currency swap agreement with the central bank or monetary authority of 14 countries and regions such as South Korea, Malaysia, China, Hongkong, Belarus, Argentina and other 14 countries.

At the beginning of February, Li Dongrong, assistant to the central bank, wrote that the next step is to promote the central bank from two aspects.

Cross border RMB

All works.

First, we should promote the cross border benign circulation of RMB, further expand the channels for cross border RMB circulation, coordinate the coordinated development of RMB market both inside and outside China, and secondly, promote commercial banks to provide high-quality cross-border RMB financial services.

"Based on the service and support of the real economy, we will further promote the healthy development of cross-border RMB business."

The central bank also said that it is necessary to comprehensively and systematically assess and grasp the possible risks of cross-border RMB business and do well in the monitoring and analysis of cross-border RMB movements.

In addition, the central bank also said it would further improve the reform of the RMB exchange rate formation mechanism and steadily push forward related reforms such as RMB capital account convertibility.

Recently, the research group led by the central bank's investigation and Statistics Department, Sheng Songcheng, issued a research report on China's capital account liberalization.

According to the report, China is now in the strategic opportunity of opening capital account.

The report will also

capital

Account opening is divided into three stages: short term, medium term and long term.

In the short term, 1~3 will relax direct investment control, relax commercial credit control with real trade background in the medium term 3~5, and open real estate, stock and bond pactions in a long period of 5~10 years.