RMB Direct Trading With Yen Opens, And Zhejiang Enterprises Influence Geometry.

Reporters learned from the people's Bank of China on May 29th that the central bank authorized the China foreign exchange trading center to announce the 29 yuan to improve the inter-bank foreign exchange market's RMB yen trading mode and develop the direct trading of RMB against Japanese yen.

According to the relevant regulations, since June 1st, the inter-bank foreign exchange market has adopted a direct trading market maker system for Renminbi to yen trading, and the direct market maker has assumed corresponding obligations. It has continuously provided Renminbi and yen direct trading to buy and sell two-way quotes, providing liquidity to the market. At the same time, the central parity of RMB to yen exchange rate will be improved. The central parity of the RMB against the Japanese yen was then RMB against the US dollar. exchange rate The intermediate price and the US dollar to yen exchange rate are formed. Instead, it is based on the quotations made by the direct trading market maker, that is, before the opening of the interbank foreign exchange market, the China foreign exchange trading center makes an inquiry to the market maker of RMB to yen direct trading in the inter-bank foreign exchange market, and the average price of the direct transaction is quoted by the market, and the average price of the RMB to yen exchange rate is obtained on that day.

The central bank said that this is an important measure to implement the statement of leaders of the two countries on strengthening Sino Japanese cooperation and developing financial markets, and jointly promoting the direct trading of RMB to yen based on market principles. The central bank has actively supported this.

　　 Zhejiang Japan economic and trade, "suspense" surging

The internationalization of RMB has taken a firm step.

Since June 1st, the inter-bank foreign exchange market will improve the RMB to yen trading mode and develop the direct trade between the renminbi and the yen, thus ending the history of the RMB to yen exchange rate from the US dollar.

Japan is an important economic and trade partner of Zhejiang. Hangzhou customs statistics show that in the first 4 months of this year, Zhejiang exported $4 billion 430 million to Japan, an increase of 8.6% over the same period last year, and imports from Japan $3 billion 760 million, down 2% from the same period last year. As a single country (region), Japan is currently the second largest trading partner of Zhejiang, and Japan is also an important source of foreign investment in Zhejiang. What will be the effect of Zhejiang's trade with Japan after the RMB and yen can be traded directly? The reporter interviewed relevant experts and enterprises in Zhejiang province.

　 One more settlement option

There is an interpretation that the subtext of direct trading between the renminbi and the yen is that the Renminbi or yen is expected to become a clearing currency in bilateral trade, which will have a trade expansion effect in Sino Japanese trade.

This is a kind of unjustification interpretation. The premise is that at present, Sino Japanese trade mainly takes the US dollar as the settlement currency. The trade sides need to exchange money through two exchanges, not only the transaction costs increase, but also the losses caused by exchange rate fluctuations.

Zhao Maowen, chairman of Zhejiang Oriental Group Maui import and Export Co., Ltd., told reporters that "Mao Ye" export settlement currency to Japan is not the US dollar or the euro. In terms of specific payment, in addition to the payment by letter of credit, the more common way is that Japanese customers first convert yen into dollars or Euros according to the exchange rate of the day, and then go to the "Mao Ye" account. After second days or a few days later, "Mao Ye" goes to the bank to convert the US dollar or Euro into RMB. In this process, in addition to the transaction cost of the two exchange, the loss caused by exchange rate fluctuations is also inevitable.

According to Zhao Maowen's rough estimate, in 2011, "Mao Ye" lost about 0.1 yuan in trade with us $1 in trade with Japan. As a foreign trade salesperson, if we exported 3 million US dollars to Japan last year, the exchange rate loss in that year would be about 300 thousand yuan.

And one is based on 2011 China Japan. bilateral trade The calculation also shows that if the direct transaction of RMB and yen can save the transaction cost of about 3 billion US dollars for the two sides, although this bonus should be allocated among tens of thousands of foreign trade enterprises in the country.

But even so, the reporter interviewed found that this may sound very good, but in the short term it is difficult to become a real good. "There may be more options for settlement, but in fact, the position of the US dollar as the main settlement currency will not change." A senior executive in Zhejiang's Kay Heya group said.

He told reporters, " Kay Heya For example, in the 90s of last century, exports of silk raw materials and products to Japan amounted to US $40 million. After that, the export volume of Japanese kimono was greatly reduced, and the main export garments were less than US $10 million a year. No matter how the export volume changes, most of the settlement currencies choose us dollars. The renminbi can be traded directly with the yen and will not change the original way of settlement. "In fact, the fluctuation of the yen exchange rate is also very large and unstable." He said.

Similarly, Zhou Xuejun, senior vice president of Zhejiang Nu Li Machinery Limited by Share Ltd, also believes that the position of the US dollar as the trade settlement currency in China and Japan is difficult to change in the short term. For a simple reason, the US dollar is still the most stable currency in the world. Vice versa. He said.

Zhang Handong, director of the Provincial Center for international economic and trade research, said that the direct transaction between the renminbi and the yen is mainly in the financial field, and is the latest development of RMB internationalization. Although the ultimate goal is to promote the RMB to become an international settlement currency, it will not have a significant impact on bilateral trade between Zhejiang and Japan in the short term.

　　 Conducive to Japanese investment in Zhejiang

"Unlike other trading partners, Japanese based foreign-invested enterprises play a leading role in Zhejiang's trade with Japan, accounting for 60% of Japan's trade. Others are dominated by local private enterprises in Zhejiang. During the interview, a customs expert of Hangzhou customs told reporters.

"Japan is one of the most important sources of foreign investment in Zhejiang." Zhang Handong said that in Zhejiang, Japanese funded enterprises are mainly concentrated in Hangzhou Jia Hu area, especially in the Hangzhou economic and Technological Development Zone, with Toshiba, Panasonic and a number of top 500 enterprises in the world. The main body of Pinghu's optical and electrical industry is basically composed of Japanese funded enterprises. Because Japanese invested enterprises are mainly electromechanical and high-tech projects in Zhejiang Province, electromechanical products and high-tech products are among the top two in Zhejiang's bilateral trade with Japan.

After a direct transaction between the RMB and the yen, investment is expected to be substantially promoted. "Although it will not become a currency for trade settlement, the direct trade between the renminbi and the yen will mean a trade facilitation, which is expected to promote bilateral investment, especially Japan's investment in Zhejiang." Zhang Handong thinks.

In this regard, Pinghu optical and electrical industry, a Japanese funded enterprise executives also agreed. He told reporters on the phone that the direct trade between the RMB and yen would help expand the economic and trade exchanges between China and Japan. Considering that the three sides of China, Japan and South Korea recently promised to start negotiations on the FTA within the year, the company will consider increasing investment in Zhejiang.

This prospect is also recognized by more and more enterprises in Zhejiang. Although the current "NLI" exports little to Japan, Zhou Xuejun complains that the opening degree of the Japanese market is not enough, but he also said that the direct trading between the renminbi and the yen is a "positive" signal. The space for future trade with Japan will be gradually enlarged due to the accumulation of similar measures. "NLI" will consider the strategy of re evaluating the Japanese market, which includes excluding the establishment of marketing institutions and increasing market development efforts in Japan.