Central Bank Monetary Policy Committee: RMB Internationalization Or Catching Up With The Yen

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< p style= "text-align: center >" Chen Yulu, member of the Renmin University of China monetary policy committee and the central bank monetary policy committee, < /p >

< p > yesterday, the expert group chaired by Chen Yulu, chairman of Renmin University of China and member of the monetary policy committee of the central bank, issued the "RMB internationalization report 2013".

In explaining the report, Chen Yulu said that the RMB internationalization index increased by 49% over the same period last year, and that the internationalization process of RMB was at a stage of rapid growth. If the impetus is strong and the measures are right, the internationalization of the RMB can quickly catch up with the "a href=" http://sjfzxm.com/news/ index_cj.as "yen" /a "and the pound sterling.

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< p > < strong > with BRICs, Latin America and African Union as the breakthrough point < /strong > < /p >

< p > > a href= "http://sjfzxm.com/pioneer/" > Chen Yu Lu < /a > said that as of the fourth quarter of last year, the internationalization index of RMB increased by 49% compared with the previous year.

However, the internationalization index of RMB is only 0.87, which indicates that although the internationalization process of RMB is in the stage of rapid growth, it still has a long way to go in international use.

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< p > he said that China is taking the ASEAN 10+3, Shanghai cooperation organization, BRICs, Latin American and African Union as the breakthrough point. Through bilateral trade and regional trade, it is expected to continue to strengthen the RMB valuation function of international trade, and promote the internationalization index of RMB to a new high.

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< p > Chen Yulu further explained that if the trade with Latin America, Au and Japan and South Korea was strengthened by RMB settlement, the internationalization index of the RMB would be close to the yen and pound sterling and become the first emerging economies of the international monetary club.

He believes that if the impetus is strong and the measures are right, the internationalization of the renminbi can catch up with the yen and Sterling quickly.

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< p > < strong > suggest to promote bilateral trade with < a href= > http://sjfzxm.com/news/index_cj.as > RMB > /a > valuation settlement < /strong > /p >

< p > he also pointed out that there are still obstacles to the level of international use of RMB and the internationalization process, including the lack of willingness and ability to use RMB in trade, the internationalization of financial institutions lagging behind trade activities, the direct exchange of RMB and foreign currencies in the foreign exchange market is too small, and the convenience of RMB is not enough.

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< p > to this end, it is suggested that the bilateral trade should be promoted in Renminbi in the short term, and that the RMB should be used as a trade settlement currency through the expansion of direct investment, the construction of free trade zones or other cooperation mechanisms.

At the same time, we should vigorously promote the development of domestic financial institutions and trade related RMB loan business.

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