Cross Border Trade Settlement Pilot Works, Two-Way Circulation Channels Need Smooth

< p > settlement currency, valuation unit and value reserve are the main functions of international currency.

From the perspective of China's practice, cross-border trade settlement pilot plays a very important role in the RMB's function of settlement currency.

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The "P >" cross border RMB a href= "http://www.91se91.com/news/index_cj.asp" > trade settlement < /a > pilot since 2009 is the "way to explore" China's promotion of RMB internationalization under the background that capital accounts are not yet fully open.

In the past three years, six ministries and commissions jointly issued the circular on the management of RMB settlement enterprises in the export trade, and the RMB settlement of export trade was fully liberalized in 2012.

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< p > according to the central bank statistics, the total amount of RMB settlement business handled by cross-border banks in 2013 was 4 trillion and 630 billion yuan, an increase of 57% over the same period last year.

Among them, the cargo trade settlement amount is 3 trillion and 20 billion yuan, < a href= "http://www.91se91.com/news/index_cj.asp" > service trade < /a > and other current account settlement amount 1 trillion and 610 billion yuan.

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< p > the scale of cross-border RMB trade settlement grew rapidly in 2013, which is closely related to the notice issued by the central bank in July of the same year on simplifying the process of cross-border RMB business and improving related policies.

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< p > reporter noted that the notice simplifies the process of cross-border RMB business under regular pactions, combs the cross-border clearing business of RMB accounts of bank cards, and clarifies the relevant contents that domestic non-financial institutions can carry out RMB foreign lending business, and overseas funds pfer to RMB accounts, etc., and adjusts the time limit and limit of financing for Renminbi accounts outside China, so as to effectively meet the needs of banks and enterprises in handling business.

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< p > despite the years of development, the function of RMB as a cross-border trade settlement currency has been initially reflected. However, in the settlement of international trade settlement without Chinese enterprises, the proportion of RMB settlement is still quite low.

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< p > in order to promote the use of "a href=" http://www.91se91.com/news/index_cj.asp "/a" in cross-border trade, besides the convenience of RMB settlement, we should also provide the necessary RMB financial products for cross-border trade, and relax restrictions on financial activities directly related to cross-border trade.

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< p > Chen Daofu believes that foreign exchange assistance, foreign exchange investment and foreign exchange loans to neighboring countries and regions and other countries and regions should be established to set up RMB investment funds, RMB loans and foreign aid in Renminbi.

On the basis of gradually increasing the amount of QFII and QDII existing foreign exchange currencies, we should increase the content of RMB assets investment of QFII and QDII.

Obviously, in addition to the regular settlement, we should also facilitate the settlement of capital accounts.

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< p > "the deepening of RMB regionalization is related to the opening of capital account and the opening of financial market.

Taking into account the relative foreign currency, China's ability to control the renminbi is stronger, and it can appropriately accelerate the opening of capital account and the opening of financial markets, and further enrich the channels for RMB reflux.

Chen Daofu said.

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< p > not only the domestic RMB market needs to be quite mature and open, but also the offshore RMB offshore market should have a full breadth and depth. At the same time, there should be a smooth two-way circulation channel between domestic and foreign markets, so that holders of RMB in the international market can effectively carry out cross-border exchange and investment pactions of RMB.

This will help to expand the RMB area deeply, and help the valuation function to play on the other hand.

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