RMB Accelerated Towards International Hard Currency

< p > < strong > or become the three largest a href= "http://www.91se91.com/news/index_cj.asp" > reserve currency < /a > /strong > /p >

The US dollar P has been widely held as a reserve currency all over the world. However, its dominance is increasingly being criticized by other countries. Some countries have begun to cut us dollar holdings and turn to a diversified reserve currency.

According to IMF data, it ended as of 2013.

The US dollar accounts for nearly 33% of the world's foreign exchange reserves, compared with 55% in 2000.

The proportion of "other currencies" in emerging market countries increased by nearly 400% compared with that in 2003, and the growth rate of this category of currencies in developed countries also increased by 200%.

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< p > with the continuous development of < a href= "http://www.91se91.com/news/index_cj.asp" > China's economy < /a >, the appearance of RMB is becoming clearer and clearer in the "other currencies".

It is reported that between November and December last year, the use of RMB in the world increased by 15%.

At present, some countries in Southeast Asia, Eastern Europe, Latin America and Africa are considering or considering Renminbi as the official reserve currency, < /p >

< p > experts point out that China is a major economic and trade country in the world. Moreover, the "a href=" http://www.91se91.com/news/index_cj.asp "foreign exchange reserve < /a" and the potential market scale (population) are the world's first and also one of the fastest growing countries in the world economy.

At present, China's ongoing economic restructuring has brought opportunities to the internal and external environment.

Against this background, China has some favorable conditions for becoming a reserve currency.

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Yifu Lin, vice president of the national development and Research Institute of Peking University and vice chairman of the National Federation of industry and commerce, predicted that there might be three main reserve currencies in the world from 2020 to 2030. One is that the US dollar will continue to maintain the status of the international reserve currency, one is the euro, and the other may become one of the international reserve currencies.

There are also some small reserve currencies, such as Japanese yen, Swiss franc and pound sterling.

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< p > < strong > becoming a reserve currency has advantages and disadvantages: < /strong > /p >

< p > experts point out that becoming a reserve currency is conducive to establishing a good channel for capital circulation, reducing the pressure of huge external reserves and imported inflation and giving greater autonomy to global financial markets.

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< p > "RMB can become an international reserve currency and can stabilize the value of the currency. It can avoid risks and reduce paction costs when it is calculated and settled in Renminbi, which is beneficial to enhancing the international influence of China's economy."

Sun Huayu, vice president of Jinan University international business school, told our reporter.

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Less than P, the international reserve currency leaping onto the world stage should also assume greater responsibilities and risks.

Sun Huayu believes that if the RMB becomes an international reserve currency, China's monetary policy will become a global policy, which means that China's economic policy will be affected by more factors in its implementation.

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"P > Yifu Lin also expressed concern," in fact, as an international reserve currency, it is very glorious, but the economy must pay a considerable price.

So in the near future or in the long run, we need to start thinking about better alternatives. "

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< p > Yifu Lin analysis shows that the conflicts between the first, first countries' sovereign currencies as international reserve currencies, their national interests and global interests are potential. Moreover, as a major reserve currency, there is basically no restriction on the monetary policy of this country, and any arrangement that has no restrictions is probably not the best arrangement.

This is a long-term potential problem.

Second, even if the renminbi becomes one of the major international reserve currencies in 2030, the international reserve currency situation will probably be more unstable than before.

Now that it is more unstable than now, when we are going to be the main reserve currency of the world, the capital account must be completely open and the capital can flow freely, and there will always be a problem of international speculators' speculation. A large amount of liquid capital flows into China, which will cause real estate bubble and stock market bubble, and the currency will rise sharply and export will be affected.

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< p > < strong > there are still many "homework" to do < /strong > < /p >.

"P >" many central banks intend to use Renminbi as an international reserve currency, which means they have confidence in the Chinese economy and the Chinese government.

In the long run, it is very promising for the renminbi to become an international reserve currency, but there will be setbacks and difficulties in the meantime.

Sun Huayu said.

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< p > Yifu Lin believes that the US dollar is about 60% - 70% of the world's major trade settlement currency. China accounts for less than 5% from the international level.

He said that the renminbi as an international reserve currency or trade settlement currency has indeed begun.

But replacing the US dollar is still a big gap.

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To fill this gap, P still needs to do a lot of homework.

Sun Huayu said, first of all, to push forward the internationalization of the RMB, we must make the RMB maintain a relatively stable currency.

But to control exchange rate fluctuations, there will be international pressure.

Secondly, we should continue to adhere to the policy of opening to the outside world and let the public understand the benefits of opening up to China's economic structure pformation and upgrading and enhance international influence. Economic and political decisions should be integrated with the international community and increase the pparency of policies.

Finally, the capital account should be open.

But in the short term, we should not rush ahead because China's financial system is not perfect enough and needs to be cautious.

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