Huang Haizhou: RMB Internationalization Is A IPO Process.

On the morning of April 18th P, Huang Haizhou, managing director of China International Finance Corporation (CIC), at the 20th anniversary and BiMBA15 anniversary of the National Development Research Institute of Peking University, discussed the issue of China's economic structure and monetary policy pmission. He said: "in considering the design and implementation of monetary policy, fiscal policy and other related policies, we must seriously reflect the status quo of China's economy, not only in terms of total volume, but also on traffic volume, and at the same time depend on the pmission mechanism."

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< p > he also believes that the internationalization of RMB can be interpreted as a process of RMB listing and the question of listing at what price should be considered.

"The interest rate is merged, and the exchange rate will enter the market."

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In the view of Huang Hai Zhou, from the point of view of monetary policy, China's < a href= "http://www.91se91.com/news/index_cj.asp" > the total amount of money < /a > is abundant, but the problem of conduction mechanism is relatively large. < p >

"We are not a perfect a href=" http://www.91se91.com/news/index_cj.asp "> market economy > /a > conduction mechanism. At this time, we will implement these policies with simple market economy tools or tools. The interest rate will appear 619 and 620, and there will be some black holes in the process, which will suck gold desperately. Finally, the bad money will drive out good money and kill some good companies.

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< p > Huang Haizhou analysis shows that China's economy is now facing an opportunity period as well as an adjustment period.

The process of China's economic deleveraging has begun and will continue.

He divided the world's developed economies into three sectors, the US economy, the euro zone economy and the emerging market economies.

Since the 2008 crisis, in the past five or six years, the United States has pushed three quantitative easing on the one hand, while the deleveraging process has been completed, while Europe has no major movement.

Emerging market countries, including China, are generally deleveraging. Huang Haizhou stressed that in the process of deleveraging, reform, growth and stability of the three relations are very important.

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< p > > a href= "http://www.91se91.com/news/index_cj.asp" > Huang Hai Zhou < /a > think that there is a certain growth rate in the reform as a support, and the speed and level of growth must be stable.

The growth rate can not be seen at the same time. The flow volume, structure and stock should be considered together.

"Emerging market countries including China, if the leverage is not enough, will be abandoned by the market. Some emerging market countries have already had bigger problems, so they are not doing enough.

If you do too much, you will have problems and abandon yourself. "

Based on this, Huang Haizhou stressed that there should be some stability and growth, and that growth must be stable, so that reform can be promoted.

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According to the conduction mechanism and the deleveraging of China's economy, Huang Haizhou thinks that China's reform still has a long way to go, based on the two aspects of P.

He believes that in terms of interest rates, we should clarify the conduction mechanism, "clear the pmission mechanism has many ideas, a high-end black hole should be blocked by means of non marketization, which is not the market can solve, including administrative means."

He believes that interest rate market reform should turn the current interest rate from multi track to less track.

In particular, squeezing out the high end and moving down the interest rate of the central government are conducive to stabilizing economic growth and further financial reform.

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Since the beginning of March, the RMB exchange rate has partly depreciated against the US dollar, while the central bank has expanded the floating range. P

"These are some interesting changes. I think it is a welcome change.

If RMB goes forward, there will be two pressures of appreciation and depreciation. "

Huang Haizhou said that before that, the unilateral appreciation pressure of RMB was only unilateral because it was difficult to internationalize the RMB.

Today's two-way fluctuation is more conducive to RMB internationalization.

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In the view of Huang Hai Zhou, the precondition of RMB internationalization is actually that China can make both sides of the market look at the market and find a middle price, which is conducive to the internationalization of RMB. P

The internationalization of RMB can be interpreted as a process of RMB listing, and the question of listing at what price should be considered.

"After IPO has gone down, will anyone dare buy it? You have to find an intermediate price.

To make profits for investors, investors who buy your stock will make money in the future.

When interest rates are merged, the exchange rate will enter the market and the market will be listed.

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