"Home Court Effect" For Bigger And Stronger RMB Internationalization

The process of internationalization of RMB P is facing a severe test of three-dimensional extrusion.

In this regard, we should work hard at the "home court effect" of strong renminbi, change from "passive adaptation" to "active practice" in international settlement, reverse the trend of "divergence" between international trade volume and settlement volume, expand the scope and object of RMB payment and settlement, comply with the rise of "Silk Silk Road Economic Belt", "Bohai Bay Economic Zone" and "Haixi Economic Zone", and innovate the object, form and content of RMB offshore center, and form a new center for RMB settlement under the cross regional trade trading market.

In the long journey of RMB becoming the currency of valuation and reserve currency, we share the fruits of international trade development.

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Under the new environment characterized by the trend of multilateral trade in the major developed countries and regions of the world, the super multilateral currency swap pattern derived from the new rules of trade cooperation is becoming the main content of the new global monetary system. Various trade organizations and forms such as TPP, TTIP, TISA and other multilateral multidimensional cooperation will become the leading force and endogenous driving force for adjusting and restricting the order of trade cooperation and promoting trade growth.

The internationalization process of RMB is encountering the severe test of three-dimensional extrusion in this new trend.

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< p > data show that as of the end of last year, China's cross-border trade RMB settlement business totaled 4 trillion and 630 billion, an increase of 57% over the same period last year.

According to statistics from SWIFT (Global Interbank Financial Telecommunication Association), the market share of RMB international payment and settlement increased from 1.39% in January to 1.42% in February this year, ranking the ten largest payment currency in the world in 4 consecutive months.

The latest report of the bank for International Settlements shows that the daily average trading volume of RMB accounts for 2.2% of the global foreign exchange volume, and it also enters the ten largest trading currency in the world.

Central bank data show that by mid April, the total number of qualified foreign institutional investors (RQFII) has been approved to exceed 200 billion.

In terms of monetary value reserves, the central bank has signed bilateral currency swap agreements with 29 countries and regions, with a total scale of 2 trillion and 220 billion.

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The diversity of the global economic development determines the pluralism of the monetary system, which is an irresistible trend.

In recent years, the main economic developed countries in the world have chosen the new system and ecology of currency operation constructed by "choice + differentiation + alliance". Due to the lack of full participation in the new economic forces (developing countries, especially the BRICs), there are inevitably defects in "robustness, integrity, coordination and inclusiveness".

This "defect" and the trend of China's economic development from an economic power to an economic power has become a new opportunity and new impetus for RMB internationalization (310328, fund).

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< p > I believe that the internationalization of RMB is not only the inherent quality of China's economic development, but also the basic conditions for ensuring the safe operation of the economy, or the basic means for economic pformation.

Therefore, the internationalization of RMB should be strengthened in the "home ownership effect". From the "passive adaptation" of the past international settlement to the future "active practice", we should reverse the "divergence" between international trade volume and settlement volume, and share the fruits of international trade development in the long journey of RMB becoming a currency reserve and reserve currency.

Relevant studies show that there is no possibility of simultaneous economic and monetary crises in countries and regions where currency internationalization is relatively high. Moreover, monetary crisis and economic crisis also have different hedging effects according to their differences in the degree of currency internationalization.

In this sense, speeding up the internationalization of RMB is still a safe way to ensure China's future economic operation.

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< p > in detail, there are basically several steps: < /p >

< p > one is to expand the scope and object of payment and settlement of < a href= "http://www.91se91.com/news/index_c.asp" > RMB > /a, so as to accelerate the upgrading of the share in global international settlement.

Over the past thirty years, in the development strategy of China's international trade, there is a tendency of "emphasizing substantive trade and reducing value settlement", coupled with the characteristics of "viability, passivity and dependence" in the early stage, making international trade and international settlement always in a state of "separation and separation", and showing a trend of "divergence" between big and small.

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< p > when China's international trade enters a new stage and stands on a new stage, expanding the scope and object of RMB payment and settlement, and solving the phenomenon of "divergence" between trade volume and settlement amount have realistic foundation and conditions: on the one hand, we should pform the scale advantage of international trade into the space potential and survival resources of RMB international settlement.

According to the order and principle of "imports superior to exports, investment is superior to trade, compound customers are better than single customers, developing economies are superior to developed economies", we selectively change, break through and open up the international payment and settlement channels of RMB under the international trade pattern, cultivate and expand the exclusive groups and specific areas of RMB settlement; on the other hand, we take the offshore RMB center as a fulcrum, accelerate the expansion of the radius of activities and enrich the content of pactions, and form a new pattern and new order for offshore payment and settlement by offshore trade pactions.

In adhering to the integration of "inheritance and innovation", we should maintain the vitality of the offshore RMB center, such as China, Hongkong and Singapore, and adapt to the new changes. We should conform to the rise of the "Silk Road Economic Belt", "Bohai Bay Economic Zone" and "Haixi Economic Zone", and innovate the object, form and content of the offshore RMB center, and form a new RMB settlement center in the cross-border regional trading market.

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< p > two is the field and channel to expand RMB valuation in international trade.

The realization and possession of the RMB international payment and settlement market share which basically matches the scale of China's international trade reflects only the initial stage of the initial stage.

The longer term goal is to promote renminbi's role as a currency of valuation in international trade, so as to enhance the level and quality of RMB internationalization.

Because in the international trade, the valuation currency essentially embodies the trade right of speech and enjoys the premium interest of "currency tax".

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The pformation of RMB from the payment currency to the valuation currency is a leap and progress of P, and it is easier said than done.

From the perspective of "effective, effective and sustainable", we can learn from Japan's experience and use RMB valuation in government procurement, foreign loans and foreign aid activities, and take the "chain" as the basis. We should adopt the "ring buckle" mode to extend the relevant fields and channels of RMB pricing in international trade. We will gradually realize RMB valuation on imported commodities such as iron ore, oil, cotton and grain and so on without violating the relevant rules of international trade protection, and optimize and dynamically adjust the object of international trade cooperation through the choice of RMB pricing mechanism and the change of trade cost, and actively promote offshore derivative financial products to be denominated in Renminbi.

For example, it can issue Renminbi denominated treasury bonds, issue Renminbi denominated shares and bonds in the overseas capital market, form the "shadow effect" of Renminbi denomination through "limited" pactions, encourage and support foreign investment based on the people's currency based on our foreign oriented enterprises, and form a unique system and special way of RMB valuation in terms of capital composition, investment return and asset accounting; increase the ability and function of RMB in international affairs, such as increasing the share of SDR (Special Drawing Rights), cultivating and promoting all kinds of RMB index market system, and so on, so as to enhance renminbi's currency as the currency of valuation currency from the exertion of RMB in international trade.

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< p > three is the institutional mechanism of unremitting efforts to improve the process of RMB internationalization, casting RMB into the quality of "reserve currency".

The ultimate goal of RMB internationalization is to become reserve currency. This is a long, arduous and tortuous process.

It can be expected that with the changes in international trade cooperation environment, leading forces, technological conditions and demand relations, various uncertainties will emerge and emerge.

In the dialectical unity of "change and invariance", "certainty and uncertainty", we need to unremittingly improve the basic system and mechanism to control the direction and pace of RMB internationalization.

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