Capital Market Liberalization Requires RMB Internationalization.

　　 Shanghai The FTA has been established for more than six months, and the topic of financial reform around the FTA has never been interrupted. Yesterday, sponsored by the Shanghai International Financial Center Research Institute and the Shanghai Free Trade Zone Collaborative Innovation Center, the "2014 financial promotion of Shanghai Free Trade Zone Development Forum" discussed the issue of internationalization of the capital market and the need for RMB internationalization.

Ding Jianping, vice president of Shanghai International Financial Center Research Institute, said, "why should we promote RMB?" Internationalization The real capital market liberalization and the internationalization of RMB are not feasible because there is no way to control it. Some developed countries such as the United States rely on exchange rate to block enthusiasm. Exchange rate has a function of limit and limit. Our exchange rate can not be done, we must consider the affordability of enterprises. The internationalization of RMB has played a very important role in this respect, otherwise the capital account free convertibility can not be achieved.

Ding Jianping said that in the current circumstances, China only needs information management Well done, the pool of Renminbi can be bigger and bigger. As long as the SFC, the CIRC and the CBRC are in place, there is a regulatory consultation without worrying about these offshore capital pools. But there is still a problem, that is, the RMB offshore business is mainly for trade settlement, especially for China's direct investment in trade, the renminbi has been greatly restricted. At present, because there are too few derivatives and the future volume of RMB is too small, this is also a drawback to us.

Second, the pool of mutual funds will expand and expand. Because in big data, banks can understand customers. Through this situation, we can promote the internationalization of RMB through the negative list of financial affairs and the improvement of supervision afterwards. Do not worry that there will be a major crisis within 5 years after the opening of international capital projects. Under the control of strict supervision and control of big data, this situation will not happen.

Ding Jianping suggested that the cross-border RMB business should be relaxed first, and a green channel should be opened to expand the pool of RMB funds. We also have a platform in the free trade area and try to use RMB to price it, because the cross-border business is driven by the appreciation of the renminbi. If we want the RMB to be truly internationalized, we should bundle up the commodities so as to keep it free from the price fluctuation. Therefore, the pricing power of commodities is the top priority of RMB internationalization.