RMB Payment Value Jumped Fifth In The World

< p > recently, a report released by the Global Telecommunication Union (SWIFT) showed that the value of Renminbi payment in the United States increased by 327% over the past year to fifth in the world, after Mainland China, Hongkong, Singapore and Britain.

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"P >" RMB internationalization is accelerating, while all regions of the world value the development potential of RMB more, trying to "borrow the east wind" and maintain the first mover advantage in the financial market, but it does not mean that the RMB has been internationalized. After all, the RMB pactions under capital account are still very limited.

Zhou Hao, an analyst at ANZ bank, said in an interview with the first Financial Daily yesterday that the domestic interest rate and exchange rate mechanism is not yet mature, and that the completion of interest rate marketization is an important foundation for the internationalization of RMB.

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< p > < strong > > a href= "http://www.91se91.com/news/index_c.asp" > American market < /a > "thriving" < /strong > /p >

< p > SWIFT data show that in April 2014, the US RMB payment value increased by 327% compared to the same period last year, and the total value has reached 2.4% of the global payment value.

Among them, the United States has increased the RMB payment value of the mainland China and Hongkong area < a href= "http://www.91se91.com/news/index_c.asp" > trade < /a > channel by 229%.

However, SWIFT also pointed out that only 2.6% of the value of Renminbi payment in April was carried out in the United States, and that proportion seems to be "negligible".

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Michael Moon, Asia Pacific payment marketing director of P > SWIFT, said: "in the US trade channel for mainland China and Hongkong, more and more Renminbi payments are being used. This is an important milestone in further promoting the use of cross-border a href=" http://www.91se91.com/news/index_c.asp "> RMB /a.

Although the trade channel is still in the US dollar as the main currency, data show that the US is increasingly using renminbi to support its enterprises to contact more suppliers in the mainland of China.

This is a great news for the internationalization of the renminbi and the payment of money in the world.

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< p > "in my opinion, this growth is a relatively normal figure, because the base number is low."

Zhou Hao told the first financial daily that when Chinese enterprises want to avoid exchange rate risk, they are increasingly inclined to use Renminbi when they pay settlement to their American branches.

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< p > Zhou Hao further explained to reporters that when importing enterprises pay abroad, they need to open a letter of credit to the bank, while the US dollar letter of credit account is usually 90 days, and the mature enterprise needs to pay principal and interest.

In order to encourage more cross-border RMB pactions, the RMB letter of credit accounts for a longer period of up to 180 days.

And this convenience will also let enterprises taste the benefits of RMB payment.

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"P >" of course, buyers and sellers need to reach more consensus, and Chinese enterprises also need to win more "voice" in the industry and ask their counterparties to pay the renminbi.

Zhou Hao said.

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Since P, the global layout of offshore renminbi centers has been expanding gradually since 2013.

Standard Chartered Bank listed the US New York as the fifth offshore RMB Center for the first time in the RMB global index report released in March this year, which is parallel to China's Hongkong, Singapore, London and China's Taiwan.

New York has also filled the North American time zone, helping to start the full time zone of the offshore RMB center.

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< p >, however, compared with other offshore centers, the volume of RMB trading in the US is still very small.

Besides, the development of offshore market in the United States has great potential, but it is still limited.

Liu Jie, senior interest rate strategist at Standard Chartered, said earlier that US companies still tend to use US dollar settlement. Meanwhile, American investors lack sufficient investment targets for Renminbi, and the investment routes for point debt are still limited.

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< p > < strong > RMB status gradually increased < /strong > < /p >.

< p > in addition, according to the statistics of SWIFT, as of April, the total amount of RMB in the global payment currency remained at seventh level, accounting for 1.43% of the total global payment, but a slight decrease compared with 1.62% in March 2014.

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< p > up to now, the RMB has been ranked the ten largest payment currency in the world for 6 consecutive months, and its status has been further consolidated.

It is worth noting that the people's Bank of China recently announced the first time to use bilateral currency swap agreement currency, using the 400 million yuan won (about 2 million 400 thousand yuan) to support trade financing.

This is also seen as another important milestone in the process of RMB internationalization.

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At the same time, the "good voice" of the renminbi has been singing around the world at P.

With the global layout of currency swaps and clearing banks, the offshore RMB market has been blooming all over the world, including China, Hongkong, Singapore, Europe, London, Paris, Luxemburg, Oceania, Sydney, and many other places in North America and Africa.

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< p > "all regions in the world value the development potential of RMB more than ever, hoping to maintain the first mover advantage in the global financial market, but the RMB pactions under capital account are still very limited."

Zhou Hao pointed out to our reporter that the international status of the US dollar is hard to shake, and that the acceptance of the RMB by the global market is still low. The internationalization of the RMB must follow the track of "basing ourselves on Hongkong, radiating Asia and going global".

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< p > international fans are not enough, and the score is still incomplete.

The attitude of the Central Bank of China is to promote the use of RMB more, but gradually create conditions from policies.

"The domestic interest rate and exchange rate mechanism is not yet mature, and the future of RMB internationalization is bright but the road is tortuous."

Zhou Haoru said.

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