Americans Are Beginning To Love The Renminbi.

According to data from the global Interbank Financial Communication Association (SWIFT), in the year ended April, the value of RMB payment in the United States increased by more than three times, becoming the third largest country in the world to use Renminbi to trade (except China and Hongkong). Singapore ranked first, Britain second.

Since 2009, Beijing has begun to relax restrictions on the use of RMB overseas, and encourage exporters and importers to use Renminbi instead of the US dollar. Chinese officials have signed agreements with a series of global central banks to allow direct exchange between the renminbi and other countries' currencies.

With the appreciation of the renminbi and the increase in the number of dim sum bonds in recent years, the use of RMB is becoming more and more extensive. Although the interest rate of RMB against the US dollar has fallen by 3.2% this year, the demand for using RMB to settle China's related trade is still strong.

The Hongkong Monetary Authority said that the RMB trade between Hongkong and China was RMB. Remittance It rose by 53% in March, and then reduced by 23% in April, but Hongkong's renminbi deposits rose steadily.

In May 30, 2014, the people's Bank of China used China and Korea. Currency swap agreement The next 400 million won (about 2 million 400 thousand yuan) funds support trade financing. The specific way is that the people's Bank of China will lend Korean won funds to commercial banks, and commercial banks will issue trade financing loans to enterprises, and enterprises will pay for imports of goods and services from Korea. This will greatly reduce the dependence on the US dollar and accelerate the internationalization process of RMB.

The Postdoctoral Research Institute of the Institute of world economics and politics of the Chinese Academy of Social Sciences pointed out that currency swap is an important means to promote the internationalization of a country's currency. After the US financial crisis, currency swap began to prevail among central banks.

Since 2008, the Central Bank of China has signed bilateral currency swap agreements with the monetary authorities of 23 countries or regions such as South Korea, Hongkong, Singapore, England and the European Union, with a total scale of more than 2 trillion and 500 billion yuan. In 2013, the RMB currency swap was accelerated. It signed bilateral currency swap agreements with five foreign currency authorities such as the European Central Bank and the Central Bank of England, and renewed the agreement with the three monetary authorities of Singapore, including the Singapore monetary authority.

Among them, "take" the British central bank and the European Central Bank, can be described as a "milestone" event of RMB currency swap, which plays an important role in enhancing the international acceptance of RMB, stabilizing the exchange rate of RMB against major currencies, and increasing the proportion of RMB global foreign exchange transactions.

All indications indicate that more and more countries and regions have strong desire to use RMB for liquidation. In the process of RMB internationalization, besides the four steps of circulation, settlement, payment and investment, the RMB must also become an international reserve currency. So is RMB ready to become an international reserve currency?

In the eyes of former Vice Premier Supachai of Thailand, RMB Before we become an international reserve currency, we must constantly strengthen the credibility of the entire economic system and currency when we are carrying out economic reforms in China. "I note that the Chinese government has made three demands: China needs more competitiveness, needs more stability and needs more sustainable development."

But he also pointed out that when the economy is in trouble, the world's major currencies, such as the US dollar, the euro and the yen, are all important factors. Too much dependence can cause us a lot of trouble. Therefore, if the RMB wants to go global, it must pay attention to its own monetary and financial system construction. "I do not want the renminbi to become the world's leading currency. I hope to have a package of monetary programs."

RMB is now the seventh largest currency in the world, accounting for 1.43% of the total global payments in April. Michael Moon, head of Asia Pacific region in SWIFT, said, "despite the dominance of the US dollar, data show that the United States is using more and more renminbi to support the business community in reaching more Chinese suppliers. This is a good thing for the internationalization of RMB. "