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By Way Of China, We Can Get Rid Of The Internationalization Of US Dollar And RMB.

2014/8/14 9:04:00 16

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In response to the economic sanctions imposed by the European and American countries, P will import fruits and vegetables from China through RMB or ruble settlement. On the one hand, it can meet Russia's demand for fruits and vegetables. On the other hand, it also accelerates the process of "de dollarization". 
 according to foreign media reports, China will export fruits and vegetables to Russia directly. China Bao Rong company plans to set up a special logistics center in Dongning County, Heilongjiang province. Another Chinese company also plans to set up a similar cross-border trade zone by the end of this year. 
 analysts pointed out that China and Russia have signed bilateral currency settlement agreements. Recently, Russian government officials also actively supported the rubles or RMB settlement in a number of transactions. Therefore, it is estimated that the import of Russian fruits and vegetables will be abandoned by US dollar and the choice of more profitable roubles or RMB will also lay the foundation for the final realization of the currency settlement in China and Russia. 
 by way of China to get rid of the US dollar /p >
The contradiction between P and Europe and Russia is escalating. In August 7th, Russia announced anti sanctions measures against Europe and the United States. It banned imports of food from the European Union, the United States, Australia, Canada and Norway in the next year, including beef, pork, fish, poultry and dairy products. 
 and analysts believe that in order to make up for the shortage of supply in Russia, Russia needs to import agricultural products from outside the country (000061), which will enable China and South American countries to profit from it. And there are more and more signs that China and Russia are likely to use rubles or RMB settlement in the trade to get rid of the US dollar constraint. 
Grigory Kalamanov, Vice Minister of industry and trade of Russia, said at the first Sino Russian fair recently held that Russia and China may soon use rubles and RMB settlement in a series of < a href= "http://www.91se91.com/news/index_s.asp" > trading > /a >, and the Russian banking sector has made preparations for P. 
Prior to the sanctions imposed on Russia by the European and American countries, the data show that 75% of the cross-border trade between China and Russia uses the US dollar to settle the P. The emergence of sanctions has accelerated the process of "de dollarization" in cross-border trade between China and Russia. 
 Moscow exchange data show that in July 31st, the single day trading volume of RMB against Russian rouble amounted to 665 million 600 thousand yuan, the largest single day trading volume since the beginning of the RMB exchange in Moscow at the end of 2010. In July, the amount of RMB and rouble exchange transactions rose to 3 billion 800 million yuan, an increase of 52%. 
 according to the China foreign exchange trading center, in the first half of 2014, the RMB exchange rate in the inter-bank foreign exchange spot market reached 6 billion 245 million yuan, ranking eighth in various currencies trading volume. 
Roscoe, senior researcher at the Institute of world economics and international relations of the Roscoe Institute, believes that this trend is going to grow. P 
 Sally F Ki said: "unconsciously, we will rely more on China. This is the objective trend of world economic development. China is already the largest trading power. Inevitably, we will buy more goods from there. Accordingly, in our exports, the share of our commodities will also increase with the help of the recently signed oil and gas contracts. It is very important that our oil and gas group will be able to receive more yuan for settlement of Chinese commodities over time. Perhaps, in order to increase their interest in RMB settlement, they can expand the existence of these companies in the Chinese market. This will greatly increase the volume of RMB and rouble transactions, thereby squeezing the US dollar from circulation. " 
Not only that, but in fact, the voice of "de dollarization" in the world has gradually strengthened in recent days. Especially after the fines imposed by the US regulators in Paris Bank of France, European countries have also launched a wave of "de P" craze. 
 Europe's second largest oil producer, Dahl (Total) CEO Christophe (Christophe de Margerie), said there was no reason to pay oil money in US dollars. 
 and this call is also responded by the emerging market countries and Russia. Today, European and American countries have begun to take economic sanctions. Under such circumstances, "de dollarization" in Russian trade will accelerate. 
Joseph Quinlan, chief market strategist of P U.S. Trust, pointed out that the crisis has led people to reflect on the world dominated by the US dollar. The bad transformation between Russia and Western countries is related to sanctions and may become an accelerator for the development of a more diversified monetary system in the world. "Joseph" 
 RMB internationalization is more important than /strong > /p >
Although P has adopted the RMB and ruble for the import and export settlement of fruits and vegetables under the European and US economic sanctions measures, it has to be mentioned that in recent years, with the improvement of China's international status, the internationalization process of RMB has also been increasing rapidly. 
During the period from P to 2008, China signed a currency swap agreement with a total of about 2 trillion and 600 billion yuan in 24 countries and regions. This year, China first renewed its contract with Argentina and later signed a currency swap agreement with Switzerland. 
 "the accelerated pace of the recent currency swap agreement is mainly due to the increasing demand for RMB." Tu Yonghong, deputy director of the International Monetary Research Institute of Renmin University of China, said in a media interview that currency swap arrangements can provide liquidity support for bilateral trade and investment, and greatly promote the development of offshore RMB market. 
 the second quarter of 2014, "China's monetary policy implementation report" shows that, in the first half of 2014, the banks accumulated 3 trillion and 270 billion yuan in cross-border RMB settlement business, an increase of 59% over the first half of the year. In terms of direct investment, in the first half of the year, the total settlement amount of RMB cross-border direct investment was RMB 469 billion 880 million yuan, of which RMB foreign direct investment settlement amounted to 86 billion 490 million yuan, an increase of 2.94 times compared to the same period last year, and the settlement amount of foreign direct investment was 383 billion 390 million yuan, up 1.37 times compared with the same period last year. (1. Money. Classics. Day. Newspaper. Dai Jin Hong. 
Since the beginning of July 2010 in Hongkong, China, the offshore trading center of P has also been widely sought after. 
At present, China has the largest offshore RMB pool in Hongkong, while Singapore and Taiwan in China become a strong contender. In Europe, the RMB business started the first round in London, and the first RMB clearing bank in the West was officially settled in London. Frankfurt, Paris and Luxemburg followed closely. In addition, many countries in Australia, Sydney and North America and Africa were committed to building global or regional offshore RMB centers. 
 the International Monetary Research Institute of Renmin University of China, in its < < a href= > http://www.91se91.com/news/index_cj.asp > > RMB > /a > internationalization report 2014, predicts that RMB will become the third largest currency after the US dollar and euro after 2020.