The Central Bank Disclosed That In The Capital Market Opening Road Map, Enterprises Can Issue Renminbi Stocks Overseas.

Wang Dan, deputy inspector of the two division of the central bank's monetary policy, revealed in public some work ideas of the regulators: the central bank is designing the RQDII (RMB qualified domestic institutional investor) mechanism; promoting the Q D II2 (qualified domestic investors) mechanism, that is, allowing individuals to directly open overseas investment; and promoting domestic enterprises to issue Renminbi denominated shares abroad.

With the acceleration of RMB internationalization process, regulators have been brewing to further promote two-way opening of China's capital market.

Shanghai and Hong Kong will start soon, and Wang Dan said in his speech that the cross-border business of RMB will be expanded according to the needs of the real economy and the opening of capital market will be expanded. Wang Dan said that in the bilateral financial dialogue between China and Singapore and the United Kingdom, the R Q D II mechanism was mentioned, that is, allowing qualified institutional investors in the mainland to invest in overseas capital markets in the form of RMB. The Q D II2 mechanism will allow individuals to directly invest abroad, including securities investment, industrial investment and real estate investment.

According to statistics from SW IFT, the RMB has become the second largest trade finance currency in the world, the seventh largest international payment currency. Wen Bin, principal researcher of China Minsheng Bank, said in an interview with the economic reference daily that since the beginning of the cross-border RMB settlement in July 2009, the use of RMB in Global trade has gradually increased. At the same time, the accumulation of RMB abroad has become more and more. Under this background, the cross-border investment of RMB has been further promoted.

Zhao Qingming, chief macroeconomic researcher of Beijing Financial Derivatives Research Institute, said that the opening process of capital account can not be accomplished overnight. It should be based on the principle of gradual and mature one push. The opening of foreign investment accords with this principle from the level of institutional investors to the level of high-quality individual investors, and is expected to be acceptable in both domestic and overseas markets.

In fact, in early 2013, the central bank raised "preparations for the pilot Q D II2". This is also the first time that Q D II2 has appeared in the central bank's official caliber. "From a personal level, along with the deep development of the economy, the accumulation of wealth of domestic individuals, especially the high net worth people, has reached a certain scale. They have the need to allocate assets in the global scope on wealth management. Therefore, the introduction of Q D II2 mechanism is also adapted to this globalization and marketization demand." Wen Bin said that before the development of personal investment channels, "Wenzhou through train" and personal investment in foreign direct investment pilot were not yet formed, reflecting the Prudential attitude of regulators to the opening of personal capital projects. However, at present, the risk of moderately open personal direct foreign investment is controllable. Q D II2 It is not for all individuals to open up, there will be corresponding threshold.

The opening of China's capital market has made great progress in recent years. According to Wang Dan, from the perspective of capital market investment, in 2010, the offshore central bank, RMB Clearing banks and overseas banks can invest in the domestic inter-bank bond market and expand to overseas insurance institutions, international financial organizations and sovereign wealth funds. In 2011, the RQFII (RMB external qualified institutional investor) mechanism was officially launched. At present, the R Q FII pilot area includes Hongkong, Taiwan, the United Kingdom, Singapore, France, South Korea and Germany, with a total amount of RMB 740 billion yuan. From the perspective of capital market financing, domestic financial institutions and domestic enterprises can issue Renminbi bonds abroad. Up to August 2014, domestic institutions (excluding the Ministry of Finance) issued 118 billion 700 million yuan in Hongkong, and some institutions also issued bonds in Taiwan, Lun Don and Singapore. At the same time, in Shanghai free trade area, Shenzhen Qianhai, Suzhou Industrial Park, Tianjin eco city and other pilot areas, it also launched a pilot project for domestic enterprises to integrate funds from overseas banks. In addition, at the beginning of this year, Daimler issued "panda debt" in the interbank bond market in China, for example, overseas institutions can also finance in the domestic capital market.

Zhao Qingming also said that from the international currency fund According to the classification of capital control projects, there are still many controls on capital projects in China, but the effect of regulation is poor. There are many grey channels for capital inflow and outflow, and the cost of entry and exit is not high, and there are even some additional benefits. Zhao Qingming said that in the future, the cost of capital flow through these side doors should be raised, and the flow of funds through formal channels should be liberalized. The principle of "opening the main entrance and blocking the secret road" is also applicable to the opening of capital account.