The Total Amount Of Bilateral Currency Swap Amounted To 2 Trillion And 900 Billion Yuan.

In 2009, Cross-border Trade RMB settlement began to pilot; in 2011, RMB settlement of cross-border direct investment was officially pushed forward. Over the past five years, such as spring breeze and spring rain, the cross-border business of RMB has been developing vigorously, bringing vitality to China's economic and financial markets.

　　 Content and meaning

In April 2009, the State Council decided to conduct cross-border trade RMB settlement in Shanghai and Guangzhou, Shenzhen, Zhuhai, Dongguan and other cities. In August 2011, the people's Bank of China and other ministries jointly issued the notice on expanding the RMB settlement area for cross-border trade. So far, cross border trade RMB The territory of the settlement extends to the whole country.

In October 2011, the people's Bank of China issued "RMB for foreign direct investment". Settlement business The management measures for expanding the cross border use of RMB clearly stipulates that foreign enterprises and economic organizations or individuals can invest directly in the RMB settlement business under the precondition of observing the relevant laws and regulations of foreign direct investment in People's Republic of China under the precondition of observing the relevant laws and regulations of foreign direct investment in China. Banks can directly handle Renminbi fund settlement business for foreign-funded enterprises in accordance with relevant regulations, and the relevant financial services formalities are more convenient.

The implementation of cross border RMB valuation and settlement and accelerating the use of cross-border RMB are conducive to expanding international trade and investment activities, promoting effective allocation of resources at home and abroad, accelerating the implementation of the "going global" strategy and building a new pattern of China's opening up to the outside world in the new era. It helps enterprises to reduce exchange rate risks, improve the terms of trade and investment, promote the opening up of economic and financial development, enhance the comprehensive strength of the country, and form the new advantage of China's participation in international economic cooperation in the new era. At the same time, developing foreign direct investment in RMB settlement business is conducive to dredging the RMB reflux channel, and is conducive to the RMB moving from the settlement currency to the trading currency.

　　 Significant progress

About RMB cross-border business. In the first three quarters of this year, the amount of cross-border RMB settlement exceeded 4 trillion and 800 billion yuan, and the RMB became the second largest cross-border payment currency in China. The cross-border income and expenditure of RMB accounted for nearly 25% of the total cross-border income and expenditure of foreign currencies, and the proportion of RMB settlement of imports and exports of goods trade exceeded 15%. The number of cross-border RMB receipts and payments with China reached 174. In the first eight months of this year, RMB outward direct investment and foreign direct investment increased by 155.7% and 130.2% respectively over the same period last year.

RMB valuation in the field of foreign trade and economic cooperation. While promoting cross-border RMB settlement, we should actively promote RMB valuation in the field of foreign trade and economic cooperation. On the basis of the import and export data of RMB denominated by the customs, since 2014, RMB has been used as the currency of valuation in China's foreign direct investment and foreign investment statistics.

About RMB financial products. China, Hongkong, London, Singapore, Frankfurt and other international financial centers actively develop RMB financial products. In the international financial market, the issuance scale of RMB bonds has increased steadily. The varieties include treasury bonds, financial bonds, corporate bonds and corporate bonds. The issuers mainly include domestic institutions, foreign governments and overseas banks and enterprises, etc. the trading subjects, trading tools and trading modes of RMB financial products show diversified and diversified trends.

International cooperation on the use of Renminbi. Over the past five years, the people's Bank of China has signed bilateral currency swap agreements with central banks or monetary authorities in 26 countries or regions, with a total value of 2 trillion and 900 billion yuan. Through the negotiation of the central bank or monetary authorities of both sides, RMB clearing arrangements have been established in China, Hong Kong, Macao and Taiwan, as well as Singapore, London, Frankfurt, Seoul, Paris and Luxemburg. It is particularly important to note that the renminbi has been directly traded with a variety of currencies, including the US dollar, euro, yen and sterling, as well as Russian rouble, ringgit, Australia Dollar and New Zealand dollar.

　　 Moving steadily towards the future

Adhere to the financial services entity economy. RMB cross-border business is based on the actual needs of the real economy as a starting point and foothold, adhere to serve the real economy, for industrial upgrading and transformation services. The cross-border use of RMB started from trade settlement, and gradually expanded to direct investment and financing. The principle of prudence and steady progress were made in the field of unrealized and fully convertible cross border RMB business in the field of securities investment. We should adopt appropriate risk control measures such as access and quota to ensure cross-border RMB business services to the real economy and promote the coordinated development and common prosperity of the financial market and the real economy.

Continue to simplify administration and decentralization and deepen administrative reform. On the one hand, we should explore a new mode of more marketization and post supervision and management, and carry out post supervision and negative list management. The financial institutions should independently conduct the audit of authenticity and compliance according to law, while avoiding risks, simplify procedures and procedures, and reduce transaction costs of banks and enterprises. On the other hand, with the RMB account as the breakthrough point, the macro Prudential Management Framework of RMB cross-border movement is established, and the RMB cross-border payment information management system is established to monitor and analyze the flow of funds.

Promoting RMB capital account convertibility. Over the past five years, RMB capital account convertibility has formed a positive interaction with cross-border RMB business. The development of RMB cross-border investment and financing has enriched the connotation of RMB capital account convertibility, and the process of RMB capital account convertibility has been accelerating, which has widened the space for cross border use of RMB capital account. Next, we will accelerate the RMB settlement under capital account and expand the scale of RMB settlement of foreign direct investment and foreign direct investment. Innovation policy tools, expand the RMB "going out" channels, and enhance the level of trade and investment and financing facilitation.