Central Bank: Actively Promoting RMB Internationalization

Recently, the 2015 cross-border RMB business and related monitoring and analysis working conference was held in Beijing.

The conference thoroughly studied the spirit of the eighteen third plenary session, the Fourth Plenary Session of the Central Committee of the party, the central economic work conference and the 2015 people's Bank Working Conference, summed up the cross border RMB and related monitoring and analysis work in 2014, and deployed various work in 2015.

Hu Xiaolian, vice chairman and vice chairman of the people's Bank of China, attended the meeting.

The conference fully affirmed the achievements of the cross-border RMB business in 2014 and the relevant monitoring and analysis work.

In 2014, with the orderly internationalization of RMB, the scale of cross-border and international use of RMB maintained a relatively fast growth. The cross-border income and expenditure of RMB amounted to 9 trillion and 950 billion yuan, accounting for nearly 1/4 of the total cross-border income and expenditure.

RMB cross-border financial pactions have been gradually expanded. At the end of the year, the RQFII pilot has expanded to 10 overseas countries and regions, and the amount of investment can reach 870 billion yuan.

RMB clearing arrangements have been established in 14 countries and regions to support RMB becoming a regional currency for valuation, settlement and investment and financing.

Bilateral monetary cooperation has been further deepened, and bilateral currency swap agreements have been signed with 28 central banks or monetary authorities.

The reform of the mechanism and the convertibility of the RMB capital account are steadily promoted, and the direct exchange of RMB to the New Zealand yuan, sterling, euro, Singapore yuan and the interbank market of the renminbi to Kazakhstan Gago is introduced.

Omnibearing and multi-level

The system of expert consultation, investigation, assessment and monitoring has been further improved.

The risk prevention and basic work level of cross-border RMB business will be further enhanced.

The meeting stressed that in 2015, we should conscientiously implement the spirit of the work conference of the people's Bank of China, and we should continue to think and plan to promote cross-border from the overall situation and long-term perspective.

In accordance with the basic thinking of "pushing forward reform, strengthening politics, optimizing management and controlling risks", we should be low-key, pragmatic, pioneering and innovative, and work hard.

First, we should take the initiative to act as an active carrier, actively carry out the implementation of the national strategy such as "one belt and one road", expand the development space of cross-border RMB business, deepen the monetary cooperation, actively and orderly promote the internationalization of RMB; two, we should highlight the key points, actively link up various financial reforms such as RMB capital account convertibility, increase the policy innovation of cross border RMB business, carry out in-depth research and analysis of relevant policies; three, fine management, strive to improve the management efficiency of cross-border RMB business while decentralization and decentralization; four, we need to take precautions, strengthen monitoring and analysis and business inspection, and do a good job in risk prevention and contingency plans.

The Shanghai branch of the people's Bank of China, the branches of various branches, the business management department, the provincial central sub branches of the provincial capital (capital cities), the relevant comrades of the cross border RMB business and the monetary and credit departments of the sub provincial cities central sub branches, the relevant bureaus of the head office of the people's Bank of China and the responsible comrades of the enterprises and institutions attended the meeting.