RMB's Entry Into SDR Is Undoubtedly Favorable For Export.

From October 1st this year, the renminbi will be formally incorporated into the SDR basket of currencies created by the International Monetary Fund (IMF). The International Monetary Fund (IMF) official said that the RMB basket rate is expected to be higher because the interest rate of the renminbi is currently higher than the interest rate of other currencies in SDR. SDR Interest rates have a moderate effect.

Li Yonggang, a professor of economics at Zhejiang Gongshang University, said in an interview with reporters that after the RMB entered the basket of SDR currencies, the renminbi began to become an international currency and had the function of direct valuation, payment and storage. For China's import and export trade, enterprises and residents can reduce exchange fees and avoid the risk of exchange rate fluctuations if they are directly assessed and paid in Renminbi. Therefore, it has obvious advantages for China's international trade.

Experts said that the renminbi's accession to the SDR is undoubtedly conducive to foreign trade, trade settlement is more convenient, and more conducive to traditional trade. The company's performance in related export industries is also expected to increase, for example. clothing Machinery, engineering, electronic equipment and other industries. "At the same time, the RMB accession to SDR will help to eliminate exchange rate risk, and the supply price of cross-border products will be more stable than that of now, and the impact of exchange rate fluctuations will be reduced. It can also be used directly in transactions. RMB To settle accounts, both sides reduce the risk and cost of settlement. The expert said.

Recently, domestic and foreign trade data have shifted to positive and external risks have gradually been resolved. Market institutions have generally been optimistic about the short-term RMB exchange rate. China Merchants macro research report believes that the pressure on the depreciation of the RMB exchange rate in the medium term will be eased. Seasonal factors may bring about a further expansion of the trade surplus. At the same time, the yuan will officially enter the basket of SDR currencies, leading some economies to refer to the basket of currencies to increase the allocation of RMB assets.

The incorporation of RMB into SDR will create better development conditions for domestic and foreign trade enterprises. On the one hand, the risk of foreign exchange will be reduced and there is no need to worry about exchange rate fluctuations. This will be beneficial for enterprises to carry out cross-border investment, transaction, acquisition, merger and purchase of resources, labor services, technology and other activities. On the other hand, it will provide a new business space, especially in the field of service trade. In the past, payment of attorneys' fees, labor costs and consulting fees were all in US dollars, but with the increase of Renminbi usage, the convenience would be increased.