Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    Cross-border RMB trials in Shanghai

    By CHEN JIA | China Daily | Updated: 2020-11-04 09:04
    Share
    Share - WeChat
    Tourists gather at the downtown area of Shanghai. [WANG GANG/FOR CHINA DAILY]

    Pilot programs set to promote use of Chinese currency internationally

    Pilot programs to promote the international use of the renminbi, the Chinese currency, and encourage more flexible cross-border capital flows are set to be piloted in Shanghai, a former senior government official told China Daily in an interview.

    "Some significant new policies, especially those related to trials of promoting the internationalization of renminbi, are likely to be introduced in Shanghai," said Tu Guangshao, former executive vice-mayor of Shanghai and Executive Council Member of China Finance 40 Forum.
    .

    The upcoming measures will boost Shanghai's ambition of becoming a global renminbi asset center, he said.

    Officials and economists have called for accelerating the capital account opening-up, or further freeing the cross-border capital flows for financial investments, to make the currency more important for global investments and reserves. The renminbi exchange rate is expected to be more flexible under the new regime, they said.

    Jin Penghui, vice-president of the Shanghai Head Office of the People's Bank of China, the central bank, said last month at the 2020 Bund Summit that the capital account opening-up will be accelerated in Shanghai by encouraging the free flows of yuan-denominated funds, while tackling shocks from international speculative investment and reducing the currency mismatch risks.

    PBOC Governor Yi Gang has pledged to push forward the financial opening-up process along with renminbi exchange rate reforms, while promoting the market-oriented internationalization of the currency.

    Building an international financial hub in Shanghai and to further open the financial sector is part of China's new growth paradigm, which will ensure a decisive role for the market in resource allocation. It will also enable the country to better pursue independent development and openness, according to Tu.

    Further opening-up of the financial sector is necessary for building a "new development paradigm", which will attract more foreign institutions, increase business opportunities and enrich financial products, he said.

    More financial reforms will start in Shanghai, the pilot city, including expanding the registration-based system of initial public offerings, and a reform of the financial regulatory regime, including measures to supervise innovative fintech groups. "That will involve many complicated issues about changing the fundamental mechanism," said Tu.

    Domestic stock, gold and commodity markets will be further opened up to foreign investors and institutions, which could enable more funds to flow in. The further opening of banking, insurance, securities, fund and wealth management businesses to foreign institutions will help domestic service providers to improve operational and management skills, he said.

    The key to establishing an international financial hub in Shanghai is to improve the capital market and depend on an improved financial structure that relies on direct financing instruments, such as bonds and stocks, experts said.

    The State Council, the nation's cabinet, issued a policy guidance in 2009, which seeks to build Shanghai as an international financial hub by 2020, compartible with the level of economic development and the global position of renminbi.

    "The periodical target has almost been achieved, but it does not mean that the development of Shanghai into a global financial center will stop, instead, the city will face higher standards which require faster pace to grow," said Tu.

    Based on the strength of Chinese economy and the international status of the renminbi, "Shanghai is uniquely positioned" to become a global financial center, which will further integrate itself with the global financial system, said Wang Jiang, a professor of the Mizuho Financial Group, which is part of the MIT Sloan School of Management. "A standardized and well-developed market can be a pathway to globalization," said Wang.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    色偷偷一区二区无码视频| 最好看的电影2019中文字幕| 少妇精品无码一区二区三区| 免费A级毛片无码A∨中文字幕下载| 中文字幕VA一区二区三区 | 13小箩利洗澡无码视频网站免费| 97无码人妻福利免费公开在线视频| 漂亮人妻被中出中文字幕久久| 免费精品久久久久久中文字幕| 亚洲综合av永久无码精品一区二区| 暖暖日本中文视频| 无码137片内射在线影院| 亚洲中文字幕无码专区| 久久亚洲精精品中文字幕| 五月婷婷无码观看| 天堂Aⅴ无码一区二区三区 | 一本色道无码道在线观看| 最近新中文字幕大全高清| 亚洲av永久无码精品网站 | 永久免费无码日韩视频| 亚洲日本va午夜中文字幕久久| 最新中文字幕AV无码不卡| 亚洲AV永久无码精品一区二区| 777久久精品一区二区三区无码 | 午夜无码视频一区二区三区| 精品无码久久久久国产| 免费无码国产在线观国内自拍中文字幕| 亚洲国产精品无码久久久久久曰| 国产精品亚洲αv天堂无码| 中文字幕一区二区三区乱码| 日本精品自产拍在线观看中文| 日本精品中文字幕| 最近中文字幕免费完整| 大蕉久久伊人中文字幕| 最近中文字幕mv免费高清视频8| 少妇无码AV无码专区在线观看| 色综合久久无码中文字幕| 久久久久亚洲AV无码专区体验| 粉嫩高中生无码视频在线观看| 亚洲日韩在线中文字幕第一页| 婷婷中文娱乐网开心|