chinadaily.com.cn
    left corner left corner
    China Daily Website

    A more global yuan

    Updated: 2012-11-21 12:29
    ( bjreview.com.cn)

    According to a report issued by the Peterson Institute for International Economics in the Untied States on Oct 22, the renminbi's influence has been greatly enhanced and the renminbi has become the dominant reference currency in East Asia. In this region, seven currencies out of 10 are more closely linked with the renminbi than with the dollar.

    The Royal Bank of Scotland issued a report on the same day saying that the current global climate favors the Chinese currency as both the US dollar and the euro are under pressure and that global investors are looking for an alternative reserve currency. The RBS expects the renminbi to become fully convertible in the next five years, which will further globalize the currency.

    However, Guo Tianyong, a professor of finance at the Central University of Finance and Economics, says the global economic recession cannot be the major driving force behind the internationalization of the renminbi.

    The internationalization of a currency depends on the world's confidence in it, the convenience of currency settlement and its usage in global trade, says Guo.

    Wei Yanshen, a researcher at the Institute of Asia-Pacific Studies at the Chinese Academy of Social Sciences, says the economic strength of a country dictates whether a currency goes international. Therefore, the internationalization of the renminbi should move forward based on China's internal dynamics rather than by external factors like economic recession in the West.

    China's economic growth and the progress in multilateral trade have further improved the international status of the renminbi, says Wei. Since entering the WTO, China has been increasingly integrated in the global economy.

    Growing economic ties with other countries have increased the demand of the renminbi and pushed forward the process of its internationalization. Today, China takes up 22 percent of all manufacturing trade in East Asia and has become a regional trade center.

    As the world's biggest exporter and a net creditor nation for more than a decade, and because of its economic strength and stable environment, China is in excellent shape to internationalize the renminbi.

    However, related Chinese departments have made steady progress in internationalizing the renminbi. At the end of February, China extended cross-border renminbi trade settlement to the whole country.

    In June, six ministries and commissions under the State Council jointly issued a list of renminbi settlement enterprises in export goods subject to special supervision. The CSRC also said it would further expand the pilot scale of RQFII and investment quotas, accelerating capital account convertibility of its currency.

    Wei adds that during the process of promoting renminbi internationalization, the renminbi settlement business for cross-border trade has shown powerful growth. However, China should be fully aware of the problems and risks associated with internationalizing its currency.

    For example, the acceptance of the renminbi by foreign traders should be further improved. Moreover, preventing risks and ensuring safe economic and financial operations are also important on the path to internationalize the renminbi.

     

    Previous Page 1 2 3 Next Page

    8.03K
     
    ...
    ...
    ...
    精品中文高清欧美| 国产综合无码一区二区三区| 2024最新热播日韩无码| 日韩欧美中文字幕一字不卡| 久久久久久av无码免费看大片| 免费a级毛片无码a∨免费软件| 中中文字幕亚洲无线码| 精品欧洲av无码一区二区| 中文无码vs无码人妻| 无码中文字幕av免费放dvd| 精品深夜AV无码一区二区| 无码国产精品一区二区免费式影视| 婷婷五月六月激情综合色中文字幕| 日韩精品无码专区免费播放| 国产成人无码AⅤ片在线观看| 日本一区二区三区精品中文字幕 | 午夜福利无码不卡在线观看 | 日韩久久久久久中文人妻| 国产高新无码在线观看| 亚洲AV无码国产在丝袜线观看| 亚洲欧美精品综合中文字幕| 亚洲乳大丰满中文字幕| 亚洲人成无码网站久久99热国产| 无码国内精品久久人妻蜜桃| 无码精品A∨在线观看免费| 中文字幕视频一区| 免费在线中文日本| 日本精品久久久久中文字幕8| 亚洲一区二区三区无码中文字幕| 亚洲AV无码乱码精品国产| 无码精品久久一区二区三区| 日韩电影无码A不卡| 国产在线观看无码免费视频| 亚洲AV无码乱码精品国产| 亚洲精品无码专区2| 人妻少妇久久中文字幕一区二区 | 中文字幕无码一区二区三区本日| 久久久91人妻无码精品蜜桃HD| 无码任你躁久久久久久老妇| 亚洲伊人成无码综合网| 被夫の上司に犯中文字幕 |