久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

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

Currency expands its reach

Updated: 2013-02-22 07:43
By Wang Xiaotian in Beijing and Cecily Liu in London ( China Daily)

Renminbi becomes popular as more offshore centers take shape

The Chinese mainland is turning to more partners around the world to launch the next phase of yuan internationalization, with each partner selected to play a role.

After Hong Kong was given an eight-year head start as an offshore business center for the yuan, recent developments in the use of the currency in Singapore, Taiwan and London have been "very encouraging", said Peng Xingyun, a researcher and financial specialist at the Chinese Academy of Social Sciences.

These developments may indicate a rising recognition of the currency worldwide, he said.

They also reflect Chinese monetary authorities' accelerating pace of expanding offshore renminbi hubs while moving toward the currency's convertibility for the capital account and forging ahead with domestic financial reform, he said.

Nathan Chow, an economist at DBS Bank Ltd, said, "Market confidence in accepting renminbi for trade settlement will increase. In turn, this will encourage more participation from corporations and banks, potentially increasing the range of renminbi investment products."

Chow said Singapore will serve as a gateway to Southeast Asia, while Taiwan is expected to become a local hub for yuan settlement and trading.

Hong Kong's dominant role will remain, and the emergence of new offshore centers will expand the existing regime instead of creating competing systems, he said.

The People's Bank of China, the central bank, approved the Singapore branch of the Industrial and Commercial Bank of China on Feb 8 as the clearing bank in Singapore, which indicates the city state will become the third offshore yuan center after Hong Kong and Taiwan.

Ravi Menon, managing director of the Monetary Authority of Singapore, said the appointment marks a "milestone" and enables Singapore's financial center to play a useful role in facilitating greater use of the yuan.

The announcement came two days after Taiwan's banks started accepting deposits and conducting interbank trading in yuan. The People's Bank of China announced earlier that the Bank of China's Taipei branch will serve as the yuan-clearing bank on the island.

The yuan will quickly become a trade invoicing currency in Asia as the three offshore yuan centers are all in industrialized economies, the Australia and New Zealand Banking Group said in a research note. It added that South Korea has recently allowed its commercial banks to tap into the yuan swap arrangement, and Japan was able to conduct yuan trading in June.

Enthusiasm for boosting the use of the yuan has also spread outside of Asia.

The Bank of England said last month it is prepared in principle to become the first G7 central bank to enter into a foreign exchange swap agreement with China.

Under a swap agreement, central banks agree to exchange each other's currency and can then lend the money out to domestic banks in cases of emergency.

Peng said the move is a major breakthrough as swap agreements were previously confined to developing countries or economies with close bilateral trade connections.

"Now it's extended to a major world financial center of foreign exchange trade, and that means a lot," Peng said.

Britain announced the launch of an offshore yuan currency and bond market in April. The City of London's governing body said it is keen to speed up the city's push to become an offshore center for the yuan.

"(We are) working hard to increase awareness of and confidence in the use of renminbi products and services in London," said Mark Boleat, policy chairman of the City of London Corporation.

"Recent London figures showed particularly strong growth of spot renminbi forex (foreign exchange), which is evidence of the growing liquidity of the offshore yuan market (and) the increasing confidence of investors to trade in it," he said.

In the first half of 2012, the use of the yuan for trade transactions settled in London increased by 390 percent year-on-year to 2.2 billion yuan ($350 million).

By establishing a clearing bank, Singapore and Taiwan are able to independently accommodate yuan flows to and from the Chinese mainland.

This gives investors in Singapore and Taiwan access to many investment opportunities on the mainland unavailable to investors in other places, as the yuan is not freely convertible.

In comparison, offshore yuan accumulated in London can only flow into the Chinese mainland via Hong Kong's clearing bank, the Bank of China's Hong Kong branch.

But Boleat said he does not see an urgent need for London to have a clearing bank as the Hong Kong arrangements serve London's needs.

He added that maintaining a single pool of offshore yuan is important to the development of a liquid, global offshore market. "We hope that developments in other centers will not see segregated pools of renminbi being developed."

Zhu Yinan, a senior associate at the international law firm Clifford Chance, said a new yuan payment system being developed by the People's Bank of China that might be introduced in two years means London may not need its own clearing system at all, because the new arrangement may lead to 24-hour trading of the yuan with direct links between global banks and the central bank.

The Australia and New Zealand Banking Group estimated that yuan deposits may reach 100 billion yuan in Taiwan, 250 billion yuan in Singapore and 700 billion yuan in Hong Kong by the end of the year.

Yuan deposits in Hong Kong rose 5.6 percent in December to 603 billion yuan, an 18-fold jump from five years ago, while Taiwan banks held 1.3 billion yuan of deposits on Feb 6, when clearing of the currency started. As of June, the pool of yuan deposits in Singapore reached 60 billion yuan.

Contact the writers at wangxiaotian@chinadaily.com.cn and cecily.liu@chinadaily.com.cn

8.03K
 
...
...
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    日韩精品电影在线观看| 久久国产成人午夜av影院| 欧美写真视频网站| 视频在线观看一区| 欧美不卡在线视频| 国产ts人妖一区二区| 亚洲视频你懂的| 欧美日本免费一区二区三区| 久久国产剧场电影| 国产精品久久久久aaaa樱花 | 美国av一区二区| 日本一区二区高清| 欧美影片第一页| 精东粉嫩av免费一区二区三区| 国产欧美日韩综合| 综合久久国产九一剧情麻豆| 欧美中文字幕一区二区三区亚洲| 日韩av不卡一区二区| 国产日韩精品一区| 在线精品视频免费播放| 伦理电影国产精品| 18欧美乱大交hd1984| 亚洲一级在线观看| 日韩视频在线观看一区二区| 国产不卡免费视频| 午夜欧美2019年伦理| 久久久国产午夜精品| 在线一区二区观看| 精品无码三级在线观看视频| 亚洲男人的天堂在线aⅴ视频| 91麻豆精品国产| 成人av午夜电影| 日韩电影在线观看一区| 国产精品久久久久影院老司| 91精品国产综合久久久久久漫画 | 日韩中文字幕av电影| 久久网这里都是精品| 欧美伊人精品成人久久综合97 | 经典三级视频一区| 亚洲欧美一区二区不卡| 精品日韩欧美在线| 91福利视频网站| 国产成人精品午夜视频免费| 午夜久久久久久| 自拍偷拍亚洲综合| 久久嫩草精品久久久久| 奇米在线7777在线精品 | 中文字幕精品—区二区四季| 欧美日韩高清不卡| 99久久精品免费| 久久99精品一区二区三区| 亚洲一区二区三区免费视频| 久久久国际精品| 欧美精选在线播放| 一本一本久久a久久精品综合麻豆| 精品一区二区国语对白| 亚洲国产欧美一区二区三区丁香婷| 久久久久久久综合狠狠综合| 欧美丰满少妇xxxbbb| 91丝袜美女网| 成人午夜免费av| 激情欧美一区二区| 日韩国产一区二| 一区二区三区欧美| 综合精品久久久| 亚洲国产精品成人综合| 精品少妇一区二区三区日产乱码| 欧美日韩国产高清一区二区三区| 色综合色狠狠综合色| 成人黄页毛片网站| 国产精品白丝jk白祙喷水网站 | 日本不卡不码高清免费观看| 亚洲自拍偷拍麻豆| 亚洲丝袜另类动漫二区| 中文字幕欧美国产| 久久久国产午夜精品| 欧美成人bangbros| 日韩欧美一级在线播放| 在线综合+亚洲+欧美中文字幕| 欧美伊人精品成人久久综合97| 91免费国产在线| 9i在线看片成人免费| 亚洲精品一卡二卡| 国产精品少妇自拍| 国产三级欧美三级| 2023国产一二三区日本精品2022| 欧美一区二区精品在线| 欧美日本一区二区| 欧美日本一区二区三区| 欧美体内she精高潮| 欧洲精品视频在线观看| 色婷婷亚洲综合| 91久久精品一区二区二区| 91麻豆.com| 色综合久久九月婷婷色综合| 91免费在线看| 一本色道亚洲精品aⅴ| 91视频一区二区三区| 91网站黄www| 91精品福利视频| 在线观看亚洲专区| 欧美日韩一区二区三区四区| 欧美性受极品xxxx喷水| 欧美日韩在线免费视频| 欧美美女网站色| 欧美欧美欧美欧美首页| 在线播放视频一区| 日韩一二三区视频| 26uuu欧美| 中文字幕的久久| 国产精品电影院| 一区二区三区.www| 亚洲第一二三四区| 日本不卡一区二区三区| 久久99精品一区二区三区| 国产精品原创巨作av| 成人app在线| 日本高清不卡aⅴ免费网站| 欧美日韩精品欧美日韩精品一 | 亚洲第一狼人社区| 丝瓜av网站精品一区二区| 日产国产高清一区二区三区| 另类小说一区二区三区| 国产高清在线观看免费不卡| proumb性欧美在线观看| 在线观看日韩av先锋影音电影院| 欧美美女黄视频| 久久视频一区二区| 亚洲欧洲国产日本综合| 亚洲国产日韩a在线播放性色| 免费高清在线视频一区·| 国产精品996| 91色.com| 这里只有精品免费| 国产欧美一区二区精品婷婷| 亚洲色图第一区| 男女视频一区二区| 国产iv一区二区三区| 91国内精品野花午夜精品| 欧美一卡二卡在线| 欧美国产国产综合| 亚洲午夜私人影院| 极品少妇一区二区| 91香蕉视频污| 日韩欧美国产麻豆| 国产精品国产三级国产普通话蜜臀 | 国产成人精品网址| 欧美午夜理伦三级在线观看| 日韩美女天天操| 中文字幕亚洲精品在线观看| 亚洲成人av资源| 国产乱子伦视频一区二区三区| 91蝌蚪porny成人天涯| 欧美一区二区三区免费在线看| 中文字幕免费不卡在线| 婷婷综合另类小说色区| 国产精品18久久久久久久久久久久| 日本高清不卡视频| 久久女同性恋中文字幕| 亚洲国产精品自拍| 国产传媒一区在线| 欧美乱妇15p| 国产精品久久久一区麻豆最新章节| 五月激情丁香一区二区三区| 成人激情图片网| 日韩视频一区二区三区 | 免费在线成人网| 91网上在线视频| 精品盗摄一区二区三区| 一区二区三区成人| 丰满亚洲少妇av| 日韩一卡二卡三卡四卡| 亚洲欧美视频在线观看视频| 激情综合一区二区三区| 欧美伊人精品成人久久综合97 | 国产色一区二区| 丝袜美腿亚洲一区| 一本色道**综合亚洲精品蜜桃冫| 精品国产麻豆免费人成网站| 亚洲一区二区三区四区在线观看 | 色一情一乱一乱一91av| 久久久www成人免费无遮挡大片| 亚洲成人精品在线观看| 成人av资源在线观看| 精品国精品国产| 午夜精品久久久久久不卡8050| 99久久久免费精品国产一区二区| 日韩欧美国产一区二区三区| 亚洲国产日日夜夜| 91丝袜美腿高跟国产极品老师| 国产无遮挡一区二区三区毛片日本| 日韩黄色一级片| 欧美亚洲国产一区二区三区va | 中文字幕日韩一区| 国产一区二区在线观看视频| 91精品国产日韩91久久久久久| 一区二区三区加勒比av| 9人人澡人人爽人人精品| 国产网站一区二区| 欧美日韩在线三级|