1 thought on “Inspiring! The report said that the renminbi has become the third largest international currency, exceeding the yen and pound”
Laverne
On July 24, the "2021 International Monetary Forum" hosted by the School of Finance and Finance of Renmin University of China and hosted by the Institute of International Monetary (IMI) of Renmin University of China (IMI) was held in Beijing. The "RMB Internationalization Report 2021" released by the Institute of International Monetary of Renmin University of China on the 24th shows that the RMB Internationalization Index (RII) is 5.02, a significant increase of 54.20%year -on -year, a record high. The degree of use of RMB exceeds the yen and pounds, becoming the third largest international currency. In the fourth quarter of 2020, RII was 4.10, 5.19, 5.14, 5.02, respectively, showing a significant rising and high -level shock characteristics. The changes in the internationalization index of the main currency are from 49.52 to 51.27, the euro from 29.84 to 26.17, the yen from 3.34 to 4.91, and the pound from 4.00 to 4.15. It is worth noting that the international use of RMB exceeded the yen and pounds in the first half of 2020, and ranked third in the ranking of major international currency rankings for three consecutive quarters. The director of the International Monetary Research Institute of Renmin University of China said that to see the internationalization or international use of the RMB, we need to change the angle, that is, focusing on the perspective of the currency of a large country. There are some basic conditions for large country currency. The currency system, stable currency value, independent currency system, international use or internationalization. Internationalization is only a condition for Renminbi to become a major country currency. Perhaps it is not the most important condition. From the perspective of theoretical logic, it seems that the renminbi to become a large country currency seems to be the same as the pound and the US dollar. But if you focus on historical logic, the renminbi will become a big country currency. RII's significant growth is mainly due to three aspects The report pointed out that RII has increased significantly than the following aspects: The first, the RMB international trade pricing and settlement function continues to consolidate: 2020 in 2020 , Cross -border trade RMB settlement amounts under the project reached 6.77 trillion yuan, an increase of 12.09%year -on -year, accounting for 18.44%of my country's total export and export of foreign goods and services. Globally, the share of RMB settlement of international trade was 2.91%, which was compared The annual increase was 18.40%. Secondly, the RMB financial transaction function has significantly enhanced: as the global direct investment continues to slump, the number of direct investment in the yuan has reached 3.81 trillion yuan, an increase of 37.05%year -on -year The comprehensive proportion of RMB international financial pricing transactions, which are jointly determined by direct investment, international credit, international bonds and bills, accounted for 9.89%, an increase of 84.23%year -on -year, becoming the main driving force for RII's rise. third, the RMB international reserve function has been further emerged: At present, more than 70 overseas central banks have entered the interbank bond market in my country, and more than 75 countries and regions of the country and regions include RMB in foreign exchange reserves; fourth 2020 fourth 2020 In the quarter, the RMB asset share in the global official foreign exchange reserves reached 2.25%, an increase of 14.80%year -on -year; the relative share of the RMB in the special withdrawal right (SDR) was 10.83%, which was slightly recovered from the previous year, which was basically the same as the initial weight. The main challenges of the international development of RMB Reports pointed out that the internationalization of the RMB is facing a more severe external environment and more intense international currency competition. 1 is the fierce competition in the internationalization of the RMB and the euro. The interruption of the supply chain caused by the epidemic, the greater the pressure on the economic downlink, the more panicked the international financial market. As a major risk aversion currency, the stronger the network external nature of the US dollar. The US dollar index climbed to 103 high after a lapse of 4 years, which inhibited the international use of RMB to a certain extent. The euro is also seizing the opportunity to consolidate its own currency status. The EU withdraws from the digital chain and accelerates the construction of digital euro, aiming to increase the internationalization of the euro in the next 5 years. It is to accelerate the convertible and keep the risk bottom line. International currencies have high requirements for free use. In the early days of the RMB internationalization, it focused on cross -border trade settlement, and was relatively low in exchange for capital projects. Although currency internationalization does not necessarily be converted to the premise of capital projects, but currently financial transactions have become the main driving force for RMB internationalization. It is necessary to solve the problems of pros and cons, project matching, and policy coordination. Reduce capital control. Based on the "Fourteenth Five -Year Plan" period, my country's new development pattern and national economic and financial security goals are urgently needed to discuss the matching of capital items that can be exchanged for targets, order, risks and routes, re -evaluate the financial management framework, and target cross -border capital flows. Establish a normalized management system and emergency response mechanism. It is the outflow of RMB inflow and investment and financing functions. In 2020, under the situation of the overseas spread of the epidemic, under the circumstances of the "big water" of global currencies, huge surgery flowed into my country unidirectional and increased its holdings of RMB financial assets. The flow of such funds is short -term and volatility, and it comes quickly. If the external environment worsens or the special time for international political and economic games, large -scale centralized capital escape will inevitably impact the RMB exchange rate, endangers economic and financial stability, and crack down on the internationalization of RMB. This and RMB assets are favored by international investment and the rapid expansion of the global debt scale is in sharp contrast. The RMB is hindered in the international financing field. According to BIS statistics, the balance of Renminbi Calculating International Bonds in 2020 has shrunk by about 30%compared with 2015. The flow of RMB funds and non -balanced development in functional are not good for the medium and long -term development of the RMB internationalization. The reports should be re -examined the significance and value of RMB internationalization at a high degree of economic and financial security. Balance the short -term and long -term interests, and accelerate the internationalization of the RMB during the 14th Five -Year Plan period. The reports to speed up the expansion of RMB cross -border usage scenarios during the 14th Five -Year Plan period. The retail and personal payment of cross -border RMB transactions should be attached great importance to improving the level of funds and facilitation, giving play to the curve overtaking function of digital technology and digital currency, and promoting cross -border use in the field of service trade. The actual feasibility of excavating the RMB international financial trading function should be deepened, continuing to optimize and improve the open system for the bond market, simplify the process of overseas institutions, and integrate the market channels, provide international investors with a more friendly and convenient investment environment, expand the issuance of panda bond issuance scale. It is necessary to break the interests of the departments and encourage central enterprises and state -owned enterprises to take the lead in using RMB in international trade and investment and financing activities, and solve the system and policy obstacles that hinder the use of RMB in the use of RMB as soon as possible. In unblocked dual -cycle to promote the internationalization of RMB The reporting themes of the "dual -cycle new development pattern and internationalization of currency", from the world, China, history and reality, opportunities and challenges, etc., comprehensively comprehensively comprehensively. Discuss important issues such as dual -cycle and RMB internationalization. Under the new development pattern of dual -cycle, how to rely on the domestic market, use the two domestic and international resources, improve the modern financial system with high adaptability, competitiveness, and inclusiveness, and build a higher -level open -type financial system. The key areas and key links of the new development pattern provide high -level financial support. Wang Fang, deputy dean of the School of Finance and Finance of Renmin University of China and deputy director of the IMI, pointed out that in the face of the impact of the epidemic and the tension of the external environment, the degree of international use of RMB has increased significantly year -on -year. RMB stabilized among the major international currency ranks. Theoretical analysis and historical experience have shown that high -level dual -cycle internal and external cycles can support the high -level international use of sovereign credit currency. Accelerating the formation of a new development pattern of double -cycle, it will create major historical opportunities for the internationalization of the RMB to create major historical opportunities. The construction of a new development pattern of dual -cycle is a strategic deployment related to the overall construction of my country's modern construction. It will promote high -quality economic development and comprehensively enhance the hard power and soft power of the RMB. To build a new development pattern of dual -cycle, we must target the problem, seize the key, and focus on breakthroughs. First of all, the unblocking domestic cycle must be selected for the production side and the market breakthrough, grasping the two key issues of improving the ability to create demand and increasing the level of national governance, release the potential and charm of the domestic large market Sex and safety. Secondly, the unblocked international cycle should be based on the high level of China's high level in China to ensure that the supply of RMB is abundant and convenient. Through various forms of trade innovation and re -reshaping the new advantages of international economic cooperation and competition between Chinese -funded enterprises and institutions to increase the right to speak. Finally, give full play to the positive role of the "Belt and Road" and the offshore RMB market on the mutual promotion of the domestic and international dual cycles. Based on institutional rules and the market's use of acceleration, the internationalization of the RMB has been accelerated. This Chinese capital market will inevitably have Chinese characteristics. Zhang Jie said that in China's previous more than 40 years of policy, in fact, the capital market has completed its macro responsibilities very well, which is to give China reform and opening up the process of reform and opening up. High economic growth provides financial support. Only from this perspective can we understand why it cannot be emphasized that China's capital market must be in line with international standards. In fact, from a financial perspective, China's capital market has Chinese characteristics in the past, and it is bound to have Chinese characteristics. Wu Xiaoqi, Dean of the China Capital Market Research Institute of Renmin University of China, pointed out that the development of dual -cycle development is an important transformation of China's economic development strategy. Change, and important decisions. In the dual -cycle development strategy, how finance serves the real economy is actually facing important issues. It is necessary to promote the structural change of China's finance through the power of the market, thereby promoting the transformation of China's industry and taking the road of high quality development. First of all, the most important thing is to build a good capital market environment around the capital market. The change of financial change is to complete the industrial transformation in the dual -cycle development strategy through the construction of a new financial industry, and achieve high -quality development. Secondly, we must focus on the future and establish a modern financial concept. Focusing on the development of the capital market, the new financial format and new capital format form. It is necessary to deeply understand that this new financial format is mainly focused on the future, and the new financial format must be viewed with a development vision. It looks a bit out of reality, but it has a close connection with the future "real". This future "real" represents the competitiveness of the new industry. third, further improve the reform of the registration system. First, the reform of the registration system is of great significance. How to make technology -based companies the main body of listed companies and how the capital market serves these companies is an important task in front of China's capital market. Second, the registration system has achieved very good results. The reform of the registration system plays a very important role in the transformation of China's industry and solving the "card neck" project and "card neck" technology. Third, we must conscientiously summarize the experience and issues of the registration system for two years. In the past year, changes in the structure of Chinese listed companies, including changes in investment concepts and changes in valuations, have explained that the mainstream of the reform of the registration system is correct. Basel regulatory rules are not conservatively closed, static Wang Zhaoxing, former vice chairman of the Bank of China Insurance Supervision and Administration Committee, said at this forum that the Basel Capital Agreement is a concentration of international financial rules, and it is also The rules of China's financial industry must study and reference for international competition. Wang Zhaoxing said that the regulatory rules of Basel are not conservatively closed and unchanged, but are constantly adjusted and improved according to changes in financial formats and financial risks. The Chinese financial regulatory authorities are not completely copied, but proceeded from the actual situation of China. According to local conditions, the implementation of financial regulatory rules, there are follow, innovation, development, some areas are stricter, some areas are more flexible, focusing on supplementary supervision systems. The weaknesses of the weaknesses. While promoting financial support for the real economy, we firmly adhere to the bottom line that does not occur without systemic financial risks. Secondly, the implementation and change of the Basel regulatory rules in my country. The rules formulated by the Basel Commission are not statutory unified standards, but reference standards. It should fully consider the characteristics of my country's banking industry to learn from and implement relevant rules. The financial regulatory authorities in my country combined with the actual situation, adjusted and optimized the core first -level capital adequacy ratio, leverage rate, risk weight, allocation, etc., and implemented high -risk financial institutions to recover and dispose plan for high -risk financial institutions, develop green finance, standardize Internet financial platforms Wait.
On July 24, the "2021 International Monetary Forum" hosted by the School of Finance and Finance of Renmin University of China and hosted by the Institute of International Monetary (IMI) of Renmin University of China (IMI) was held in Beijing.
The "RMB Internationalization Report 2021" released by the Institute of International Monetary of Renmin University of China on the 24th shows that the RMB Internationalization Index (RII) is 5.02, a significant increase of 54.20%year -on -year, a record high. The degree of use of RMB exceeds the yen and pounds, becoming the third largest international currency. In the fourth quarter of 2020, RII was 4.10, 5.19, 5.14, 5.02, respectively, showing a significant rising and high -level shock characteristics.
The changes in the internationalization index of the main currency are from 49.52 to 51.27, the euro from 29.84 to 26.17, the yen from 3.34 to 4.91, and the pound from 4.00 to 4.15. It is worth noting that the international use of RMB exceeded the yen and pounds in the first half of 2020, and ranked third in the ranking of major international currency rankings for three consecutive quarters.
The director of the International Monetary Research Institute of Renmin University of China said that to see the internationalization or international use of the RMB, we need to change the angle, that is, focusing on the perspective of the currency of a large country. There are some basic conditions for large country currency. The currency system, stable currency value, independent currency system, international use or internationalization. Internationalization is only a condition for Renminbi to become a major country currency. Perhaps it is not the most important condition. From the perspective of theoretical logic, it seems that the renminbi to become a large country currency seems to be the same as the pound and the US dollar. But if you focus on historical logic, the renminbi will become a big country currency.
RII's significant growth is mainly due to three aspects
The report pointed out that RII has increased significantly than the following aspects:
The first, the RMB international trade pricing and settlement function continues to consolidate: 2020 in 2020 , Cross -border trade RMB settlement amounts under the project reached 6.77 trillion yuan, an increase of 12.09%year -on -year, accounting for 18.44%of my country's total export and export of foreign goods and services. Globally, the share of RMB settlement of international trade was 2.91%, which was compared The annual increase was 18.40%.
Secondly, the RMB financial transaction function has significantly enhanced: as the global direct investment continues to slump, the number of direct investment in the yuan has reached 3.81 trillion yuan, an increase of 37.05%year -on -year The comprehensive proportion of RMB international financial pricing transactions, which are jointly determined by direct investment, international credit, international bonds and bills, accounted for 9.89%, an increase of 84.23%year -on -year, becoming the main driving force for RII's rise.
third, the RMB international reserve function has been further emerged: At present, more than 70 overseas central banks have entered the interbank bond market in my country, and more than 75 countries and regions of the country and regions include RMB in foreign exchange reserves; fourth 2020 fourth 2020 In the quarter, the RMB asset share in the global official foreign exchange reserves reached 2.25%, an increase of 14.80%year -on -year; the relative share of the RMB in the special withdrawal right (SDR) was 10.83%, which was slightly recovered from the previous year, which was basically the same as the initial weight.
The main challenges of the international development of RMB
Reports pointed out that the internationalization of the RMB is facing a more severe external environment and more intense international currency competition.
1 is the fierce competition in the internationalization of the RMB and the euro. The interruption of the supply chain caused by the epidemic, the greater the pressure on the economic downlink, the more panicked the international financial market. As a major risk aversion currency, the stronger the network external nature of the US dollar. The US dollar index climbed to 103 high after a lapse of 4 years, which inhibited the international use of RMB to a certain extent. The euro is also seizing the opportunity to consolidate its own currency status. The EU withdraws from the digital chain and accelerates the construction of digital euro, aiming to increase the internationalization of the euro in the next 5 years.
It is to accelerate the convertible and keep the risk bottom line. International currencies have high requirements for free use. In the early days of the RMB internationalization, it focused on cross -border trade settlement, and was relatively low in exchange for capital projects. Although currency internationalization does not necessarily be converted to the premise of capital projects, but currently financial transactions have become the main driving force for RMB internationalization. It is necessary to solve the problems of pros and cons, project matching, and policy coordination. Reduce capital control. Based on the "Fourteenth Five -Year Plan" period, my country's new development pattern and national economic and financial security goals are urgently needed to discuss the matching of capital items that can be exchanged for targets, order, risks and routes, re -evaluate the financial management framework, and target cross -border capital flows. Establish a normalized management system and emergency response mechanism.
It is the outflow of RMB inflow and investment and financing functions. In 2020, under the situation of the overseas spread of the epidemic, under the circumstances of the "big water" of global currencies, huge surgery flowed into my country unidirectional and increased its holdings of RMB financial assets. The flow of such funds is short -term and volatility, and it comes quickly. If the external environment worsens or the special time for international political and economic games, large -scale centralized capital escape will inevitably impact the RMB exchange rate, endangers economic and financial stability, and crack down on the internationalization of RMB.
This and RMB assets are favored by international investment and the rapid expansion of the global debt scale is in sharp contrast. The RMB is hindered in the international financing field. According to BIS statistics, the balance of Renminbi Calculating International Bonds in 2020 has shrunk by about 30%compared with 2015. The flow of RMB funds and non -balanced development in functional are not good for the medium and long -term development of the RMB internationalization.
The reports should be re -examined the significance and value of RMB internationalization at a high degree of economic and financial security. Balance the short -term and long -term interests, and accelerate the internationalization of the RMB during the 14th Five -Year Plan period.
The reports to speed up the expansion of RMB cross -border usage scenarios during the 14th Five -Year Plan period. The retail and personal payment of cross -border RMB transactions should be attached great importance to improving the level of funds and facilitation, giving play to the curve overtaking function of digital technology and digital currency, and promoting cross -border use in the field of service trade. The actual feasibility of excavating the RMB international financial trading function should be deepened, continuing to optimize and improve the open system for the bond market, simplify the process of overseas institutions, and integrate the market channels, provide international investors with a more friendly and convenient investment environment, expand the issuance of panda bond issuance scale. It is necessary to break the interests of the departments and encourage central enterprises and state -owned enterprises to take the lead in using RMB in international trade and investment and financing activities, and solve the system and policy obstacles that hinder the use of RMB in the use of RMB as soon as possible.
In unblocked dual -cycle to promote the internationalization of RMB
The reporting themes of the "dual -cycle new development pattern and internationalization of currency", from the world, China, history and reality, opportunities and challenges, etc., comprehensively comprehensively comprehensively. Discuss important issues such as dual -cycle and RMB internationalization. Under the new development pattern of dual -cycle, how to rely on the domestic market, use the two domestic and international resources, improve the modern financial system with high adaptability, competitiveness, and inclusiveness, and build a higher -level open -type financial system. The key areas and key links of the new development pattern provide high -level financial support.
Wang Fang, deputy dean of the School of Finance and Finance of Renmin University of China and deputy director of the IMI, pointed out that in the face of the impact of the epidemic and the tension of the external environment, the degree of international use of RMB has increased significantly year -on -year. RMB stabilized among the major international currency ranks. Theoretical analysis and historical experience have shown that high -level dual -cycle internal and external cycles can support the high -level international use of sovereign credit currency. Accelerating the formation of a new development pattern of double -cycle, it will create major historical opportunities for the internationalization of the RMB to create major historical opportunities. The construction of a new development pattern of dual -cycle is a strategic deployment related to the overall construction of my country's modern construction. It will promote high -quality economic development and comprehensively enhance the hard power and soft power of the RMB. To build a new development pattern of dual -cycle, we must target the problem, seize the key, and focus on breakthroughs.
First of all, the unblocking domestic cycle must be selected for the production side and the market breakthrough, grasping the two key issues of improving the ability to create demand and increasing the level of national governance, release the potential and charm of the domestic large market Sex and safety.
Secondly, the unblocked international cycle should be based on the high level of China's high level in China to ensure that the supply of RMB is abundant and convenient. Through various forms of trade innovation and re -reshaping the new advantages of international economic cooperation and competition between Chinese -funded enterprises and institutions to increase the right to speak.
Finally, give full play to the positive role of the "Belt and Road" and the offshore RMB market on the mutual promotion of the domestic and international dual cycles. Based on institutional rules and the market's use of acceleration, the internationalization of the RMB has been accelerated.
This Chinese capital market will inevitably have Chinese characteristics.
Zhang Jie said that in China's previous more than 40 years of policy, in fact, the capital market has completed its macro responsibilities very well, which is to give China reform and opening up the process of reform and opening up. High economic growth provides financial support. Only from this perspective can we understand why it cannot be emphasized that China's capital market must be in line with international standards. In fact, from a financial perspective, China's capital market has Chinese characteristics in the past, and it is bound to have Chinese characteristics.
Wu Xiaoqi, Dean of the China Capital Market Research Institute of Renmin University of China, pointed out that the development of dual -cycle development is an important transformation of China's economic development strategy. Change, and important decisions. In the dual -cycle development strategy, how finance serves the real economy is actually facing important issues. It is necessary to promote the structural change of China's finance through the power of the market, thereby promoting the transformation of China's industry and taking the road of high quality development.
First of all, the most important thing is to build a good capital market environment around the capital market. The change of financial change is to complete the industrial transformation in the dual -cycle development strategy through the construction of a new financial industry, and achieve high -quality development.
Secondly, we must focus on the future and establish a modern financial concept. Focusing on the development of the capital market, the new financial format and new capital format form. It is necessary to deeply understand that this new financial format is mainly focused on the future, and the new financial format must be viewed with a development vision. It looks a bit out of reality, but it has a close connection with the future "real". This future "real" represents the competitiveness of the new industry.
third, further improve the reform of the registration system. First, the reform of the registration system is of great significance. How to make technology -based companies the main body of listed companies and how the capital market serves these companies is an important task in front of China's capital market. Second, the registration system has achieved very good results. The reform of the registration system plays a very important role in the transformation of China's industry and solving the "card neck" project and "card neck" technology. Third, we must conscientiously summarize the experience and issues of the registration system for two years. In the past year, changes in the structure of Chinese listed companies, including changes in investment concepts and changes in valuations, have explained that the mainstream of the reform of the registration system is correct.
Basel regulatory rules are not conservatively closed, static
Wang Zhaoxing, former vice chairman of the Bank of China Insurance Supervision and Administration Committee, said at this forum that the Basel Capital Agreement is a concentration of international financial rules, and it is also The rules of China's financial industry must study and reference for international competition.
Wang Zhaoxing said that the regulatory rules of Basel are not conservatively closed and unchanged, but are constantly adjusted and improved according to changes in financial formats and financial risks. The Chinese financial regulatory authorities are not completely copied, but proceeded from the actual situation of China. According to local conditions, the implementation of financial regulatory rules, there are follow, innovation, development, some areas are stricter, some areas are more flexible, focusing on supplementary supervision systems. The weaknesses of the weaknesses. While promoting financial support for the real economy, we firmly adhere to the bottom line that does not occur without systemic financial risks.
Secondly, the implementation and change of the Basel regulatory rules in my country. The rules formulated by the Basel Commission are not statutory unified standards, but reference standards. It should fully consider the characteristics of my country's banking industry to learn from and implement relevant rules. The financial regulatory authorities in my country combined with the actual situation, adjusted and optimized the core first -level capital adequacy ratio, leverage rate, risk weight, allocation, etc., and implemented high -risk financial institutions to recover and dispose plan for high -risk financial institutions, develop green finance, standardize Internet financial platforms Wait.